VeChain is an innovative cryptocurrency platform that is working on a solution to eliminate the spread of fake products while also improving the product management cycle.
VeChain initially issued their VEN token through an Ethereum crowd-sale which were eventually replaced with their VET native token. This has created a need for a range of secure VET proprietary wallets and storage options.
In this post, I will take a look at some of the most secure VET wallets on the markets. This will include hardware, desktop and mobile. I will also give you some top tips in order to secure your VeChain VET from the hands of hackers.
Top 4 VeChain Wallets
As mentioned, until recently VeChain’s token – the VEN – was an ERC-20 token based on the Ethereum blockchain. With the launch of the projects mainnet came a move to the VET native token. VEN tokens were replaced with VET tokens at a ratio of 100:1, with holders receiving 100 VET tokens for every VEN token.
In addition to the VET token, which will be the payment token on the platform, there is also a VTHO token that is meant to be used as gas to power smart contracts and run dApps on the platform. VET token holders can stake their coins to be rewarded with VTHO.
Because of the switch to a native token it’s no longer possible to store tokens in an ERC-20 compatible wallet as it was previously. In fact, there are a limited number of choices when it comes to storing VET.
Even so, there are still some good wallets out there for storing your VET, including those built by the VeChain Foundation specifically for their own tokens. Below is the list of your best VeChain wallets.
Ledger Nano S (Hardware Wallet)
The Ledger Nano S is one of the best selling hardware wallets, and if security is your top concern then choosing the Ledger for storing your VET coins is a no-brainer. You simply can’t find better security for your coins than a hardware wallet, and the Ledger Nano S excels.
User interface of Ledger Nano S on the PC
The Ledger is handy as it’s a small USB drive sized device, and it is capable of storing more than 700 other cryptocurrencies. With a small OLED display and physical buttons the Ledger securely keeps your coins out of the reach of digital thieves.
Some key features of the Ledger Nano S include:
- Transactions are confirmed on display and require physical input to complete;
- Your data is secured with a PIN code;
- Accounts are encrypted and fully backed up;
- Anti-malware second factor checks;
- Support for multiple cryptocurrencies;
- Ease of set-up.
The downside to the Ledger is that it doesn’t come for free, but the $99 price tag is a small one if you have more than a few hundred dollars worth of VET or any other cryptocurrency.
VeChain Thor Wallet (Mobile Wallet)
Along with the release of the VET token and the VeChain mainnet we also got a dedicated mobile wallet for storing VET. Considering that over 2 billion people carry smart phones, with that number growing every day, it’s no surprise that the VeChain Foundation chose to release a mobile wallet first.
The VeChain Thor wallet can be downloaded for both Android and iOS. In either case you’ll be getting a streamlined, lightweight and secure mobile wallet that acts as your connection to the VeChain Thor blockchain.
Once downloaded the wallet is easy to setup and log in, and it features secure 2-factor authentication.
The proprietary mobile wallet for VeChain VET. Image via VeChain Foundation
As your connection to the VeChain blockchain, the Thor wallet comes with all the following features:
- Send and receive – This is the basic function of cryptocurrency wallets, and the VeChain Thor wallet comes with send and receive operations for both VET and VTHO tokens. The interface is simple to use and intuitive.
- Token swap – The wallet comes with a built-in function to swap VEN tokens for VET tokens, which was extremely useful and user friendly for those who held VEN tokens when the switch to the mainnet and VET tokens was made.
- Bind your X node – This is the process of migrating your X node to the mainnet to begin earning VTHO.
- Claim VTHO rewards – The Thor wallet can be used to claim VTHO rewards. These are received in a number of ways, including simply holding VET tokens and by owning an X node.
- Observe address – This is a neat function that allows you to view transactions held outside your mobile wallet. This can be useful when holding funds in a separate wallet such as a ledger Nano S. You can see all the transactions activity but your view is effectively read only so if your mobile wallet is compromised all your private key are still safe in your hardware wallet.
There’s no doubt that mobile wallets are useful and convenient, but they don’t bring the best security for your coins. That said, the VeChain Thor wallet was created to be as secure as possible and is a solid choice for holding, sending and receiving VET and VTHO.
VeChain Thor Sync (Desktop Wallet)
The VeChain Thor Sync is one of the only desktop options you have for storing VET at this time. It was created soon after the launch of the mainnet and is available for Windows and OSX. It’s not very polished, but it will give you access to the VeChain blockchain and the ability to send and receive coins.
Note that this wallet remains heavily under development and is considered experimental. Users should use this only at their own risk and it’s recommended you not store much VET in this wallet in the event of some software issue.
Atomic Wallet (Desktop Wallet)
The Atomic Wallet is a desktop wallet suitable for use with Windows, MacOS, Ubuntu, Debian, and Fedora. It is designed to leverage the potential of atomic swaps and to fully integrate with the decentralization of the cryptocurrency ecosystem.
Unfortunately it doesn’t actually support atomic swaps for most of the more than 200 coins supported by the wallet, including VeChain. It does offer ShapeShift and Changelly for many of the coins, but again not for VeChain. Currently the Atomic Wallet is only used for sending and receiving VET.
As a desktop wallet it is more secure than mobile wallets, yet not as secure as a hardware wallet like the Ledger. Private keys are encrypted before being stored on your PC.
The wallet tries to match simplicity with power, and is built to be simple enough for new cryptocurrency enthusiasts, while also having a range of available features for those who are more deeply involved with cryptocurrencies.
It even includes the ability to add custom ERC-20 tokens to the wallet, and to trade coins on a peer-to-peer basis right through the wallet interface by using a decentralized global orderbook. All things considered it is a powerful wallet, and will be extremely useful once the atomic swap feature works for a broader range of coins.
Safely Storing Your VET
Which wallet you end up choosing really comes down to your own personal preferences and requirements. You can’t really beat the security of a hardware wallet where your private keys are stored offline. Yes, this will cost you some money but it could save you a lot in the long run.
Once you have your wallet you need to make sure that you follow all the correct steps in order to keep your coins secure. Here is a list of some of some of the crypto security best practices that you may want to employ.
- Back up Your Seeds: Once you have created your wallet, you will be given a collection of seed words that can be used in case of wallet recovery. You will want to keep a backup of these seed words in a secure place in case you were to lose your password. It perhaps also makes sense to keep an extra copy in case you lose your original copy. The last thing that you want is to be locked out of your coins forever because you cannot remember your password.
- Careful of Viruses: If you are using the desktop wallets then you will want to make sure that you are not downloading any malicious malware from the internet that may try and steal your coins. You will want to avoid downloading any zip files from suspicious emails for example. You should also make sure that you have an updated anti-virus program to quickly eradicate malicious executables. If you are using a mobile wallet then you should make sure that you are not installing any malicious applications.
- Don’t use Knockoffs: There is a reason why we gave you a list of the best VeChain wallets and this is because these are the ones that have the best reputation among the community. One of the quickest ways in which you can lose your coins is if you start using wallets that have not been officially endorsed by the VeChain foundation.
- Silence is Golden: Something that you should not be doing if you have a lot of easily transferable and untraceable assets is let people know that you have it. This is why it is important to keep on the down-low about your cryptocurrency investments. There have been a number of incidents when people were threatened with physical violence if they did not give up their cryptocurrency wallet passwords. So, just HODL your VET in private and suppress the urge to tell everyone.
You could perhaps also make use of more than one wallet for different purposes. For example, you could buy a hardware wallet for storing the VET that you want to hold for the long term. You can store a smaller balance on the VeChain Thor wallet for your daily transaction requirements.
Because of the recent switch to the VeChain mainnet there aren’t a lot of VET wallets to choose from, but those that are available are solid choices. Whether you’re looking to use your coins on the go in a mobile wallet, prefer the more solid interface of a desktop wallet, or need the security of a hardware wallet, you’ll find a VeChain wallet that suits your needs.
As one of the top 25 cryptocurrencies I would expect more wallets to add support for the VET and VTHO tokens in the coming months, so it’s worthwhile to keep your eyes open for new options in storing your VET coins.
Featured Image via Fotolia