Single-Chain or Multi-Chain Wallets: About Metamask and Its Alternatives


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Kadeem Clarke

Head of laboratories @ Momentum 6 | Technology entrepreneur | Blockchain investor | Car enthusiast | Ask me about crypto and NFTs

Single chain wallets

A single channel wallet is typically designed and developed to serve as a public channel platform. Such a portfolio is professional, focused, and has great potential for the platform it targets. Members with different roles such as developers, miners, dApp users, and traders are part of a public chain. The activities of these members revolve around this public channel and they use the digital assets within this channel.

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Single chain wallets can be used as an entry to the public chain and meet the needs of different members. These wallets provide members with the convenience of circulating and storing the digital assets of the public channel.

Multi-chain wallets

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A multi-channel wallet is a wallet that supports or can contain multiple public channel digital assets at the same time. For example, a wallet that will support two or more digital assets such as Bitcoin, EOS, and Ethereum at the same time is known as a multi-chain wallet. The number of public channels is growing every day, and users are looking for wallets that can hold all of their assets in one place. It can also be tedious to set up and trade from different wallets. MetaMask is one of the wallets which allows users to own multiple digital assets.

A brief overview of MetaMask and its history

MetaMask is a crypto wallet that allows users to store and trade Ethereum or any other ERC-20 token. Users don’t need to register on a website, they just need to install it as an extension on Chrome or Firefox. This wallet is also available for mobile users on iOS and Android.

MetaMask allows users to connect to Ethereum-based dApps, where users can spend their digital coins on games, trade on decentralized apps, or even wager coins in gaming apps. entry into the world of DeFi because it gives access to applications such as PoolTogether and Compound.

Why MetaMask is loved by the crypto community

  • Popular. If you like something famous then this is the multi-channel wallet to go for.
  • Simple. Users don’t have to manage private keys because all they need is to remember a wordlist and all transactions are signed on their behalf.
  • Integrated. DApps are designed to work with MetaMask, so it’s easy to send in and out of ETH.
  • Save space. You don’t need to download the entire Ethereum blockchain, MetaMask sends requests to different nodes.

Problems to overcome for MetaMask to become a multi-chain wallet

Even though MetaMask had over 10.35 million users as of August 2021, there are some issues with the wallet that it should fix. Here are some of the main ones:

  • Third party issues. Setting up a MetaMask wallet is straightforward. However, this wallet contains private keys in the user’s browser. This approach is less secure compared to paper or hardware wallets. The good news is that MetaMask can be connected to hardware wallets like Trezor.
  • Downtime is frequent. MetaMask allows Internet users to connect to Ethereum and avoid turning their computers into nodes. MetaMask connects to Ethereum through Infura (a real Ethereum node). However, when Infura is down, users are likely to be cut off from the blockchain for some time before it reconnects to another node.
  • Having 100% control over your account can be dangerous. You have to be responsible for everything because MetaMask gives you full control over your wallet. You risk losing your crypto forever the moment you lose your start words and password. A phishing attack can also cause you to lose funds.

Alternatives to MetaMask

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The world of blockchain is constantly changing and new products are introduced daily. A number of multi-chain wallets have been created and here are some of the MetaMask alternatives you can try out today:

Existing

Phantom

Phantom is a Solana blockchain multi-chain wallet that allows users to receive, send, wager and exchange tokens easily and securely. Phantom lets you turn your browser into an encrypted wallet, and you can interact with blockchain-based applications directly from your favorite web browser.

Coin98

Coin98 is a multi-channel, NFT and DeFi wallet. This wallet has greater multi-chain compatibility than MetaMask. The wallet provides users Arbitrum as an inter-chain bridge to allow users to move tokens from L1 to L2 and vice versa directly from the mobile app. The portfolio integrates with more than 33 blockchains, 6 inter-chain bridges and 9 AMMs.

XChallenge

XDefi is a multi-channel wallet with web 3 capabilities. Fans are already falling in love with this wallet for its greater multi-channel compatibility. XDeFi allows users to use the same vehicle to access different destinations. The wallet so far integrates with nine blockchains.

Rabbit

Rabby bills itself as a best extension portfolio for DeFi users. The wallet automatically switches to the corresponding channel depending on the site you are visiting. Rabby is only compatible with EVM, but it is easier to use than MetaMask.

Hardware wallets

Hardware wallets are portable devices that look like USB drives. Some of the more popular are Trezor and Ledger Nano S. The beauty of hardware wallets is that they are secure and digital coins are stored offline.

Up and coming

Framework

Frame is a privacy-focused Ethereum wallet that runs natively on Windows, macOS, and Linux. Its extension automatically checks ENS names on Twitter. Frame’s user experience is much better than MetaMask and its support for all major side chains cannot be ignored.

AdEx

AdEx claims to be the “gateway to the best income opportunities”. The tool is designed to allow fast, secure and easy access to DeFi investments. The AdEx Wallet makes it easy for users to invest in DeFi even if they have no previous experience with decentralized finance and cryptocurrencies.

Also posted on: https://medium.com/momentum6/metamask-has-become-boomer-central-discover-the-wallets-of-the-future-4533ad560edf

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