Let’s be honest.
The current IOTA wallet is good for keeping funds and for the techy crowd.
But if you want to start using IOTA for payments or simply transfer some fund to your friends – it’s a long and stressful process.
Here’s where the IOTA Nelium Wallet jumps in.
The new wallet not only simplifies the entire transaction process, but it also comes as a mobile app with a modern design.
In this article, we’ll show you how to use the IOTA Nelium Wallet and if it’s a safer option comparing to the current one.
The Current IOTA Wallet
IOTA wallet undoubtedly falls short when it comes to practicality.
Here’s how it works at the moment.
Let’s say your friend got into crypto, and since IOTA is one of the trending cryptocurrencies, you want to send him a few IOTAs to test things out.
Your friend has first to download the official IOTA wallet, generate a long seed and log into the wallet.
Most people already get lost at this stage, not to mention when they have to generate an address.
But let’s say, your friend managed to generate an address. Now, you have to call him and get him to send you the address.
By this time, your friend probably spent some time on Reddit trying to find out what actually is a seed.
You have the address, so now you have to choose the amount you want to send and click ‘Send’.
And, then… You have to wait.
IOTA transactions can take up to few hours to be processed so the status will be showing ‘Pending’.
Mind you; there are still chances the transaction will fail, and you have to do it all over again (with a new address having to be generated).
So both you and your friend will have to spend few hours reattaching the transaction to the Tangle and waiting if it went through.
That’s if you haven’t given up yet.
The Nelium Wallet, however, makes things easier.
The IOTA Nelium Wallet
The Nelium wallet promises to be seamless and frictionless.
It eliminates the need for manual reattaching, node and address changes – essentially, it reduces the manual bookkeeping of IOTA transactions.
Instead of manually getting the recipient’s address, the sender can choose the receiver via a phonebook, enter the amount, and click ‘Send’.
If you don’t have a person in your address book, you can either enter the address manually or scan a QR code.
So, you must be wondering why IOTA founders didn’t think about before.
That, unfortunately, we cannot answer. But, the Nelium Wallet is built on the current version of IOTA wallet (2.5.6.).
They simply took the base layer and improved it to provide frictionless transactions. And, surprisingly, there’s nothing else to it.
But, knowing the cryptocurrency world, there’s one concern – security.
Is Nelium Wallet Secure?
The truth is that it’s probably as secure as any hot cryptocurrency wallet can get.
Your seed is stored on your device. However, it’s not sent to Nelium’s servers.
If you want to backup your seed (which you should), you can send yourself an SMS to yourself with the seed. There’s also an option of protecting it with AES-256 encryption.
Comparing it to the already available wallet, it’s certainly much easier to use, and it takes away the reattaching headache.
Currently, the wallet is still in a test version, but shortly, the wallet will be audited by a third-party security company and will seek approval from the IOTA Foundation.
The wallet will be available for both iOS and Android.
You can subscribe to the IOTA Nelium Wallet beta version on their website, and you should be contacted shortly.
IOTA is one of the best performing altcoins of 2017. Built on the Tangle technology, IOTA allows for feeless Machine-to-Machine payments for the Internet of Things.