Zilliqa (ZIL) is a highly scalable blockchain for hosting decentralized apps . This article look at which cryptocurrency wallets are compatible with ZIL and will help to keep your tokens safe.
What Kind of Wallet do I need?
Zilliqa has already achieved a blisteringly fast transaction speed of over to 2000 transactions per second during internal testing. This level of throughput will allow more freedom in the creation of DApps without concerns over scalability and congestion on the network. These speeds will be achieved when Zilliqa moves to its own blockchain, currently it is an Ethereum based ERC20 token. This is an important to note for wallet choice as currently being an Ethereum based token ZIL is compatible with any ERC20 based wallet. However when the migration to the mainnet is complete and it is on it’s own native blockchain the Ethereum based wallets will no longer be compatible.
Compatible Zilliqa (ZIL) Wallets
The table below shows a table of compatible ERC20 based wallets that ZIL can be stored in. You can find a suitable wallet for any other crypto using the wallet finder.
A note of caution, there is an official Zilliqa wallet but this is designed to be used only with the native token not the current ERC20 token. On this basis the Zilliqa Wallet is currently only for use with the testnet, any attempts to send ERC20 based tokens to the wallet could result in them being lost. Once the mainnet is live this wallet can then be used. The mainnet is currently scheduled for go live at the start of 2019
The Zilliqa Wallet is a desktop based wallet in which you own the private key since the encryption and decryption takes place on your computer only.
In the next section we will look in more detail at come of the ERC20 compatible wallets that are listed as being suitable for the ZIL token in the above table.
Ledger Nano S
The Ledger Nano S is one of the best known and trusted hardware wallets. Being a hardware wallet makes it the most secure type of cryptocurrency wallet since your private key is stored on a purpose built piece of hardware. The Ledger Nano S is small enough to fit in your pocket and if you haven’t seen one before you can think of it as looking like a USB pen drive.
The device supports a large number of crypto assets and you can see by looking on their supported crypto assets list that they are regularly adding to. This will allow you to store a number of your cryptocurrencies in a single device for convenience.
You can effectively backup your device by keeping a note of your seed phrases when setting up the device. These seed phrases can be input into any other Ledger Nano S if your original device becomes lost and you will still have full access to your funds.
Another heavy weight in the cryptocurrency hardware wallets Trezor has a reputation for producing quality wallets with an excellent track record of security. Encouragingly Trezor take a completely open policy publishing all previous security issues with Trezor and having the device audited by security researches. Other security features include an ultrasound hardware seal which ensures the case is very difficult to break open, firmware verification which checks the firmware signature as the device boots and access to the device and its private keys is locked until a pin is entered.
The device although slightly larger than Ledger Nano S is again plenty small enough to fit into your pocket and connects to your computer using USB.
Overall a solid choice with support for a large number of cryptocurrencies, excellent security and good ease of use.
Exodus is one of the most popular desktop wallets available. Being a desktop wallet makes it convenient for regular trading or spending of cryptocurrencies since it is just another application on your computer. The wallet can be installed on Windows, Mac, or Linux based systems and has support for a wide number of coins.
Cononomi brings management of your cryptocurrencies to your finger tips by being a fully featured mobile wallet available for both Android and IOS systems. The mobile app makes using your crypto super easy due to the excellent UI and the fact your wallet is always to hand when your mobile device is. As with any mobile wallet since it is accessible to the internet it would not be recommended for large amounts which would be better placed in a hardware wallet.
MyEtherWallet in a nutshell allows you to interact with the blockchain without the need to run a full node. You access the MyEtherWallet through the web but this is not an online wallet, this makes it more secure but you are responsible for the private key. You use the MyEtherWallet interface to create your own wallet and then when you wish to make a transaction on the blockchain it allows you through their nodes.
MetaMask is a neat little browser extension that you can use as a cryptocurrency wallet and to interact with Ethereum based dApps. The extension is available for Chrome, Firefox or Opera and within the Brave browser, to get started the first thing you need to do is download and install the add on.
Once MetaMask is installed if you click on it’s icon in your browser you will be prompted to accept the terms and conditions, then you will be able to create an Ethereum account to send and receive ERC20 tokens. When you create your account you will be presented with a list of seed words. You will need to store these somewhere safe as they are the only way to recover your account.
Check out the main MetaMask page which also includes a video to learn more about how it works.
This post provided a guide to the best Zilliqa (ZIL) wallets, if you would also like to find suitable wallets for other cryptocurrencies check out our wallet tool.