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The best EOS wallets put to the test

2020.06.24

Our goal is to give you an overview of the currently available EOS wallets. We would also like to show you the special features of creating an EOS Wallet. In particular, we would like to explain how you can set up an EOS account in the form of an address so that you can then import your private key and address into the wallet.

Before we dive into the topic, however, it is very important from our point of view to have a basic understanding of cryptography (the technology behind cryptocurrencies) and wallets. Therefore, we will first give you a short theoretical introduction to the topic.

For us hardware wallets are an absolute must-have if you want to invest in EOS or other cryptocurrencies in the long run. In relation to your investment the prices for a hardware wallet are very low. Even our test winner, the Ledger Nano X, is comparatively inexpensive with 120 euros. If this is too expensive for you, you should have a look at the Ledger Nano S, which costs only 60 Euro and offers an unbeatable price/performance ratio.

You can imagine a wallet like a virtual wallet. In contrast to traditional wallets, however, in a crypto wallet it is not the coins themselves that are stored, but the access keys for them. The access keys are the so-called “private keys”.

This serious difference is also the reason why cold wallets are used by large crypto investment companies and cryptocurrency exchanges. In our opinion you should take a role model from this and also rely on a cold wallet solution.

The private key is a randomly generated string that represents the ownership of the cryptocurrency. The public key is used to generate the public wallet address (is a hash version of the public key). In contrast to the wallet address, the private key is secret and should never be passed on to third parties.

Due to the architecture of the hardware wallet operating system, the private key stored in isolation will never have an conntection to the Internet even if an EOS transaction is released. The architecture makes it almost impossible for hackers to gain access to the private key.

In addition, hardware wallets are also very well protected if the device itself is stolen. All hardware wallets presented in the following section have both PIN and 2-factor authentication, making it very difficult to steal the stored EOS from the hardware wallet even in the event of physical theft.

Author : Jake Simmons