IoTeX is an innovative privacy-conscious blockchain with a vision to power the Internet of Things (IoT). IoT is a name for the system that encompasses all existing smart devices that can connect to the internet. The concept behind IoTeX – creating the Internet of Trusted Things – builds on the idea of the IoT.

The IOTX platform combines a blockchain with confidential computing and decentralized identifiers to create an entirely unique network where humans, devices, and businesses can safely interact.

The project utilizes two versions of IoTeX tokens: Native IOTX and the ERC20-IOTX. Both are valued at the same price but are used for different things. ERC20-IOTX is used for staking and voting on ETH. Native IOTX is a newer coin used mainly for transactions and contracts on the IoTeX Mainnet. 

Top 5 IoTeX wallets 

  1. IoTeX online wallet 
  2. IoTeX desktop wallet 
  3. Trust Wallet
  4. IoTeXGeeks
  5. Cobo Wallet 

1. IoTeX online wallet

This is an in-built wallet on the IoTeX website. It allows users to store their crypto and perform a variety of actions on both the IoTeX Mainnet and their Testnet. The current features allow users to send and receive tokens, deploy smart contracts, and vote for IoTeX delegates.

Pros:

  • Public and private keys can be used to re-enter or unlock a compromised wallet;
  • The web application is tailored to all browsers;
  • Supports IOTX Native tokens, EIOTX, and any other tokens launched on the IoTeX network.

Cons:

  • Online wallets are notorious for being the least secure way of storing crypto;
  • There is always a risk of downloading malware;
  • Not the best for storing a larger amount of tokens.

2. IoTeX desktop wallet

The IoTeX desktop wallet is a software pack created by the IoTeX team that users can download directly to their computer. Desktop wallets are generally safer than mobile and online wallets: user’s private keys are securely stored on their computer and safe from viruses and malware threats.

Pros:

  • Secure, free to use, and regularly-updated;
  • Optimized for Windows, Mac, and Linux.

Cons:

  • Supports IOTX Native tokens only;
  • Not as convenient as an online wallet for on-the-go trading;
  • Needs to be backed up regularly.

3. Trust Wallet for IoTeX

Trust Wallet is a multi-currency mobile wallet that supports IOTX. The app allows users to store, send, and receive IoTeX on the go, making it far more practical than a desktop wallet. As of April 2019, Trust has launched the IoTeX Staking and Voting app with full integration with the IoTeX voting website.

Pros:

  • Supports both the Native IOTX and the ERC20-IOTX;
  • Works on IOS and Android devices;
  • Allows users to pay physical retailers that accept crypto as payment.

Cons:

  • All assets can be lost if your device is stolen or compromised.

4. IoTeXGeeks Desktop Wallet

A simple desktop wallet made by the IoTeX developer community. The application allows users to create several wallets within a unified interface and provides a clear overview of all IoTeX funds. The wallet can be integrated with hardware wallets – specifically, Nano Ledger and Trezor.

Pros:

  • IoTeX Network-specific wallet that allows voting for delegates;
  • Allows users to swap Native IOTX for ERC20-IOTX;
  • Reward system for participating in developing the wallet.

Cons:

  • Under constant construction;
  • A simpler interface than most other desktop wallets.

5. Cobo Wallet

Cobo Wallet is IoTeX’s delegate and a strategic partner. Their new mobile app supports ERC20-IOTX and is widely considered to be a safe option for storing tokens. The app provides a unique investment program centered around IoTeX with annualized return rates of up to 20%.

Pros:

  • Supernode DDoS prevention and HSM key management;
  • A variety of flexible storage plans;
  • Users can grow their IoTeX while keeping it safely stored.

Cons:

  • The concerns around the app are the same as with all other mobile crypto wallets: higher risk of malware, loss of assets if the device is stolen.

Conclusion 

With heavy investments being poured into IoTeX and several PhDs working to make the project a reality, the IoTeX vision may very well change the IoT as we know it. That is: if it succeeds.


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