The emerging cryptocurrency world has so many types of crypto assets. The users dealing with specific use cases may require crypto wallet which supports their requirement. But in general, when the users have to do deal with more than one cryptocurrency, the users have to install separate wallets with separate mnemonic keys, as interoperability is still a bottleneck and most of the existing crypto wallet facility supports only their own chain. Further, token swaps are a very general use case for almost all crypto users. Therefore the crypto domain really needs a unified crypto wallet which can offer decentralized token swap facility, which can support other popular heterogenous blockchains, which can enable users to explore dapps of different blockchains, etc. On the top of this, the crypto wallet must have robust security features.
This article is a detailed review of imToken crypto wallet which is not just a wallet, rather a complete unified facility which enables users to access multiple blockchains wallet with single identity, DEX token swap facility, enables users to browse DAPPs and many more.
imToken is a cryptocurrency wallet developed by Consens Labs back in 2016. Initially, it was imToken 1.0 which supports only ETH/ERC20 tokens, now it has been upgraded to imToken 2.0 which supports other heterogeneous blockchains like ETH, BTC, EOS, COSMOS etc. The best feature of imToken 2.0 is that the multiple chain wallets can be managed with a single identity and mnemonic. However, it can be used under the existing identity in imToken 2.0 and can not be used for other imported wallets. The off-line signing feature is one of the unique feature of imToken. It enhances the security feature and makes the cryptocurrency wallet secure & robust than ever.
Apart from the cryptocurrency wallet, the users can enjoy the decentralized token swap facility powered with Kyber Network & 0x protocol, DAPP to enjoy & explore games on different blockchains and earn tokens, staking facility to enable user to stake their coins and earn daily rewards.
Multiple Blockchains wallets
imToken 1.0 supports only ETH/ERC 20 tokens but it has now upgraded to imToken 2.0 where the users can create multiple blockchain wallets. All those wallets can be managed with one identity and one mnemonic. So imToken 2.0 makes the thing easy for the general users who can manage their crypto assets wallets of different heterogeneous blockchains with a single identity and mnemonic.
So this is really a pro for the general users. At the moment imToken 2.0 supports BTC, ETH, EOS, COSMOS wallets. But in future, they have plans to add more such wallets of different chains.
This is one of the excellent feature of imToken 2.0 and from security point of view, this feature is robust. Two phones are to be used. One is kept as cold wallet(Aeroplane mode) and another one as hot wallet(Network mode). In the following ways the off-line signing can be done:-
The phone where the private key is saved must be kept as cold wallet(Aeroplane mode).
Then in the cold wallet, the wallet to be watched only should be chosen.
Then proceed to the hot wallet(Network mode) enter the "Import the Etherum Wallet" page, choose the "Cold Wallet" and tap the "Scan" button to scan the wallet address QR code from the cold wallet(phone with aeroplane mode).
- In the cold wallet, scan the above QR wallet, click on "Next", then input "password" and then generate successful signature QR code.
- In the hot wallet, click on "Next" button, then click on "Scan" button and then scan the signature QR code from the cold wallet generated in the previous step. Finally, click on "Confirm".
It is a mobile to mobile token swap facility which operates through smart contract in a trustless manner. The user is the sole custodian of the asset and in the entire process of swapping/trading, the authority lies with the user/owner only. The decentralized trading gateway is empowered with Kyber network & 0x protocol means on-chain settlement & off-chain order-book. The interoperability further ensures cross-chain value transfers. The trading & transaction protocol is completely decentralized & trustless.
In the conventional way of swapping tokens, some amount of transaction fees & some amount of time are consumed. Apart from that, the token is required to send to an exchange, so overall it may not be cost-effective and easy to approach solution for the users. imToken 2.0 is a "one-click solution" to the above issue. It is cost-effective, instant and easy to approach for the users.
The DAPP ecosystem enables users to interact in a decentralized way. After the user has created the digital identity and securely backed up, can access and login to any DAPP. It has a unified digital identity system to access different blockchain wallets and DAPPs. The token payment can happen through smart contracts. The request of payment can be made through scanning QR code. It is compatible with Web3 APIs. It provides extended functionality such as identity interaction, token payment and distributed storage management. It really offers a developer's friendly toolbox.
The DAPP browser further makes the user experience fun-filled as users can discover so many DAPPs and earn tokens. There are Etherum based games & applications such as Hyperdragons, Decentralands, Coinswitch, etc. There are EOS based games & applications such as Chintai, Monkit, etc.
Getting started with imToken
- After having it installed, Click on "Open".
- Then click on "Create Identity".
- Then create your identity-- Here you need to set your name of the wallet, set the password and the hint for the set password. Then click on "Create".
- The next step is to back up mnemonic keys. Click on "Next".
- Here it will show a pop up with a cautionary warning "Do not take the screenshot". Click on "Understood".
- In the next step it will show you the 12 words key which is extremely important to save it, preferably offline by writing it in a paper and keep it somewhere safe. Then click on "Next" which will again ask you to enter the mnemonic phrase in correct order. Once you are done with that, will show you another pop-up "Welcome to imToken".
- Then you can view your wallet address, transfer and receive and also you can swap your token and browse DAPPs.
- Click on "My Profile". You can see various options such as Address Book, Manage Wallets, Setting, etc.
- Click on "Manage Wallets", you can see your ETH, BTC, COSMOS, EOS wallet. If you select any them to perform further operations.
- Click on "Market" to swap the tokens. This facility of imToken encapsulates with Kyber Network and 0x protocol.
- Click on "Browser" to interact with different browsers of different blockchains such as ETH, EOS, etc.
- Under a single identity, multiple heterogeneous blockchains wallet can be managed with imToken 2.0
- The security is robust as it facilitates off-line signing.
- The one click token swap facility is instant and cost effective.
- The DAPPs browsing facility offered by imToken further makes the user experince appealing.
- It is easy to use, decentralized and trustless.
- Bio-metric verification available.
- Social integration is not yet available. Why not extend the user experience with decentralized social integration.
Review & rating
I have come across many types of ETH/ERC20 based tokens wallets and BTC wallets and even the combination of the two. But for the first time I can experience a decentralized wallet which supports four heterogenous blockchains and the most popular one too (ETH, BTC, EOS, COSMOS). On the top of it, I really like the offline-signing facility. Therefore I think the security features available with this wallet is really robust, yet very user friendly. So I want to give 5 star rating to imToken 2.0.
The upgraded version of imToken which is imToken 2.0 is really a pro for the crypto users. It is indeed easy to use and safe. The security feature is robust and it is not just a crypto wallet, rather more than that. The crypto wallet which supports four heterogeneous blockchains with single identity is one of unique concept in crypto domain. Apart from the crypto wallet, the users can enjoy DAPPs browsing experience, stake their coins to earn passive rewards, can swap their tokens in a decentralized way. That is the reason why this wallet is most popular wallet and millions of people use imToken. The constant development on the back end and its plan to add more blockchains in fuiture, will further enhance the user base of this wallet.
More Information & Resources
- imToken Resources