ERC-20 compatible wallets are used to store ERC-20 tokens generated on the Ethereum blockchain network. Because of the unique characteristics of these tokens, they do not work with an ordinary blockchain wallet. If you store your ERC 20 tokens in a blockchain wallet, you will not be able to send them. Besides that, you will not be able to view the balance of tokens in the wallet. If you are looking for a compatible wallet, here are the best options to pick from.
Most mobile wallets are not compatible with Ethereum tokens. However, this one is an exception. The IMTOKEN wallet works on both Android and iOS. This wallet is relatively new and offers all the functionality you would expect to find in a cryptocoin wallet. However, it is advisable that you conduct your own research when choosing a wallet.
This is a new browser-based plugin that can be used in Firefox or Chrome to store Ethereum ICO tokens. This wallet is able to generate an address, which is able to store ERC tokens. However, users will still need to access a third-party token management service if they need access to the tokens. It is a bit complex but is great for people who prefer not to install any software on their devices.
Parity is quite a popular option in the Ethereum community. What people love most about it is its ability to display tokens by default. However, to ensure that the tokens are shown with ease, users will need to make a few tweaks to the wallet. Parity will only watch tokens that are in the Token registry.
Mist wallet is one of the most popular options for desktop wallets in the Ethereum community. The wallet can support ERC-20 tokens and token contracts. This wallet is considered the main Ethereum wallet, with support everything on the blockchain network. However, if you are going to use this wallet, make sure you take the necessary security options. There is always a risk of your desktop being hacked.
This wallet is often used to buy, store, and sell ERC-20 tokens from Ethereum-based ICOs. The best part about this wallet is that it is an online wallet with hardware support too. Users can generate a wallet address and use their cold storage to access the account, adding a layer of security.
When the need arises, this wallet will allow you to export the private key to a different solution. This wallet is open-source and client facing. For most people who wish to participate in an ERC-20 based ICO, this is usually the wallet of choice.
What do you think about ERC-20 wallets? Do you think any further improvements can be made to them? Leave us your thoughts below.