4 things to consider when selecting a Cryptocurrency Wallet

There are 4 major things to consider when selecting a cryptocurrency wallet.

1. Security
2. Transactions and Connections
3. Smart Contract Integrations
4. Digital asset management

Let us go deeper into each point now.

1. Security

The security of the blockchain cryptocurrency wallet is the primary reason for your choice. You should look at the previous events and history throughout the wallet app development cycle. You must check and verify how the following aspects are handled;

• keypair generation
• wallet recovery
• transaction signing
• abi encoding
• offline signing and broadcasting support

2. Transactions and Connections

This defines how the wallet is interacting with other blockchain nodes and how the data transfer is secured. What measures are taken to ensure the privacy and security of the data being transferred? A few detailed points to check are;

• transaction crafting
• chain connections and network selection
• permissions and app privileges
• address bounding

3. Smart Contract Integrations

You should also check for social and identity supports offered by the wallet. This dictates how the same wallet can be used to interact with other Smart contract DApps without revealing much personal information. Important pointers to check for are;

• Multi-sig handling
• ENS domain resolving
• Identity
• Social proof of assets

4. Digital asset management

Digital asset management referred to the assets being handled by the wallet; assets can be ERC-20 tokens or NFT Tokens. Make sure to watch for NFT standards. Also, check for other NFT use-cases in the same wallet. Common digital asset stands used in NFT Marketplace development are

• ERC-721
• ERC-1155
• Other SWAP, LP and Yield farming

Trusted cryptocurrency wallets

• MetaMask
• Ledger Nano X
• MyEtherWallet

This article originally appeared on lightrains.com