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Crypto Wallets

Video lesson

Best TON Wallets

Best TON Wallets

In the ever-evolving cryptocurrency landscape, understanding how to manage your digital assets securely is crucial. This lesson focuses on various wallet options available for the Open Network (TON) and explores their functionalities and features. As cryptocurrencies grow in importance within the financial ecosystem, knowing how to store and transact with tokens, like JETNs (the native asset of the TON ecosystem), will empower you to navigate this innovative space more confidently.

Core Concepts

  1. Cryptocurrency Wallet

    • Definition in Traditional Finance: A digital or physical platform used to store and manage digital assets.
    • Crypto Parallel: In the crypto world, wallets are not just storage; they enable transactions, interactions with decentralized applications (dApps), and asset management.
    • Importance: Understanding the variety of wallets helps you choose the right one tailored to your needs, whether for long-term storage or active trading.
  2. Self-Custodial vs. Custodial Wallets

    • Definition in Traditional Finance: A custodial relationship typically involves a third party holding assets on behalf of the owner; self-custodial means the owner has full control.
    • Crypto Parallel: In crypto, a custodial wallet requires you to trust a third-party service with your keys, while self-custodial wallets allow you direct control over your assets.
    • Importance: Knowing the difference enhances your security awareness and helps you make informed choices between control and convenience.
  3. Decentralized Applications (dApps)

    • Definition in Traditional Finance: Applications that run on centralized servers, often controlled by a company.
    • Crypto Parallel: dApps operate on blockchain technology, allowing peer-to-peer interactions without intermediaries.
    • Importance: Familiarity with dApps expands your understanding of how cryptocurrencies integrate into services beyond just transactions.
  4. Gas Fees

    • Definition in Traditional Finance: Fees associated with moving assets within a traditional financial system often determined through set transaction fees.
    • Crypto Parallel: Gas fees in cryptocurrencies are transaction costs paid to miners or validators for processing transactions on the blockchain.
    • Importance: Comprehending gas fees allows you to better plan your transactions and budget your crypto expenses.
  5. NFTs (Non-Fungible Tokens)

    • Definition in Traditional Finance: Unique assets that can represent ownership of a specific item, often in the form of artwork or collectibles, usually tracked through traditional assets ledgers.
    • Crypto Parallel: NFTs represent ownership or proof of authenticity for digital assets, verified on blockchain.
    • Importance: As the NFT market expands, understanding this concept can open doors to investment in digital art and collectibles.
  6. Staking

    • Definition in Traditional Finance: Receiving interest or rewards for locking up assets in a savings account or investment vehicle.
    • Crypto Parallel: Staking involves participating in a blockchain’s operations, which provides rewards based on the tokens you lock.
    • Importance: Knowing how staking works can enable you to earn passive income through your crypto holdings.
  7. Multi-Chain Wallets

    • Definition in Traditional Finance: Not typically seen in traditional finance; all assets are held in a single bank.
    • Crypto Parallel: Multi-chain wallets support various blockchain tokens in one interface.
    • Importance: Essential for those looking to manage multiple cryptocurrencies efficiently across different networks.

Key Steps

Understanding TON Wallet Options

  • Popular wallets in the TON ecosystem include:
    • TonKeeper
    • MyTonWallet
    • WalletTG
    • TONHub
    • Trust Wallet

Summary Points:

  • Each wallet offers unique features and integrations.
  • User numbers indicate popularity and trustworthiness.
  • Accessibility on multiple platforms increases convenience.

TonKeeper

  • Features:
    • Native wallet with over 26 million active users.
    • Integration with Telegram for easy asset management.
    • Allows for asset swaps and staking through dApps.
  • Importance: It’s great for both beginners and advanced users due to versatile capabilities.

MyTonWallet

  • Features:
    • Offers a gasless payment option and an active user token distribution.
    • Supports third-party applications and transactions.
  • Importance: Perfect for users looking for a wallet that rewards activity and offers premium features.

WalletTG

  • Features:
    • Directly integrated with Telegram, offering custodial and self-custodial options.
    • Custodial options require identity verification; self-custodial gives users complete control.
  • Importance: Allows users to choose based on comfort level with privacy and control.

TONHub

  • Features:
    • Popular mobile wallet with functionalities like swaps and staking.
    • Development of a crypto bank card for easier withdrawals and purchases.
  • Importance: Perfect for users seeking a wallet with growing utilities.

Trust Wallet

  • Features:
    • Supports over 100 blockchains and is recognized in the crypto space.
    • Limited functionalities with TON-related dApps.
  • Importance: Best for those needing a versatile wallet but may not focus exclusively on TON.

Blockchain Utility

Crypto TON Wallets

  • Connecting Features: Integrating wallets directly with messaging platforms like Telegram provides enhanced usability and ease of access that traditional banking services lack.
  • User Experience: The ability to stake, buy, and swap directly from the wallet offers the versatility that modern investors look for, akin to a securities account in traditional finance but with more user control and options.

Real-World Applications

Historically, the rise of blockchain technology has introduced a new paradigm in how we manage assets. Just as the introduction of online banking revolutionized financial interactions, wallets in the crypto world represent a frontier of decentralized finance. You can think of wallets not just as storage; they are gateways to the broader possibilities within the blockchain economy.

Cause and Effect Relationships

  • Transaction Fees and User Engagement: Increased gas fees can deter users from executing transactions; similarly, improved wallet features (like gasless transactions) enhance user engagement.
  • Security vs. Convenience: A custodial wallet might offer ease of access but at the potential cost of security, mirroring traditional banking concerns about centralization.

Challenges and Solutions

  • Challenges in Wallet Use:
    • Security concerns, including the risk of hacks.
    • Complexity in managing multiple wallets and cryptocurrencies.
  • Solutions in Crypto:
    • Opt for well-established wallets with security audits.
    • Utilize multi-chain wallets for simplification.

Common misconceptions are that crypto wallets are just like traditional bank accounts. In reality, they function fundamentally differently, requiring greater individual awareness and responsibility.

Key Takeaways

  1. Choose the Right Wallet: Each wallet has unique features; align it with your needs.
  2. Understand Self-Custody vs. Custodianship: Control means security, but assess the trade-offs.
  3. Know the Fees: Be prepared for transaction fees, and use platforms that offer gasless options when possible.
  4. Engage with dApps: Utilizing decentralized applications can enhance usability and transaction experiences.
  5. Stay Informed: Keep up with updates and changes in wallet functionalities and security protocols.

Beginners can apply these insights by starting with a wallet that aligns with their comfort level and gradually exploring more advanced options as they grow in their crypto journey.

Discussion Questions and Scenarios

  1. How do custodial wallets compare to self-custodial wallets in the context of risk and convenience?
  2. What features would make a wallet your go-to option, and why?
  3. Can you think of scenarios where gasless transactions might significantly benefit you?
  4. What could be potential security implications in using a widely popular wallet?
  5. How would you assess the necessity of a multi-chain wallet concerning your current or future crypto investments?
  6. In what ways could integrating wallet services with messaging platforms lead to enhanced user experiences?
  7. Compare your experiences managing assets in traditional finance versus crypto—what key differences stand out?

Glossary

  • Cryptocurrency Wallet: A tool for storing and managing digital assets securely.
  • Self-Custodial Wallet: A personal wallet that gives the owner total control over private keys and assets.
  • Custodial Wallet: A service where a third party retains control over assets and private keys.
  • Decentralized Applications (dApps): Applications that run on blockchain networks, allowing for peer-to-peer interactions.
  • Gas Fees: Fees paid for transactions on blockchain networks, akin to service fees in traditional finance.
  • NFTs (Non-Fungible Tokens): Unique digital assets representing ownership on blockchain.
  • Staking: Earning rewards for investing a certain amount of cryptocurrency in a blockchain network.

By now, you’re equipped with the essential knowledge to assess and choose the best TON wallet tailored to your unique needs. As the world of cryptocurrencies and blockchain technology expands, understanding these concepts will keep you one step ahead.

Continue to Next Lesson

Ready to expand your knowledge further? Let’s dive into the next lesson in the Crypto Is FIRE (CFIRE) training program, where we will explore the intricacies of decentralized finance (DeFi) and how it’s shaping the future of financial transactions!

 

Read Video Transcript
Best TON Wallets: Top Picks for Securely Managing Your Crypto
https://www.youtube.com/watch?v=OW5_EVe4aTY
Transcript:
 Welcome back everyone! Today we’re diving deep into some of the most popular wallet options  for the open network, also known as TON. Whether you’re looking to securely store or actively  transact with TON or its ecosystem tokens like JETNs, we’ve got a range of wallet options that  will suit your needs. Let’s explore the best wallets to get you started and help you make the most out of the Ton Network.
 First up on our list is TonKeeper, the go-to native Ton wallet with an impressive user base of over 26 million active users.  This wallet is incredibly versatile, available on iOS, Android, and as a web extension for both Chrome and Firefox.  What makes TonKeeper particularly appealing is its seamless integration with Telegram.
 Whether you’re using your smartphone or desktop, you can connect directly within the messaging app,  making it super convenient to manage your assets on the go.  With TonKeeper, you can do more than just store your assets.  It allows you to stake and swap assets including nfts directly from your wallet  thanks to its smooth integration with decentralized applications dapps on the ton network plus  purchasing ton has never been easier you can use your credit card through services like moonpay to  facilitate crypto to fiat transactions right within the wallet. Another standout feature is the support for gasless transfers on select assets. And for those who like to plan ahead, Ton Keeper’s battery
 feature lets you purchase charges with tokens beforehand, so you can transact without ever  worrying about having enough ton for gas fees. Next, we have MyTonWallet, another excellent  native option within the ton ecosystem. Just like Ton Keeper, MyTonWallet enables you to buy, swap, and stake Ton assets directly from your wallet.
 But it doesn’t stop there.  This wallet also allows you to connect seamlessly to decentralized applications on the Ton network,  as well as other third-party apps, expanding your ability to interact with various platforms.  One of the most attractive features of MyTon wallet is its gasless payment option, where  the fees for transfers and swaps are automatically deducted from the tokens you’re sending.
 This makes the transaction process smoother and more intuitive.  Back in May 2024, they rolled out a utility token, distributing 40% of its total 50 million  supply to active users. What’s exciting is that another 30% is set to be distributed over the next four years,  giving users access to premium features, better swap rates, and even higher staking rewards.
 MyTUN wallet is versatile in its availability.  You can access it on Windows, iOS, Android, MacOS, and as a browser extension for Chrome and Firefox. With over 1 million active  users, it’s a solid choice for anyone involved in the TON ecosystem. Moving on to WalletTG,  which is uniquely integrated directly into Telegram and boasts a user base of 3 million.
 WalletTG offers two distinct options, a custodial option, where you provide personal details to  unlock the full range of features, and a self-custodial option, where you provide personal details to unlock the full range of features,  and a self-custodial option known as Tonspace, which is still in its beta phase.
 The custodial option requires you to share information like your name, birth date, phone number, national ID, and residential address.  In return, you get access to features like their integrated peer-to-peer trading platform,  where you can buy and sell crypto assets directly on the marketplace.
 On the other hand, TonSpace operates like a traditional self-custodial wallet, giving you full control over your private keys and recovery  phrase. This option provides additional features, such as connections to dApps and the ability to  stake Ton natively, all from within the TON Space interface. If privacy and control are important to you, TON Space might be the better option.  If you’re in need of a reliable mobile wallet for TON, TONHub is definitely worth considering.
 It’s available for both Android and iOS users and has been downloaded over 1 million times,  highlighting its popularity and reliability.  Like the other wallets we’ve discussed, TONHub allows you to make swaps, stake assets,  and interact with decentralized applications directly from the app.  What sets TonHub apart is its ongoing development of a crypto bank card, which will soon make  payments from your wallet even easier and more convenient.
 Last, but certainly not least, we have TrustWallet, a name that’s widely recognized in the cryptocurrency world.  With over 100 million users, Trust Wallet is a fantastic choice if you need to store  a variety of assets alongside your ton holdings.  It supports over 100 blockchains, including big names like Bitcoin, Ethereum, and Solana,  making it a highly versatile wallet for multi-chain users.
 However, there are a few trade-offs to consider with Trust Wallet.  At the time of making this video, Trust Wallet doesn’t support connecting to Dapps on the TON network,  nor does it allow you to store JETNs.  Despite these limitations, Trust Wallet remains a solid option for those who value a multi-chain wallet  that’s available on both iOS and Android android as well as through a browser extension  for desktop users in addition to these five main options there are a few more wallets that might  catch your interest especially if you’re looking for multi-chain support gem wallet is a great
 alternative supporting around 30 blockchain networks including ton and over 1 000 crypto  assets like erc20 bep20 and-20, and TRC-20 tokens.  For those who prefer hardware wallets, Ledger and SafePal are noteworthy mentions.  Ledger integrates smoothly with MyTON wallet, allowing you to manage both TON and JETTENS securely.
 SafePal offers both hardware and software wallet options,  each providing robust support for TON and JETTENS,  making it an excellent choice  for those who prioritize security. Those were some of the most popular TUN wallet options  available right now.