New IOTA (MIOTA) Wallets Are Here To Make Your Life Easier

New IOTA (MIOTA) Wallets Are Here To Make Your Life Easier

New IOTA (MIOTA) Wallets Are Here To Make Your Life Easier

IOTA (MIOTA) is one of the most promising projects among the leading distributed ledger technology platforms. One of the Co-Founders stated that the cryptocurrency will definitely be one of the top 3 DLT platforms in 2018, based on market capitalization.

In order to reach that goal, IOTA must generate a market cap of $50bn at least based on current stats. Dom Schiener: “we will either be a trillion dollar project or nothing”. At $1 trillion dollar market cap, one MIOTA, the current native currency of the platform would cost around $350 USD per unit – in opposition to its price at the moment that barters below $3 USD on global cryptocurrency exchange markets.

There is one small problem tho. IOTA (MIOTA) is not built to be a monetary platform that humans would use, but it’s rather a platform used by machinery connected to the Internet Of Things (IoT).

Therefore the IOTA Foundation did not plan to create a “traditional” cryptocurrency wallet where you can store/exchange your funds with the touch of a button since machines could do that instantly without errors, efficient timing and extreme accuracy on their own.

Of course, that was not even close to a reason that could stop the “geeks” creating their own way connecting into “The Tangle” (IOTA’s prototype DLT network) and exchange funds between ‘mortal’ individuals. The IOTA ledger “lightwallet” (current version 2.5.7.) was built to interfere with the tangle while using a ‘user-friendly’ interface. Or at least that’s what they called it, compared to not having a wallet at all.

So, what’s the problem right? The answer is “there is no problem”, if you’re familiar with GitHub, have basic programming/coding knowledge and know a few things about nodes, how to create a seed, how to promote it and most importantly how to protect it, since IOTA addresses are meant to be used only once.

Oh, and once in a while, there is a special event in the community called “the snapshot”, where all wallet users are called to promote their old information into the newly generated “spots” in The Tangle in order to “relax” the network and let it continue from later blocks in the timeline of the Tangle’s evolution. All that with extreme accuracy, caution and timing since transferring funds during the “snapshot” could again result in the loss of your funds. A wrong input in a digit or character could also result in permanent funds losses.

You see, it’s not really a “problem”, it’s just that it’s too complicated compared to a simple Ethereum Wallet for example, where you can have your address showing in your blog’s front page and people could use it infinite times to send you funds to that address. You don’t have to watch for the next “snapshot” and you could literally forget about it for years before using it again unlike using the lightwallet that requires your constant attention.

The real problem is that unfortunately there are no alternatives to “lightwallet” and the only way to have IOTA (MIOTA) without experiencing the situation pre-described is to store them on exchange markets, which we all know that it’s not always the best idea.

Luckily IOTA’s population and the increasing demand to own that magnificent token led many innovative groups to create their own alternative IOTA wallets that vary from slightly to a lot more user-friendly platforms compared to the current version of the initial “lightwallet”.

According to a recent post by iotasupporter on Medium the following three upcoming IOTA wallets are going to get some attention in the next Q of 2018:

  1. UCL’s Trinity Wallet
  2. Nelium
  3. CarrIOTA

These wallets, ranging from a well-designed University College Of London platform to hardware solutions provided by CarrIOTA will solve most of the issues regular users experience with the lightwallet at this moment, by introducing Automatic transaction promotion & reattachment (no need to reattach all the time anymore) Multiple outgoing transactions. Cached Addresses and Balances. Automatic seed generation and storage. Automatic node selection. Seamless snapshots (no need to be aware of the next snapshot) among many other new functions and abilities that would not only eliminate “problems” lazy people experienced with the “lightwallet” but also give the ability to new “newbie” users to join the IOTA revolution.

A sneak from UCL’s “Trinity” IOTA-Specific Wallet

Let me know what you think about the new IOTA wallets in the comments below. Did you experienced problems with your “lightwallet” as well, or did you kept your MIOTA on the exchange market?

Reporting for The Independent Republic, Ross Peili

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10 Comments

  • BongInma

    There are serious inacurracies in the discussion of the snapshot. Pls do more factual research.

    Also this para is not accurate
    “There is one small problem tho. IOTA (MIOTA) is not built to be a monetary platform that humans would use, but it’s rather a platform used by machinery connected to the Internet Of Things (IoT)” since human-centric machines like mobile phones, cars, etc. are still operated and interface with humans and could be iota-based in the future.

    9 months ago
    Reply
  • Asdf

    man do some research how iota works!

    9 months ago
    Reply
  • Admin

    I have edited out the incorrect information regarding exposing your seed. If there is anything else comment below and we will correct it.

    9 months ago
    Reply
    • John Perry

      Thank for doing that. By the way, technically IOTA is still in beta, so things like snapshots are to be expected and are quite normal.

      9 months ago
      Reply
  • Christopher

    I do appreciate your enthusiasm to blog about IOTA and its development but pls get your facts straight, especially the ones regarding to the seed and snapshot. NEVER EVER expose your seed to anyone and also there is no need to create a new seed after a snapshot. I hope no one will lose his funds because of those “facts” !

    9 months ago
    Reply
  • Cheryl Barnes

    Sir, you say “Exposing your seed more than one times could result in a fatal mistake, where you could lose all your MIOTA in an instant.” Are you confusing seed with address. YOU DO NOT HAVE TO GENERATE A NEW SEED!. And one should NEVER “expose” their seed! Thank God you’re not telling your readers to use a seed generator!

    9 months ago
    Reply
  • John Perry

    There are several dangerous mistakes eg you should actually NEVER expose your seed. A seed is like a password.

    9 months ago
    Reply
  • recguerra

    Man, Snapshots does not require doing new SEED’s…

    9 months ago
    Reply
  • Martin

    Please get your facts straight, this article misses the point

    9 months ago
    Reply
  • Andre van Zegveld

    You are sooooooooooooo wrong

    9 months ago
    Reply