Which Cryptocurrency Wallet to Use in 2024?

As the Web3 application landscape continues to expand, there is a growing demand in the market for diversified transactions, no longer satisfied with simple exchange operations. Wallet tools, as the entry point for Web3 transactions, have always had many directions for iteration, such as innovation and improvement in security, user experience, and accessibility.

The following five wallet platforms, compared to MetaMask or other traditional wallet tools, have made significant improvements. For new users, it may be worth trying out these products, as they may provide a completely different understanding of the entire Web3 experience.

Rabby Wallet: The Best Choice for the Ethereum Ecosystem

Rabby Wallet, launched by the DeBank team, is a wallet that can challenge MetaMask in the Ethereum ecosystem. Compared to MetaMask, Rabby Wallet is more user-friendly in presentation. By parsing transaction content, Rabby Wallet displays the expected balance changes for users on the signing page, reducing the risk of blindly signing transactions. Each transaction sent by Rabby Wallet undergoes screening by a security engine to help users identify potential risks. It also alerts users when vulnerabilities are detected, such as “attacked before interacting with the contract” or “recipient address does not exist on the chain.”

Furthermore, for existing MetaMask accounts, users can easily import them into Rabby Wallet. After importing the address, all tokens on the EVM chain will be automatically displayed, eliminating the need to manually add each token as in MetaMask.

Rabby has recently introduced a point system to incentivize user migration, which may be preparation for future token launches.

Backpack: The Best Choice for the Solana Ecosystem

In the Solana ecosystem, Phantom, a well-known wallet, recently found itself embroiled in controversy over allegations of “internally tracking and selling user data.” Although Phantom co-founder Brandon Millman and his team members express that they do not sell user data and only use technology to prevent front-running attacks, the market response does not agree, viewing this as an indirect acknowledgment of sharing wallet data with the team.

Meanwhile, Backpack the Wallet has chosen a completely different approach, characterized by its openness and user-friendliness. Backpack claims to be the only open-source wallet in the Solana ecosystem. Open-sourcing encrypted wallets should be the basic standard in this industry and not considered an “advantage.” However, Phantom not only failed to achieve this but also attempted to monetize user data.

Furthermore, the Backpack wallet offers many advanced features suitable for heavy users.

Privy: The Next Generation “Wallet-as-a-Service” Platform

In 2023, Friend. tech gained significant popularity, bringing its embedded wallet, Privy, into the public eye. Privy is a Wallet-as-a-Service (WaaS) toolkit designed to facilitate progressive identity verification in Web3. WaaS provides a set of APIs that deliver digital wallet functionality to users via cloud services, eliminating the need for downloading, installing, or managing complex wallet software. This means Friend. tech users can create accounts directly using their phone numbers, and Apple, or Google IDs and immediately use the application. One of the reasons behind Friend. tech’s rapid growth is its straightforward onboarding process.

Privy assists developers in guiding users through various identity verification methods, allowing developers to strategically control when to trigger the identity verification process and wallet connection to improve user experience and conversion rates. In terms of security, Privy offers multi-factor authentication for embedded wallets, supporting both SMS verification and Time-based One-Time Password (TOTP) verification methods. According to Privy’s document, they employ Shamir’s Secret Sharing (SSS) multi-signature scheme, dividing the private key into three parts: one on the user’s device browser, one stored by Privy, and one encrypted with a strong password (or stored on Privy’s standalone server). With any two parts, the private key can be assembled, and the private key only appears in the device’s memory and is not stored.

Particle: A More Mature, Faster Iteratering, Developer-friendly “Wallet-as-a-Service” Platform

Particle Network, which focuses on chain abstraction infrastructure, further enhances its range of features and tools based on the WaaS model by introducing the Smart Wallet-as-a-Service Modular Stack. This modular stack integrates account abstraction technology, allowing developers to build more complex, advanced logic applications for free. According to publicly available data from Particle Network, they have already implemented 3 million user operations based on the ERC-4337 standard.

Moreover, within the BTC ecosystem, Particle Network has launched BTC Connect to address the challenge faced by native Bitcoin wallets (such as Unisat) due to differences in signature algorithms, address generation logic, and transaction structures, which prevent them from directly adapting to EVM chain environments. BTC Connect offers features such as account abstraction and adaptation, enabling interactions on the EVM chain with just a Bitcoin wallet signature, thus improving user experience.

JoyID: A New Generation Wallet Experience Based on Passkey Open Standards

JoyID Wallet is a next-generation wallet experience based on the Passkey open standard. Many modern mobile devices can enhance wallet security through built-in secure chips, without compromising user experience, and even surpassing the traditional “username + password” login experience.

Additionally, JoyID bypasses Apple/Google app store restrictions by adopting PWA (Progressive Web App), further reducing the likelihood of being reviewed.

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