Best web-based crypto wallet

Nostalgia Light wallet is a web-based crypto vault that’s specially designed to help IOTA coin holders receive, store, and send IOTA Tokens. Unlike most other IOTA wallets, Nostalgia doesn’t require you to download the full node blockchain to your computer. It is relatively light and provides you with all the features of a full node or GUI wallet without compromising your computer’s storage and RAM. However, for maximum efficiency, the Nostalgia light wallet has to be integrated into an IOTA server that has the Proof of Work (PoW) feature enabled.

In this review, we will be vetting this IOTA light wallet security features and determining if it is safe to store your coins in the wallet. We will also look at the effectiveness of its security features, check its ease of use, and compare it with other IOTA wallets.

Key features:

Light wallet: The Nostalgia light wallet is specially designed to serve IOTA network users who don’t wish to run full node wallet or the IOTA GUI on their computer. It is light, implying that it doesn’t eat into your computer memory, speed, or battery life.

Browser interface: Nostalgia Light wallet is a web-based wallet that connects to the IOTA network via IOTA-compatible servers. And though it requires simple coding skills to connect the web wallet to the IOTA servers, the process of setting up the Nostalgia light wallet is quite straightforward.

Requires connection to a Full node server: A full node IOTA desktop client downloads the blockchain network into your computer and synchronizes its activities with those of the main blockchain. GUI integrates with the network’s user interface, allowing you to access the blockchain from your computer. Nostalgia web wallet, on the other hand, doesn’t require a direct connection to the blockchain for it to function efficiently. You only need to connect it with an IOTA compatible server.

Faster access to IOTA Network: The fact that the Nostalgia Light wallet is web-based implies that most heavy lifting, especially the generation of wallet addresses, is handled by the IOTA servers. This ensures that transaction processing on the web wallet is relatively faster.

Light wallet for desktop available: In Addition to the web wallet is the Nostalgia desktop wallet app. It is highly versatile and available for all the popular computer operating systems like Linux, Windows, and macOS. And like the web-wallet, the desktop app must also be connected to an IOTA server.

Security and privacy features:

Password encryption: Like most other web wallets, all the data stored in your nostalgia web wallet or nostalgia desktop wallet app is secured with a password. You get to set this multi-character passphrase when creating a user account. It not only helps eliminate unauthorized access to your wallet but also serves as an encryption tool.

Open sourced: The Nostalgia Light web wallet was launched in 2017 by Dominik Schiener – IOTA Network co-founder – and is built on an open-sourced technology. It is available on the GitHub crypto wallet repository, where its users and blockchain experts can view and audit its source code for transparency.

Non-custodial: Nostalgia web wallet and Nostalgia desktop wallet app are both non-custodial. They don’t keep your private keys within the IOTA servers but encrypt and save them on your computer, giving you total control of your funds.

Recovery seed: When setting up Nostalgia web wallet, you will also be presented with a recovery seed that you can use to recover lost private keys or restore the web wallet on another computer.

How to set up and activate the Nostalgia wallet

Step 1: Download the Nostalgia desktop wallet from the GitHub repository

Step 2: Install the wallet and upon launching, select the ‘Create New Wallet’

Step 3: The launcher will then display the “Light Node Settings” page. Enter the IP/DNS of the full node that you want to integrate with the Nostalgia light wallet (Coding skills are required to set up a remote server, enable the proof-of-work feature, and link it to the Nostalgia wallet)

Step 4: The wallet is active and ready to use

How to add/receive coins to Nostalgia wallet

Step 1: Log in to your Nostalgia wallet and click on “Receive” from the user dashboard.

Step 2: This reveals your wallet address. Copy and forward it to the party sending you IOTA Tokens

Step 3: Wait for the funds to reflect.

How to send crypto from Nostalgia wallet

Step 1: On the Nostalgia user account, click “Send”

Step 2: On the popup tab, enter the recipient’s wallet address and the number of IOTA Tokens you wish to send

Step 3: Confirm that these details are accurate and hit “send.”

Nostalgia wallet ease of use

The process of creating a user account and activating your Nostalgia crypto wallet is quite straightforward. The wallet and remote server configuration process, however, requires that you possess simple coding skills. And this rules out both newbie and experienced crypto traders without programing skills, effectively tainting its user-friendliness appeal.

Nostalgia wallet supported currencies and countries

Virtually any crypto trader from a crypto-friendly country in the world can activate a Nostalgia crypto wallet. Note, however, that you can only host IOTA Tokens on the wallet.

Nostalgia wallet cost and fees

You won’t be charged for downloading and installing or activating the Nostalgia crypto wallet app. You also won’t be charged for holding an unlimited number of IOTA Tokens on the wallet. However, you will have to part with a small network fee every time you send your IOTA tokens to another wallet or exchange.

What are the pros and cons of using Nostalgia Wallet?

Pros:

Nostalgia is a light wallet that doesn’t eat into your computer space of processing speeds
Nostalgia wallet records faster transaction processing speeds when compared to the IOTA GUI wallet
The wallet is free to use
You don’t have to own the full node client or the remote server that links to your Nostalgia wallet

Cons:

It is not easy to use as you need programming skills to activate the wallet
It is not self-reliant and must be connected to a full node client or server with the proof of work functionality enabled.
Its customer service is wanting.

Comparing Nostalgia wallet to other IOTA crypto wallets

Nostalgia wallet vs. IOTA GUI Wallet

Nostalgia and IOTA GUI are both IOTA-only crypto wallets. Both are free to use and maintain relatively inexpensive transaction processing fees. They, however, adopt different approaches to achieving these purposes. For instance, while the IOTA GUI wallet is a full node desktop client that integrates the IOTA Blockchain network, Nostalgia is a web wallet or a desktop app that doesn’t require you to download the blockchain to the wallet.

Rather, you only have to connect the light wallet with a remote full node client or IOTA-Compatible server. However, while the IOTA GUI is easy to install and activate, linking the Nostalgia wallet to a remote server calls for special coding skills. Nevertheless, Nostalgia posts faster transaction processing speeds when compared to IOTA GUI.

Verdict: Is the Nostalgia wallet safe?

Well, a host of factors make Nostalgia wallet one of the most secure crypto wallet apps. For instance, the Nostalgia wallet collects minimal personal information and has embraced such security measures as open-sourcing the wallet technology, storing your private keys in your computer, and encrypting all the personal data therein. However, we must mention that both the Nostalgia web wallet and desktop app are both hot wallets and face the threats of being wiped by malicious malware and remote hacks, especially since it doesn’t support two-factor authentication.

LiteValut is a Litecoin-specific web wallet. It was developed and introduced to the crypto industry by an anonymous crypto developer referred to as ‘Someguy123.’ Apart from its close association with the Litecoin blockchain, Litevault hosts unique operational and security features. Questions are, however, abound with regards to the safety of the web wallet given that it is not regulated, it is developed and maintained by anonymous entities, and stores its client’s private keys in company servers.

In this review, we will be explaining everything you need to know about the LiteVault web wallet. We will be examining factors such as its key operational features, security measures in place, ease of use, and the number of supported currencies before comparing it to equally popular web wallets.

Key Features:

Fast transaction processing: Litevault is extremely light. Unlike most other full-stack wallets and apps that require you to download the entire blockchain, Litevault is web-based. Private keys are stored online, and all the crypto-transactions are hosted on the company servers. This not only saves your computer space but also guarantees faster execution of Litecoin transactions.

Highly intuitive: Litevault also has a highly decongested user interface that makes it easy to use for both expert and beginner traders.

Single currency wallet: Litevault web wallet is Litecoin-specific. This implies that it will only support the Litecoin digital currency.

Integrates with payment processors: Ideally, the single currency nature of the web wallet means that you can only deposit Litecoin into the wallet. Litevault has, nevertheless, partnered with several payment-processing companies like Changelly that facilitate fiat-to-Litecoin conversions.

Custodial web wallet: Unlike most crypto wallet apps that give you absolute control over your wallet, Litevault is custodial. Instead of storing your private keys in your computer or mobile device, LiteVault stores your private keys on the company servers.

Multiple wallets: There is no limit to the number of Litecoin wallets you can attach to your Litevault crypto wallet.

Security features:

Password: Like any other web wallet or crypto wallet app, Litevault is password protected. You get to set a strong password during account registration. The password serves both the purposes of encrypting the wallet and restricting unauthorized access.

Two-factor authentication: In addition to password protection, Litevault adds a security layer through two-factor authentication. But unlike other wallets that use your phone number to activate 2FA, Litevault uses your email address.

Litevault encryption: Litevault uses in-browser cryptography to encrypt all the client-server communications. According to Litevault, the data is encrypted right after it leaves your browser, and before it reaches the Litevault servers. This ensures that the company employees never have access to your private keys or any other sensitive user data.

Open sourced: Litevault crypto wallet is built on an open-sourced technology that is vetted and approved by the crypto industry experts. The open-sourced nature of the platform ensures that virtually anyone can view and audit its source code.

Back up your keys in a physical device: While Litevault doesn’t store your private keys on your device, you can still backup and export your digital assets. You can export the decrypted version of the private keys as a JSON file and store it in a USB drive or another wallet.

How to set up Litevault wallet

Step 1: Head over to the official Litevault website and click ‘Register.’

Step 2: On the account registration page, enter your email address (optional), and click on ‘Create Account.’

Step 3: The Litevault site will provide you with a unique identifier that you can use as your username

Step 4: Your account is set, and you can now start adding and transacting in Litecoins.

(Note: While the email address is not mandatory, you are advised to add it to your account if you intend to activate two-factor authentication)

How to add/receive crypto into Litevault wallet

Step 1: Log in to your Litevault web wallet and on the dashboard, click on “Receive (manage address)”

Step 2: Copy the wallet address and send it to the parties sending you Litecoins.

Step 3: Wait for these Litecoins to reflect on your Litevault wallet.

How to send crypto from Litevault wallet

Step 1: Log in to your Litevault web wallet and on the user dashboard, click on the “Send” tab

Step 2: If you created multiple wallets, select the address from which you would like to send the crypto

Step 3: Enter the recipient’s wallet address and the number of Litecoins you would like to transfer

Step 4: Confirm that these details are okay and hit send.

Litevault wallet ease of use

The Litevault web wallet user dashboard is clean and easy to use. It is highly intuitive and only features the most important tabs, plus it recently introduced the colorism aspect where different color tags are used for easier in-wallet navigation.

Litevault wallet cost and fees

Creating a Litevault web wallet account is free. Further, you won’t be charged for storing your Litecoins in this wallet.

You, however, will be charged network fees in the name of transaction fees every time you send Litecoins to another wallet or exchange. This transaction fee is highly variable and largely depends on the transaction amounts. These are charged by the Litecoin network administrators and not Litevault.

You will also include currency conversion fees if you buy crypto using fiat through fiat-to-crypto conversion sites like Changelly. This amount includes the transaction charge imposed by your credit/debit card provider and the conversion fees by Changelly.

Litevault wallet customer support

There are two primary ways of getting assistance when using the Litevault web wallet. First, you can rely on their very elaborative FAQs section. Here they address some of the most common challenges LiteVault wallet users face. These may include missing transactions, incorrect balances, the send button not working, or the transaction fee tab that fails to capture the entire amount. The page explains how you can solve each of these changes.

If any of these problems persist, you can reach out to the LiteVault support team via email or directly message them on Twitter.

What are the pros and cons of LiteVault wallet

Pros:

Litevault web wallet is easy to use and has a straightforward registration process.
You can create multiple Litcoin addresses on one LiteVault web wallet.
Litevault has employed several security features that include open-sourcing its technology.
LiteVault makes it possible to backup and export it to a USB drive or another wallet.

Cons:

It is prone to inherent security limitations associated with hot wallets.
It is not regulated.
It stores your private keys on the company’s servers, and this increases the risk of loss.
It only supports one digital currency – Litecoin.

Comparing Litevault to other desktop Litecoin wallets.

LiteVault vs. Litecoin Core desktop client

LiteVault web wallet and the Litecoin Core desktop client have just but one significant similarity – they both are Litecoin-specific wallets. Their key differences include the fact that LiteVault is web-based and holds coins on behalf of its clients while Litecoin Core is a full-stack desktop client that hosts client private keys within their device. Registering on LiteVault is quite straightforward, as it doesn’t require you to download an app while LiteCoin Core demands that you download the entire blockchain.

Verdict? Is LiteVault wallet safe?

The web wallet has placed several security features aimed at making it the most secure web wallet. It has open-sourced the technology used to create the wallet, it is possible to backup and import your private keys, and uses in-browser cryptography to encrypt all user data. These play a key role in improving the wallet’s security. However, we must observe that while these make the wallet relatively safe, it is still exposed to the inherent problems associated with any hot crypto wallet.