EOS brings in a host of benefits to the public with the ability to host decentralised apps, including a number of different DeFi platforms and smart contracts. Open-source with faster transaction per second rate and zero-fee makes it a preferred choice of many. If you want to hodl or just trade EOS, you will need a good wallet. We have scoured the internet to bring you the best EOS wallets in 2021.
Comparing the Best EOS Wallets
Each EOS wallet has its own pros and cons. In the list below, we will list a few of the top EOS wallets, along with what makes them great and what they lack. Each of the wallets has been critically evaluated to ensure that these perform as advertised.
Understanding EOS Wallets
Cryptocurrencies like EOS work without the need of a middleman or intermediary like a bank. As digital coins, EOS require digital storage, and that’s what EOS wallets are all about. If you want to hold EOS, you will need one too.
Cryptocurrency wallets consist of two strings of keys: private and public. The public key is an identifier, allowing you and anyone to locate a specific wallet on the blockchain network. Think of the public key as your account number. If you need to receive EOS from someone, you will need to give them the public key so they know which wallet to send the coins to.
If you operate an EOS wallet, you will need to access it, and that is where the private key comes in. Like the public key, private keys are long strings of alphanumeric characters. The key needs to be input in order to access the wallet. In simple terms, the private key is the password. Be very careful about the private key. As the password to your wallet, if anyone gets hold of it, they can access your EOS coins and empty your wallet.
While you can simply receive EOS coins from another party by giving them your public key, sending EOS requires more than just the recipient’s public key. In the wallet, you will need to not only enter the public key of the other wallet but also mention how much EOS coin you want to send.
Now, this is where transactions get really interesting. EOS works like a virtual, online machine and gives each registered wallet a specific memory, which is equivalent to the amount of EOS coins a user stakes. These coins give each wallet a bandwidth that can be used to make the transactions. For larger or frequent transactions, more coins may be required to be staked.
For many people, the staking of EOS coins may not be something they are comfortable with and there are some EOS wallets that do away with the need staking completely – albeit at the cost of limited transactions in a given time.
Understanding an EOS Wallet
There are numerous wallets available that you can use to store, receive and send your EOS coins. No two types and kinds of EOS wallets are alike and selecting the right one can be a bit tricky. Questions such as the security level, ease of use and the user interface arise, and we understand the confusion it can generate. Each wallet comes with its pros and cons and understanding what these can do for you is important.
Hot wallets are connected to the EOS blockchain network 24/7 and can be accessed by the user at any time. As a general rule, hot wallets are easier to set up and operate, with plenty of options to choose from. If you are interested in one, you must also look if the wallet provider supports your device. Many wallets support PC and mobiles, while some are only mobile-based. There are some hot wallets that are cloud-based too, freeing users from the constraint of having a wallet app on them at all times. Many wallets also provide an extra feature of letting the user’s set up a password or key phrase that’s easy to remember than a private key.
Hot wallets, however, come with a drawback. No matter how good the security features they provide, their online nature is their greatest folly. The passwords and keys are stored on online servers which are vulnerable to hacks and other forms of data breaches. If your private key or password is compromised, the hacker will have complete access and can siphon off your EOS coins.
Cold wallets are hardware-based, also known as "hardware wallets". The security passwords and private keys are stored within them, negating the need for an online storage solution. A cold wallet holder simply needs to connect it to a computer or a compatible device and access the funds. The physical nature of these devices is a major plus in security. Small and compact, they can be carried or stored safely.
Hardware wallets are usually expensive and support only a limited number of cryptocurrencies, so this must be kept in consideration if deciding to use one for EOS coins.
Paper wallets are called as such because they offer the convenience of storing all of the wallet information on a piece of paper. The keys are set up by the wallet providers randomly, usually requiring the user to go offline and randomly click their mouse on the screen. Three different forms of information are generated and available to the user in a printable form: the public key, private key, and a QR code for ease of access to the wallet. Paper wallets are hack-proof, but paper is paper, and it can be lost, stolen or damaged, taking away with it the only way to access your EOS coins.
Advantages & Disadvantages of Using an EOS Wallet
How to Choose an EOS Wallet?
Now that you know the different types of wallets, you can choose an EOS wallet that suits your needs. To choose the right wallet, you need to first establish how you want to access the wallet (PC, mobile, cloud etc.), the frequency of access, and how much you will store in it.
Small amounts of EOS coins and the need for repetitive access mean that hot wallets are the best choice. If mobility is an issue, go for a mobile-based one (or at least a wallet that can also be accessed from it). A paper wallet is the best choice for long term storage. Cold wallets offer the best solution so far, but they cost a lot and are viable only if you have a large enough amount of EOS coins to store to justify the purchase.
3 Steps to Using an EOS Wallet
Step 1: Choose an EOS Wallet
You can go online and search for the wallet developer’s website. In the case of a hot wallet, you can download the latest version. Paper wallet providers will need you to go to a secure page to generate the data. For a hardware wallet, you will need to place an order for it to be delivered to you.
Step 2: Setting Up an EOS Wallet
Once the hot wallet software is downloaded or the cold wallet running, you can simply follow the on-screen instructions to set up the wallet. Keep a close eye on the password or private key that is generated. Jot them down somewhere safe and double-check the information is correct. A single wrong character means you can’t access the wallet. For paper wallets, we suggest disconnecting your device to ensure the random clicks to generate the private keys are not logged.
Step 3: Start Using EOS Wallet
With the wallet set up, you are good to go! We suggest that you familiarise yourself with the operations and interface of the wallet before you start depositing EOS coins. Log in and out a couple of times to make sure you have recorded the right private key.
Decentralised, the EOS network gives users the ability to take part in the modern financial revolution, fuelled by its EOS coin. Empowered with the above information, you can now make a decision on which type of EOS wallet you will need to have to start using and storing the coins.
Frequently Asked Questions
An EOS account is a way to link wallet public key against a 12-character account name of your choice and use it to access it.
As long as your private key is safe, your EOS coins are safe too. We recommend using a wallet from a reputable developer.
Yes, you can have as many wallets as you want.
Centralised exchanges hold your crypto assets in their own wallets, so you don’t need a wallet unless you want to withdraw EOS coins. On the other hand, decentralised exchanges are non-custodial and require traders to have their assets stored on their own wallets.
Some EOS wallets allow for a recovery option in case the private key or password is forgotten. The seed phrase is a collection of randomly selected words that are used to verify the wallet owner.
EOS, like any other blockchain system, doesn’t allow for the recovery of private keys. Certain wallets that use a password instead of a key to let you access can have recovery options (see above seed phrase), but if you lose your private key, there is no way to recover.
EOS transactions require staking coins for CPU bandwidth. Your staked coins may be too less or you have consumed your bandwidth to make any more transactions. You can try staking more coins or waiting for the bandwidth to regenerate.
Generally, updates made to wallets are for increased security and other functionalities. Though the latest versions are the best, you should ideally wait a couple of days to download it, checking on different forums on any bugs that can lead to your assets or their accessibility being effected.