Created by one of the Ethereum founders, Gavin Wood, the Polkadot network is a next-generation blockchain protocol. It aims to connect several chains in a single network. In 2020, Polkadot project boomed, so people started to talk about it. Since the DOT popularity has risen, there is a great demand for the Polkadot wallet.
This article will explain the Polkadot network and cryptocurrency basics and show the best places to store your Polkadots and keep it safe and sound.
About Polkadot Crypto Coin
Polkadot cryptocurrency was launched in 2016. Almost immediately in 2017, the developers conducted an ICO, when they raised almost 500,000 ETH by selling five million DOT coins.
Polkadot is an aggregated set of validators that leverage heterogeneous shards. It’s blockchain consists of three main parts:
The main relay chain, or Polkadot blockchain itself.
Parachains that mint and transfer tokens and also connect to external chains via Bridges.
A wallet is a place to store, transfer, and receive your DOT coins. Some wallets offer you the platform to stake cryptocurrency or even vote for the governance. There are plenty of wallets for the DOT coin. There are mobile, web, desktop, and hardware ones available for various platforms.
Parity Signer is an open-source mobile crypto wallet available for both Android and iOS. The wallet is built to be used offline. Without the net, it can create and manage an account, scan QR-code transactions, review and sign them. The wallet can generate and store multiple private keys.
Polkawallet is a multi-wallet for Polkadot, Acala, Kusama, and many other digital assets. This wallet allows us to view locked, reserved, bonded assets, and transfer any of them to any account with a QR-code.
It’s easy to stake DOT cryptocurrency for validators and nominators because of colorful charts and every validator’s history. Polkawallet also allows users to participate in the governance of the particular token. The app will send a notification for every referendum or proposal made.
Mathwallet is a multi-platform cryptocurrency wallet that allows users to store BTC, ETH, ERC-20 tokens, Cosmos, Polkadot, and more. The wallet is very accessible from any device you want because it supports both iOS and Android for mobile, and you can use it as a Chrome extension or a web wallet. There is a News tab where you can get all the breaking just right in the app.
Lunie wallet is very similar to Polkawallet. This is an open-sourced wallet, which code is audited by world-class security firms (at least, it’s what the official website claims). The wallet is available for mobile (although in beta) and as a web-wallet.
With Lunie wallet users can manage staking portfolio, withdraw rewards, and vote on governance. The development team is planning to launch notifications about changes to rewards or new proposals. The wallet is non-custodial, so only the users can access the keys.
Trust wallet is a decentralized exchange and browser for DApps all rolled into one platform. Trust crypto wallet is also officially supported by one of the largest trading platforms Binance. The company acquired this application from developers two years ago and since 2019 the wallet is compatible with Binance DEX and the Binance Chain system.
The wallet is compatible with Bitcoin, Ethereum, Litecoin, Ripple, Stellar, Polkadot and works with ERC20, BEP2 and ERC721 token types.
Ownbit wallet works as a hot wallet for Polkadot coins. This is an HD wallet which generates a 12-words mnemonic phrase, wallet’s seed and private keys. All personal information is stored on the customers’ side.
Ownbit wallet is a good place to store all your digital assets because it allows keeping BTC, ETH, ERC-20 and many other digital assets.
Safepal is a totally offline hardware wallet that supports DOT coins. The wallet has self-destroy and key-erasing mechanisms. It helps to keep your assets 100% safe. The device itself has a 13′ high-resolution screen. It connects to your iPhone or Android phone easily to make transactions with a scan of your fingerprint.
Safepal is a multi-wallet which supports BTC, ERC-20, BEP2, Tron tokens, NEP5, and EOS. The wallet is very affordable; it’s only $40. Safepal has great reviews on Amazon, so maybe it’s the right place to keep your DOT coins in this cold storage.
Polkadot (DOT) Wallet – Summary
As you can see, there are quite a few Polkadot wallets to choose from. Decide on your goals – if you want to have quick access to your assets, choose the hot wallet. If you are a hodling type, get the hardware wallet so nobody can disturb your peace.