What is DigiByte?
DigiByte is a cryptocurrency and blockchain platform that has become the fastest and most secure UTXO (Unspent Transactions Output) in existence.
DigiByte is a decentralized blockchain, assets on the DigiByte blockchain cannot be destroyed or counterfeited in any way. This is ideal for objects like currencies, digital data and more. The DigiByte platform offers 3 blockchain layers starting with 'DigiAssets' a protocol on top of DigiByte where decentralized applications are built. This protocol supports smart contracts too.
The second layer is the Public Ledger Layer where data is stored. The third layer is the Global Network that uses decentralized nodes and any server, computer or mobile device connected to the network becomes a node.
Types of Wallets
Litecoin is one of the oldest cryptocurrencies which means it has a wide variety of wallets that support it. We will be covering the best and most popular options.
All Cryptocurrencies usually use 5 types of wallets.
Desktop wallet:
This type of wallet is for PC or laptop devices. The desktop wallet will only be accessible from there. These are generally safe wallets but not the safest option as your PC could easily get infected by a virus or hacked.
Online Wallet:
This is generally simpler and easier to use. It's available on any device as long as it has internet access. This is a very convenient but risky method of using cryptocurrencies as your private keys are stored online and controlled by the third-party in question.
Mobile Wallet:
Similar to online wallets, these are generally easy-to-use and have to be downloaded on a smartphone. They also have fewer features as they are much lighter and don't require as much space as the desktop model. It's generally a safe method of handling cryptocurrencies although one could easily lose the phone and private keys.
Hardware Wallet:
This type of wallet stores private keys on a hardware device, usually a USB. A hardware wallet can support multiple cryptocurrencies and it's fairly easy to use but can be costly. This is one of the safest wallets available as it helps users transact easily without much risk. Even if the user loses the hardware wallet, he will still have the ability to recover his wallet by recovering the seed.
Paper Wallet:
This wallet provides the highest level of security and it's fairly easy to use and understand. In essence, a paper wallet is a physical copy of both the public and private keys and it can be printed on a piece of paper. The only real danger or downside of this type of wallet is losing the physical copy. Other than that it's virtually impossible for someone to 'hack' your paper wallet.
DigiByte Wallets
The official website of DigiByte offersa really wide variety of Wallets including mobile wallets, desktop wallets, and even hardware wallets.
The Official Dekstop Wallet
DigiByte has an official Desktop Wallet available for Windows, Mac OS X and Linux. The desktop wallet provides users with complete control over the wallet and enables them to create addresses to send or receive DGB coins. This wallet is generally safe but users need to be careful anyways.
The Ledger Wallet
The Ledger Wallet is one of the most popular hardware wallets out there and it supports DigiByte. This wallet is in fact, recommended by the official website of DigiByte.
This wallet supports a variety of other top cryptocurrencies and it is really secure. According to the official website of the product, the Nano S is built around the most secure type of chip on the market. The Ledger wallets also offer a backup option on all their wallets. This backup is usually a recovery phrase that allows accounts to be easily restored.
The wallet also allows users to managed ERC-20 tokens thanks to the Ledger Live application. It also allows users to manage other assets thanks to external wallets.
The Trezor Wallet
Similar to the Ledger, Trezor is a hardware wallet. Users can find a few different Trezor wallets, including the Trezor ONE and Model T. The Trezor Model T is the latest available version and it supports multiple cryptocurrencies.
This wallet provides a ton of security and it's audited by security researchers thatare verified by their track record. This model comes with an intuitive interface that allows users to be confident in their actions.
Coinomi Wallet
The Coinomi Wallet is a convenient and secure way to store and manage DigiByte as well as other 1500 cryptocurrencies. The Coinomi wallet is extremely popular, used by millions of users. It offers a really beginner-friendly interface and support for more than 100 blockchains.
The wallet offers a high level of security and trust and has been operating since 2014. According to the official website, no Coinomi wallet has ever been hacked. Additionally, there is a built-in exchange to make it easy for users to exchange their assets without moving them.
Other distinctive features of Coinomi include:
- Multi-coin and Multi-Asset support
- Robust Security with Cold Staking
- Native Segwit
- Enhanced Privacy
- One-Time Backup
- Custom and Dynamic Fees
- Multilingual and 24/7 customer support
Edge Wallet
Another interesting option for mobile devices is the Edge App. This wallet is also endorsed by the official DigiByte platform and it's available on iOS and Android. The wallet supports multiple cryptocurrencies and has a built-in exchange.A few features that the Edge Wallet offers and others don't are:
- Only one app for all your assets
- A backup that only uses the username and password
- A seamless login while using multiple devices
- Easy and secure access through PIN code or Touch ID
So Which Wallet is the Best?
We have only discussed 5 wallets in this article but it's worth mentioning that DigiByte is supported by dozens of other wallets. Users certainly have a lot of options to choose from. The official wallets are always a good option but third-party wallets can be just as good.In fact, the DigiByte platform endorses some of these third-party wallets. If you are looking for a secure wallet, a hardware wallet is always the best option. In this case, you can choose from the Trezor or Ledger wallets. Both are great and popular wallets so do your own research.
The official desktop wallet for DigiByte is a great and secure option too, although it can take up a lot of space.
For mobile devices, users have a ton of options, ranging from the official app to other really popular third-party apps.
As usual, it depends on the user's personal needs but no matter which wallet you choose, protecting your private keys is your number one priority.
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