IOTA is one of the most innovative and ingenious projects in crypto, but it also has a reputation for being one of the least user-friendly. One of the biggest issues afflicting major cryptocurrencies such as Bitcoin and Ethereum is their transaction verification process. Miners receive transaction fees as a reward for verifying new Bitcoin and Ethereum transfers, and this had led fees to soar and transaction confirmation to become prohibitively slow when the networks receive heavy usage.
IOTA was one of the first crypto projects to utilize directed acyclic graph (DAG) technology to overcome the problem of high fees and slow transaction fees.
Transactions made on the IOTA network are verified by other new transactions, which allows for transactions to be processed in parallel. The IOTA Foundation calls this web of interconnected transactions “the Tangle.” In theory, the Tangle allows for free, instant transactions, with the network growing faster as more network activity increases.
Another unique feature of IOTA is that it doesn’t allow users to reuse addresses once they’ve been used to send funds. A full explanation of the logic behind this is outlined here, and there are good reasons why this offers security advantages over other cryptocurrencies. However, many users have reused addresses and lost funds in the process. Here’s one particularly extreme example, with a user losing $30,000 worth of IOTA forever thanks to reusing an address.
Others have lost huge sums of IOTA thanks to using online seed generators to create a private key. One such scam seed generator was used to steal $4 million from unaware IOTA users.
IOTA users have been calling out for a secure and functional wallet for a long time that can overcome these issues and help the project move to the next level. With the BETA release of the IOTA Trinity Wallet, these lost funds horror stories should be a thing of the past.
Installing the IOTA Trinity Wallet app on Android
The IOTA Trinity Wallet can be found on both the Google Play Store, where it’s marked as ‘Unreleased,’ to underscore the fact that it’s still in development. Despite the ‘Unreleased’ tag, the Trinity wallet has been downloaded more than 10,000 times and attained a 5-star average rating. An iOS version is only available through the Apple Test Flight program.
The first thing to note is that you can securely generate your own private seed when you open the wallet, hopefully putting an end to scams involving online seed generators. You are then prompted to write this seed down on paper or back it up to a password-protected SeedVault, which can be downloaded to your mobile device or sent to your email address.
This sounds great in theory, but every time I tried to open the SeedVault to confirm my private key with the wallet, the app crashed. After trying this multiple times, I finally wrote down the private key on paper and re-entered it manually. This time, the wallet opened successfully.
The Trinity Wallet app for Android has a professional and attractive interface. The Balance tab displays your current IOTA balance above a 24-hour, 7-day, 1-hour, or 1-minute US dollar price chart. The other tabs bring up Send and Receive functions, your transaction history, or app settings.
From the Settings tab, you can choose from a variety of color schemes and change the fiat currency used on the Balance tab’s price chart. There is also an option to switch between ‘Standard’ and ‘Advanced’ mode, although I couldn’t immediately notice any difference between the two.
The wallet is simple by design, but seems to function perfectly well for its purpose. A Receive address is automatically generated when entering the Receive tab, which should eliminate the issue related to users losing funds due to reusing an address. There is also an option to enter addresses or scan a QR code.
Unfortunately, Binance is currently not allowing IOTA withdrawals, so it wasn’t possible to practically test the Receive and Send functions. However, from reading through other users’ experiences, it seems everything is working exactly as it should.
RATING - 3/5 ★★★☆☆
It’s worth remembering that this is still a BETA release, and it certainly looks like the Trinity Wallet should solve the main issues which have afflicted users of IOTA. However, the bug related to saving and loading a SeedVault is a serious flaw that needs to be addressed before the final product is released.