The Web3 space is growing in popularity every day. This nascent industry has multiple sub-sectors, including NFTs, decentralized finance (DeFi), and Decentralized apps (DApps). To explore Web3, you will need a crypto wallet. One of the reliable wallets you can use is Argent. But what makes it outstanding? Well, this article will give you the answers. Stay tuned!
What’s a Web3 Wallet?
A Web3 wallet allows you to store, receive and send digital assets. Also, they are necessary in helping you access decentralized services. MetaMask is currently the leading Web3 wallet. But other wallets like Argent are looking to overthrow MetaMask from its position.
What’s Argent Wallet?
Argent is an Ehereum-based crypto wallet. The project’s goal is to make the Ethereum ecosystem more accessible. Argent is one of the few wallets that enable users to regain access to their wallets without a seed phrase. This feature is vital as it helps beginners navigate the Web3 space without worrying about losing their funds permanently.
Argent’s History and Team
Launched in 2018, Argent was created by Gerald Goldstein and Itamar Lesuisse. The firm is headquartered in London. It has attracted several investors since its inception. Some of them include Index Ventures, Creandum, and Paradigm.
What Features Make Argent Wallet Stand Out?
With Ethereum being the biggest host of DeFi projects and DApps, most crypto wallets are focused on serving the network’s community. So what features give Argent a competitive advantage over its rivals?
A Unique Recovery Tool
Keeping your crypto wallet secure can be challenging, especially when that wallet provides seed phrases as a recovery tool. This means you could lose access to your funds if you cannot remember the seed phrase. As for Argent, the wallet has what it calls the Guardians program, which lets users grant trusted parties the power to help them recover their wallets. The minimum number of guardians required per wallet is three. A user needs the approval of the majority to regain access to their wallet.
ZkSync Implementation
Argent integrated zkSync in February 2022. This technology facilitates quicker transactions at considerably low fees. With zkSync, Argent is able to process about 2,500 transactions per second. In addition, these transactions are confirmed almost instantly.
Easy to Read Addresses
Most crypto wallet addresses are usually made up of a random string of numbers and letters which cannot be read. But Argent addresses are readable because the wallet uses ENS (Ethereum Names Services).
Integration With DeFi Project Compound
Argent is not just a regular wallet for storing crypto assets. The app has integrated with crypto lender Compound Finance, allowing users to provide liquidity to earn interest.
Access to Kyber Network and MakerDAO
Argent integrates with Kyber Network, a decentralized exchange that allows users to trade cryptocurrencies within the wallet. They can also use their ETH tokens to secure loans on MakerDAO.
How to Set Up an Argent Wallet
Argent is absolutely free, and you can get it from its official website (Argent.xyz). Here is how you can download, install, and start using the wallet.
- On Argent’s website, click the “Get Argent Now” button. Depending on your phone’s operating system, you can download it from App Store or Google Play.
- After downloading and installing the app, open it and enter your email and a new password, then Click “Next.” On the page that follows, input the details of the guardians of your wallet.
- After doing so, the wallet will be ready for use. To start exploring the Ethereum ecosystem, you need to add ETH tokens to your wallet. This is done by clicking “Add Funds.” You can make a transfer or buy the tokens directly from the app using your debit card.
- Once you receive your ETH tokens, go ahead and explore the thousands of projects built on the Ethereum blockchain.
Conclusion
Does Argent stand a chance of becoming a top Ethereum wallet in the future? Yes! Through the use of zkSync technology, the project is currently addressing the issue of high gas fees and slow transaction speeds experienced on Ethereum. For this reason, Argent could be a go-to Ethereum wallet for many over the coming days.
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