- Collectables, like CryptoKitties, can be stored in the AlphaWallet thanks to the support of ERC721 tokens.
- Very secure environment as a user’s private keys are both encrypted and stored locally on the mobile device instead of the server itself.
- There are no trackers or ads in the wallet.
- AlphaWallet app is easy to use as the user interface is relatively simple and straightforward, making it easy to navigate even for beginners.
- It supports popular digital tokens such as Ethereum-based NFTs.
- Native support for Ethereum.
- DApps and DeFi support built-in browsers.
There are some drawbacks associated with the use of AlphaWallet that are worth mentioning; these are:
- AlphaWallet only functions on mobile devices.
- It does not include non-Ethereum NFTs.
- Limited support.
- 1 What Is AlphaWallet?
- 2 How to Use AlphaWallet
- 3 Is AlphaWallet Safe?
- 4 AlphaWallet Compared to Other Wallets
- 5 How Does AlphaWallet Work?
- 6 The Bottom Line
- 7 Frequently Asked Questions
What Is AlphaWallet?
AlphaWallet aims to reduce the dependency and consumption of public chain resources on decentralized apps through what is known as layer2 off-chain solutions, thus making AlphaWallet protocols the bridge between decentralized apps and public chains.
The AlphaWallet protocols are what make it possible to convert values into blockchain tokens. These tokens hold values and functions and can be used and stored in the AlphaWallet mobile platform.
By allowing tokens to integrate with applications and services on the user side the market is opened to fair and free competition. Optimizing these blockchain applications is the whole reason for the design of AlphaWallet, and it does this by moving as much logic as possible off-chain, while still providing the benefits of public chain use.
To achieve the above, common logic is required to be refined into cryptographic protocols, and the AlphaWallet mobile platform and accompanying protocols need to be used in a way that connects public chains to decentralized apps. When achieved, it results in private information and complex logic being locally processed in the AlphaWallet, where only the necessary validation logic is being uploaded to the public chain.
Applications, therefore, enhance scalability and privacy protection while, in the same breath, exponentially improving the operating efficiency of the public chain. Irrespective of how the public chain develops from the application side of things, AlphaWallet is able to optimize it. This effectively solves the three major problems inherent in blockchain applications – scalability, privacy, and usability.
AlphaWallet is a secure and easy-to-use Ethereum wallet that has the native support of ERC20, ERC721, ERC875, and ERC1155. This native token support allows users to safely access and use their tokens stress-free.
Popular Ethereum based networks that are supported by AlphaWallet are, but are not limited to:
- Binance Smart Chain (BSC)
- Polygon (Matic)
- ARTIS signma1
- Abritrum One
- Fantom Opera
- Ethereum Classic
Users can download the AlphaWallet application from Google Play and the Apple Store, where it is labeled as the ultimate wallet to power their tokens.
How to Use AlphaWallet
How to Create an AlphaWallet Wallet
- Install the AlphaWallet App from the Apple Store or the Google Play Store.
- Launch the app and select the “Create a New Wallet” button.
- Next, click on the “Settings” menu.
- You will need to back up your wallet where you will be given a special sequence of 12 words. This phrase acts as your master password to your AlphaWallet account. If you store this key in an unsafe space, share it, or lose it, you are risking losing all the money value that is in your wallet. This backup should be kept offline, don’t store a copy of this key on your mobile device as a screenshot or in your notes app; rather, keep it in a safe and secure spot such as a booklet in a safety deposit box or another place that only you know. You should plan in advance where you want to keep your master password, and this step should not be rushed under any circumstance.
- When ready, proceed to “Back Up Wallet.”
- Next, write down the 12-word phrase in your chosen medium. Remember, the spelling and the order are of severe importance. When you have written the phrase down, make sure to double-check that it is correct. Then, click the “Ok, I wrote this down” button.
- AlphaWallet will now request that you verify your seed phrase. Enter your seed phrase, and then select “Continue.”
- To increase the security of your wallet, you can click “Lock Seed Phrase,” this will, as the option suggests, lock your seed phrase.
The backing up process of your AlphaWallet is now complete, and your wallet has been created.
How to Add, Send and Receive Tokens to Your AlphaWallet
In order to download and transfer tokens onto and from your AlphaWallet, you will first need to register your account, which can be done using the step-by-step guide above. Once complete, you will use the steps below to add, send and receive tokens using the AlphaWallet you have just created.
How to Add Tokens in AlphaWallet
- Once your AlphaWallet has been created, navigate to the settings button located in the bottom right corner of your mobile AlphaWallet app.
- Scroll down until you find the “Network” option; when you see it, click on this category.
- Within the Network page, select the Ethereum-based network that you are wanting to use, for example, you can select the POA Network.
- This will then redirect you to the home tab, where you will now find that your network wallet has been created; in this case, your POA Network wallet was created and is now viewable.
How to Receive Tokens in AlphaWallet
- In order to receive tokens in AlphaWallet, you need to ensure that you have its network selected on the Network page, for example, if you are wanting to receive POA Network tokens, then you need to ensure that the POA Network is selected.
- In your Home tab, click on the Network balance in your wallet. In this case, it will be the POA network balance.
- You can either choose to copy your network address or allow the sender of the token to scan your QR code in order to receive tokens in your wallet.
- Once the user sending you the tokens completes the transfer, your wallet should reflect the updated balance. This transaction can also be viewed from the Transaction tab found in the bottom toolbar.
How to Send Tokens in AlphaWallet
- To send tokens, you need to click on the network balance in your wallet. As an example, if you are wanting to send POA Network tokens, then you would need to click on the POA Network balance in your wallet.
- On the following screen, click on “Send.”
- In this step, you can either enter the recipient of the tokens’ network address, or you can scan the QR code that can be found in the wallet you are wanting to transfer the tokens to.
- Review your transaction details and confirm by selecting “Send.”
- When this transfer is complete, your wallet will reflect your new balance. This transaction can be viewed in the Transaction tab found on the bottom toolbar of your AlphaWallet app.
Is AlphaWallet Safe?
AlphaWallet happens to be one of the world’s first Ethereum wallets to make use of something called secure enclave technology. This gives users what is known as hardware-grade, cold-wallet-level security to protect their assets and funds.
AlphaWallet Security Features
- AlphaWallet makes use of pin-code or biometric authentication to prevent any unwanted access to a user’s AlphaWallet in the case that your mobile device has been accessed by someone else or lost.
- Due to the fact that AlphaWallet is a non-custodial wallet, it will never impose KYC requests upon its users. There is no risk of you ever being denied access to your funds, as opposed to some other, more famous, custodial wallets that exist.
- By having a 12-word seed phrase, users are able to control their keys, and their funds are fully recoverable should they lose their device. All that is needed to restore an AlphaWallet address is for the user to enter the 12-word seed phrase with the app.
- AlphaWallet also has a unique attestation feature that allows users to prove their identity when browsing through web3. This is done using your phone number or email so that nobody is able to pretend to be you and complete transactions under your name.
- The WalletConnect feature allows users to connect with their favorite decentralized apps on their desktops securely. This ensures that users are not putting their tokens or keys at risk in any way. Any transactions will also need to be signed from a user’s mobile device before it happens.
AlphaWallet Compared to Other Wallets
AlphaWallet VS. Trust Wallet and Math Wallet
|Wallet||AlphaWallet||Trust Wallet||Math Wallet|
|Platforms||iPhone, iPad, and Android||iPhone, iPad, Android, and SaaS||iPhone, iPad, Android, and SaaS|
|Audience||AlphaWallet is an open-source wallet for businesses and users.||Trust Wallet is for individuals on the lookout for a secure and simple mobile wallet for Ethereum and ERC223 or ERC20 tokens.||Math Wallet is for individuals wanting a global multi-platform cryptocurrency wallet with a multi-chain Dap store.|
|Training||Documentation||Documentation||Live online and documentation|
|Company||AlphaWallet, founded in 2017 and is based in Australia.||Trust Wallet, founded in 2017, and is based in the United States.||Math Wallet, founded in 2019, and is based in Singapore.|
|Categories||Crypto wallets, DApp browsers, and NFT wallets.||Crypto Lending (DeFi), crypto staking, crypto wallets, cryptocurrency exchanges, DApp browsers, DeFi tools, and NFT wallets.||Crypto wallets, DApp browsers, and NFT wallets.|
|Integrations||Ethereum and Polygon (Matic).||Blizzard.Money, BunnyPark, Cartesi, CoinPanda, Cub Finance, EasyFi, EverBridge, Mintable, Moonpot, and 57 other integrations.||Jupiter Aggregator, Moonbeam, Pancake Swap, PolyBridge, Polygon (Matic), and 61 other integrations.|
How Does AlphaWallet Work?
When you sign-up to use AlphaWallet, you will be sent a six-digit code. This code will need to be entered into the app before you can continue to use AlphaWallet.
There are no charges associated with keeping an AlphaWallet account. Banks provide this service to users free of charge; however, in the event that charges do apply to a specific payment or payment type, the user will be notified before any payment is made.
When a transaction is conducted on the Ethereum blockchain, users are required to pay the Ethereum miners a network fee. Just as your vehicle cannot be driven without fuel, transactions cannot be processed and completed without a network fee.
If you want to transfer all the Ethereum out of your wallet and clean your balance, you need to ensure that you keep the bare minimum of Ethereum in your AlphaWallet to cover any fees.
The AlphaWallet teams provide users with high-quality customer service. Information provided is correct, and responses to queries are swift, allowing many users to make speedy decisions as answers to their questions are understood and straightforward.
The Bottom Line
Overall, AlphaWallet was designed with the intention of catering to a wide range of users based on their needs. It is one of the first Ethereum wallets to incorporate easy-to-use key backup, secure enclave technology, as well as a recovery system on top of providing good customer support.
Frequently Asked Questions
What Kinds of Organization Types and Users Does AlphaWallet Work with?
AlphaWallet works with the following organization types and users:
- Small business
- Mid-size business
What Languages Are Supported by AlphaWallet?
English is the language that is supported by AlphaWallet.
What Other Services or Applications Does AlphaWallet Offer?
AlphaWallet integrates with Polygon (Matic) and Ethereum.
Is AlphaWallet Secure?
AlphaWallet is compatible with both Android and iOS devices and has been designed with secure, cross-platform functionality over 32 networks.
Which Wallet Is Best for Ethereum?
AlphaWallet earns its spot among the top Ethereum wallet apps in line with Coinbase, ZenGo, Binance, Ledger Nano, and many others.