For Beginners & Small Balances
User Profile
A user with foundational web3 knowledge who is actively learning and interacting with dApps. The asset value is typically non-critical, where a potential loss would not be financially significant. This profile prioritizes ease of use and learning over protections against online threats.
Primary Goal
The primary objective is a low-friction setup for convenience and dApp interaction. This includes frequent transactions, exploring DeFi protocols, and engaging with NFTs.
Recommended Setup
The standard setup for this profile is a hot wallet, which provides the necessary internet connectivity for active use. The most common types are:
- Browser Extension Wallets: Integrate directly into a web browser for seamless dApp interaction.
- Mobile Wallets: Applications installed on a smartphone, offering convenience and on-the-go access.
- Desktop Wallets: Software applications installed on a computer, which can sometimes offer more advanced features than mobile or browser counterparts.
Key Considerations & Trade-offs
While convenient, this setup carries inherent risks that the user must understand and accept.
- Online Threat Vector: As hot wallets are internet-connected, they are inherently vulnerable to malware and exploits targeting the browser or operating system.
- Supply Chain Risk: It is critical to download wallet software only from official, verified sources.
How to Select a Wallet
When selecting a wallet, prioritize those whose code is open-source, as this allows for public scrutiny and independent verification by the security community. For users who are not developers, several platforms provide independent analysis to help evaluate a wallet's security.
For example, Wallet Scrutiny focuses on verifying if a wallet's code is verifiably open-source. Others, like Wallet Security Ranking, provide a security score based on specific criteria such as transaction clarity, protection against known threats, and how it handles dApp permissions.
Using these tools can provide valuable data points to help you assess a wallet's security posture and make an informed decision.