Cryptocurrency wallet has been in use for a very long time, where the first crypto wallet was recorded to have been created for about 11 years ago, which is 2009. It was invented by the real Satoshi, who is the creator of Bitcoin. In a bid to enable the storage, ownership, transfer and monitoring of Bitcoin, he devised a wallet, which has a private key and an address, that can be stored by its owner, without the interference of any other person, in a decentralized manner.
Today, there are several wallets, belonging to different blockchains (mostly coins on different blockchains). Therefore, the wallet, which is a software device allows interaction between different blockchains.
One of the most popular wallets is Ethereum wallet. There is not just one type of Ethereum wallet, just as we have for lots of coins, such as Bitcoin. Most Ethereum wallets are known as ERC20 wallets, although there are other different forms. Whether you do not know the full meaning of ERC20, the ERC is an acronym for Ethereum Request for Comments, while the 20 is a unique ID number, which distinguishes it from others.
An ErC20 token or coin brings some benefits to its users, which was why the Digital Gold team was careful in choosing Ethereum smart contract, particular of ERC20 origin, to create and store the GOLD token. There are numerous benefits attached to storing on ERC20 wallets.
Reasons why the GOLD token is stored on Ethereum, ERC20 wallet
Security: This I believe security is considered the most important function of every cryptocurrency wallet. If security is nothing to write about, then all other features amount to nothing. ERC20, therefore, has higher and better security, compared to most cryptocurrencies on other blockchains. for anyone to be able to bridge the security of any of the tokens on Ethereum platform, he must first breakthrough that of Etereum network first, which is impossible.
Speed: This is one of the major benefits of ERC20 platform. No wonder GOLD is sent almost immediately the transaction is executed. There is no form of delay. This works with an average of 15 seconds for each trading request.
Compatibility: Before this time, most coins were creating their different blockchains, but this came with a lot of set back. One of which is that cryptocurrency exchanges were finding it difficult to integrate their coins on their system. ERC20 platform has been in use for quite some time now and due to the accommodating power of its smart contract, there are many tokens listed on it, which makes it easy to be integrated on any cryptocurrency exchange it proposes to list on.
Price tracking: Most ERC20 wallets have the ability to track the prices of their tokens when listed on crypto exchanges.
Other benefits are that you as the owner and holder of the private key of the wallet, you have full control over the wallet and the funds in it. It also provides the benefit of saving other tokens and enable more diversification.
Examples of wallets that are recommended for the storage of the GOLD token
Ledger Nano S
It is a hardware wallet with a string security future. It supports the storage of so many cryptocurrencies, including the GOLD token. For it to be used, it should be blocked into any USB port.
Ledger Nano X
It is also a hardware wallet, but an improved version of Ledger Nano S, because it has extra features. It can be connected to a mobile device through Bluetooth.
This I believe to be the most used and most common hardware wallet, which also support GOLD token storage. It is undeniably also the oldest among others, with many useful features.
This is a web wallet that allows users to access DApps and smart contracts securely and without any hitch. It gives you full access to the storage and full control of your ERC tokens, including GOLD token, through the possession of a private key.
I love this wallet because it is a user-friendly wallet and well secured. It has an offline version, which does not store personal details of users on its server. It can be used alongside Ledger Nano S, which makes it more secured and can accommodate a large amount of fund.
I use this wallet most of the times. It is widely used by millions of users It has a builtin exchange and can store so many ERC20 tokens, including the GOLD token.
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