In connection with the steadily growing popularity of the IOTA cryptocurrency (against the backdrop of a large-scale Chrysalis update), the question of where and how to store this coin becomes relevant. There are few wallets for IOTA (MIOTA), and the editors of Btcnewsweb.com have collected the main options that provide safe storage and convenient management of funds. With their help, you can store assets on a PC, laptop, mobile phone, as well as in hardware and paper form.
Read also: How to Buy or Sell IOTA.
IOTA (MIOTA) cryptocurrency wallets
Trinity Wallet – multi-platform official wallet
Trinity Wallet is available for installation on operating systems such as:
- Windows 10
The main features of the wallet include: a simple user-friendly interface, easy asset management, instant transactions, additional tools such as viewing market statistics.
On February 11, 2020, it became known about an attack on the Trinity wallet, as a result of which the seed phrases and passwords of some users were compromised. Although the vulnerability has already been fixed, the developers recommend using a few tips to protect your account. Trinity Desktop needs to be authenticated, namely SHA-256 hash and code signature. How it’s done on Windows:
- SHA-256 hash check. Open a command prompt. Replace the wallet file path with a hash. For example, if the file is located in the C: \ Users \ yourname \ Downloads directory, then write the following as the path: certUtil -hashfile C: \ Users \ yourname \ Downloads \ trinity-desktop-0.3.2.exe SHA256. Compare the hash to the hash in the release notes and make sure they match.
- Code Signature Verification. Right click on the wallet executable file. Go to the Certificates section (Digital Signatures> Details> View Certificate). It should contain the following inscription: DigiCert SHA2 Assured Code Signing CA, and the system should also confirm that the certificate is in order.
Installing and configuring a wallet for IOTA includes several steps for generating a seed phrase, setting a password. The process is quite simple and straightforward, you just need to follow the instructions. After logging into the system, all the necessary information is immediately visible on the home screen – your own addresses with a QR code for transfer, transaction history, a graph of the coin rate. In the settings, you can select different interface themes, currencies for displaying value, interface languages Recently, the Russian language is also supported.
New Firefly wallet for mobile and PC
On March 22, 2021, a beta version of the Firefly wallet was released, available for all major desktop platforms – Windows, Linux, macOS. The wallet is optimized specifically to work with the Chrysalis update. For now, this is a test version that cannot be used for IOTA tokens. A production-ready version of the Firefly capable of handling MIOTA will be released before Chrysalis launches.
One can get testnet coins from the tap https://faucet.testnet.chrysalis2.com/.
Firefly is based on two important libraries:
- Stronghold. It has two main functions. First, it serves as an isolated enclave of memory for operations (all address generation and transaction signing processes are performed in isolation from the rest of the application). Second, it provides encrypted storage for backing up keys and transaction history.
- Wallet.rs. Provides all the logic for accounts and transactions. This helps create a highly efficient and scalable application.
Firefly has been audited by an external auditing firm and will undergo additional audits as new functionality is added.
IOTA Hardware Wallet – Ledger Nano
You can use a Ledger Nano S / Ledger Nano X hardware wallet with Trinity. For detailed instructions on how to set up a connection between a hardware wallet and a software wallet, visit the official website https://trinity.iota.org/hardware. In addition, you can use the Ledger Live application to store IOTA by downloading a separate component for this particular cryptocurrency.
Features of use:
- This feature is currently only available with Trinity desktop applications.
- Several different accounts can be used on one device. Each of them is identified by a unique number (account index number).
- Conversely, different devices can be used to access the same account. When setting up a second Ledger device, you can choose to enter the recovery phrase from the first device.
- In case of losing a physical wallet, it is possible to restore access to funds using a seed phrase by purchasing a new device.
Simultaneously with IOTA, the wallet allows you to store more than 1,500 other coins.
Online wallets for storing IOTA
For online storage, you can use the various cryptocurrency exchanges on which this coin is traded. This method is suitable if you do not hold a large amount of funds, or are going to use them in trading in the near future.
Examples of exchanges with MIOTA providing custodian services:
All of these sites have a good reputation and store 90 to 99% of user funds in external cold wallets. As a result, even if the site is hacked, it is highly likely that the assets will survive.
Paper wallet for MIOTA
The site https://arancauchi.github.io/IOTA-Paper-Wallet/ allows you to create a paper wallet for the IOTA cryptocurrency. This is done as follows:
- Go to the site. In the line for entering seed, enter a random set of 81 characters, with this you can use only capital letters of the English alphabet and the number “9”.
- Click the “Create” button to view the result. On the basis of the seed, keys will be generated – open and closed, and QR codes to them.
- By pressing the PRINT key, the result can be printed out.
The printout should be stored in a safe place and preferably laminated to avoid wear and tear.
Where to buy IOTA cryptocurrency
The asset is traded on the crypto exchanges listed above, and can be purchased there through the trading terminal. Also check if the exchange provides the ability to instantly buy coins from a card, which is very convenient, but implies higher commissions.
In addition, cryptocurrency exchangers can be used to purchase. Online monitoring (BestChange, etc.) will help you find an exchanger that supports the desired direction. With their help, you can find options for buying from a card, e-wallets, or even cash.
The IOTA cryptocurrency, with all its positive qualities, has lost a lot of users due to wallet hacks and asset theft. However, this is one of the few projects that eventually managed to restore their reputation. The developers have worked on bugs, fixed vulnerabilities in their software, and recently no negative information on this topic has been reported. The IOTA (MIOTA) wallets listed in this article are quite reliable and convenient, and with the development of the new Firefly wallet, storage will become even safer.