Some of you may already be familiar with a new contender in the market of crypto wallets and managers, specifically extension based ones such as Metamask. That would be the Equal Wallet, originally designed to be used with the new Binance DEX, but since expanded well beyond to include integration with lots of other DEX's (decentralized exchanges) and Dapps.
I installed it a while back and threw some Equal tokens (EQL) on it, but until recently I hadn't done much with it. Going back to it now, I see they've started integrating a buy and sell function for various ERC-20 tokens. The swap and buy/sell function isn't yet enabled, but so far looks nice.
Equal was designed to integrate seamlessly with various Dapps and DEX's, with the goal of making crypto users' notoriously cumbersome experience less so. An obviously much welcomed improvement if it can be pulled off. I've been "in crypto", so to speak, since summer 2017. I remember after not using Metamask for some time (I don't think I ever understood it that great)--and going back to an updated version of it a few months back-- being so confused. And I was amazed at how cumbersome crypto still was. I'm not completely tech illiterate, and yet this wallet extension thing was still so foreign to me. Serious knowledge barriers still persisted. I remember thinking..."If after all this time, I still have this much trouble using something like Metamask, which is designed to make crypto easy, what chance is there the average person will ever adopt crypto in daily life?" This must be exactly what the founders at Equal were thinking when they started the project.
Back to the wallet itself. Included right within the extension are links to Dapps that have already been integrated, and of course more will be included in the future. Hopefully the team will decide to stick with only quality Dapps that people actually use regularly so as to keep the interface uncluttered. After all, the goal here is a pleasant user experience, and no one wants to use a wallet that's overcrowded with junky apps no one even uses.
Some of the popular Dapps currently included that you might already be familiar with are: Binance DEX, IDEX, BountyOx, Nexo lending platform, MakerDAO, Cent, and Request. Being a US resident, I'm not permitted to use Binance DEX, so I decided to see what happened when I clicked on IDEX, and was pleased to see that once I landed on the IDEX login page, all I had to do was select IDEX's software wallet login option, and it automatically linked to my Equal wallet. I was set to trade any funds I had in my Equal wallet with only two simple clicks.
Next I decided to see what happened when I clicked on Cent, a somewhat popular Ethereum based social media platform. I haven't used Cent a whole lot and not in some time, but I found my way to 'settings' and there it told me that my "current wallet is not authorized." But I could see that the current wallet it was referring to was indeed my Equal wallet. So all I had to do was click one button to affirm that I wanted it authorized for use and I was ready to use my Equal wallet with the Cent platform. Nice! So far the "seamless integration" claim has held true twice.
One thing I still find cumbersome about crypto wallets is the constant automatic sign outs. I can appreciate that it's a security measure, but it is indeed frustrating to be logged out after only a few minutes of inactivity. Of course, our banks do the same thing, but I feel like my bank gives me about twenty minutes whereas Equal only gives me maybe ten. Plus, when I do online banking, I'm usually in and out, without significant periods of inactivity. With crypto, you may be doing many different things at roughly the same time. So you log in and use the app briefly. Or even just to check your balance, and then later you want to connect it to a DEX or a social media platform, and you're already signed out and have to do it again. It's a real hassle a lot of times and a barrier to mass adoption as far as I'm concerned.
Equal is still in Beta, but so far my experience with it trumps Metamask significantly. I think hearing this would please the team, as that's part of what they set out to do--improve upon the Metamask concept, but also expand on it. As you can see from the graphic above, Equal will have a Dapp and DEX store. It will also automatically update your token portfolio for you. No more looking up token contract addresses and manually adding tokens to your wallet (Imagine teaching your parents or grandparents to do this. Most will lose interest within a few seconds!)
One other great--and let's face it, ultimately necessary--feature Equal has included, is an automatic gas fee calculator for all your Ethereum based transactions. No need to look up the current average gas price to make sure you're not overpaying in fees. Or even worse, underpaying, resulting in a transaction that gets stuck for days, or even fails entirely. Ain't nobody got time for that! Equal has put an end to the gas fee guessing madness as it will find and automatically apply the best fee for you!
All in all, I'm impressed with my experience of the Equal wallet. It's a great management tool I think easily has the ability to give Metamask a run for its money, if not make it obsolete entirely. And it gives me new hope that crypto may indeed make it into the daily lives of people everywhere.
You can find out more about Equal here
How bout you? Have you used Equal yet? What is your experience? Do you think it can make Metamask obsolete? I'd be curious to hear any insights and experiences you've had with this new crypto tool. Let us know in the comments.
For some ideas on how to Scrimp yourself a little extra crypto in your spare time for your portfolio, check out my blog here on Publish0x and visit CryptoScrimper.com.Til next time, Happy Earning.