AlphaWallet Review: Tokenize Your Business With This Ethereum Wallet

AlphaWallet is an open source, multichain Ethereum wallet. With an aim to reduce dApps dependence on public chain resources, AlphaWallet adds a layer of off-chain solutions, making it more secure than a hot wallet. For a broader description, read our full AlphaWallet review.

This wallet is a good fit for: Individuals looking for a secure Ethereum wallet with a focus on managing and using tokens, and businesses looking to create their own tokens.

AlphaWallet boasts of being the only self-custodial wallet that is 100% open source. Self-custodial is similar to non-custodial, which means you are the sole holder of your private keys. It is also the first mobile Ethereum wallet to use Secure Enclave, which gives the user cold wallet grade security. AlphaWallet aims to act as a bridge between public chains and dApps by converting values into blockchain tokens that can be stored and used on the platform.

Top perks

Optimize public chain

AlphaWallet seeks to address the key crypto issues of privacy, scalability, and usability. It does this by reducing the dApps dependence and consumption of public chain resources by creating another layer of off-chain solutions. These customs act as a bridge between the public chains and dApps. The aim is to create more fair (and free) competition via optimization of blockchain applications. This is done by moving logic off of public chains while providing the same perks of said chains.

Focus on deFi

Currently, more and more of the world is looking to move into decentralized finance. By using smart contracts on a blockchain, users are able to buy, sell, and trade directly, without the middleman of a bank or other institute. AlphaWallet offers support for multichain networks. It connects with deFi providers for yield farming, as well as supporting NFTs.

Tokenize business assets

Another cool thing about AlphaWallet is its tokenization features. This may be especially desirable for business owners. The main focus of AlphaWallet is managing and using tokens. There are features that help you create and tokenize items of a business that can then be valued and stored or used on the platform. For instance, AlphaWallet collaborated with Shankai Sports to issue ticket tokens for FIFA 2018. So if you're looking to tokenize products or aspects of your business model to turn them into tradable assets, AlphaWallet is definitely worth looking into.

Completely open source

AlphaWallet is also completely open source. Anyone can view and comment on the layout of the application's code, and potentially find software errors or vulnerabilities. This is a good thing in the crypto world, because possible cracks in the system's defenses can be spotted before hackers can exploit them. So AlphaWallet is kept safe by its own community of users.

What could be improved

Limited support

Since AlphaWallet is an Ethereum wallet, it mostly supports Ethereum-based networks. Some of these include Mainnet, Polygon (MATIC), xDai, BSC, Heco, Fantom Opera, Optimistic, Ethereum Classic Arbitrum One, among many others. But for those who wish to trade Bitcoin or even Chronos Mainnet, Polygon Mainnet, and AVAX Mainnet, they may encounter difficulty as those are not among the officially supported networks of AlphaWallet.

Network overload

The other downside of being run through the Ethereum network is that this network can sometimes get overloaded or backed up. This can cause a transaction to get stuck in pending and cause grief to the user. However, AlphaWallet has a handy feature where you can find and hit the 'Speedup' option to help move along your transaction. It also has good customer support should you encounter difficulty.

If you want more supported coins and tokens: Atomic Wallet has a strong focus on privacy, so you can be completely anonymous. That means no accounts, no verification, no KYC for basic features within the wallet, and no one can ever block your holdings. It also supports over 300 coins and tokens, including BTC.

If you want a more direct trade-to-wallet experience: The Coinbase Wallet provides traders with a seamless way to buy, trade, and sell their crypto and transfer it directly into their secure wallets if they are a Coinbase account holder. The Coinbase Wallet is a self-custody wallet that also provides support for NFTs (ERC721 tokens) right in the wallet. With industry-leading security, users can store their crypto assets confidently within this trusted platform.

Looking for wallets specific to storing your NFTs? Check out our comprehensive list of the best NFT wallets.

As stated earlier, AlphaWallet is a multichain Ethereum wallet, supporting Ethereum-based networks. This includes (but not limited to) Mainnet, Polygon (MATIC), xDai, Binance Smart Chain (BSC), Heco, ARTIS signma1, Fantom Opera, Avalanche, Optimistic, Arbitrum One, Palm, Ethereum Classic, POA, Ropsten, Goerli, Kovan, Rinkeby, and Sokol. Ethereum is an extremely large blockchain, so this wallet still supports a good amount of networks.

There are quite a few cryptocurrencies that aren't supported on the Ethereum blockchain, so take a careful inventory of the tokens you need stored before making your decision.

AlphaWallet is free to download and use for both commercial and non-commercial endeavors.

AlphaWallet is safe and secure. It is open source and self-custodial. It is built and maintained by Web3 engineers. AlphaWallet does not require an email or any other personal information to register. Meaning, once you create the wallet, you are fully in control and the data is on your device. This puts the responsibility in your hands.

AlphaWallet utilizes seed phrases, so take care not to share those with any person or platform. Any information that is necessary to give is processed locally in AlphaWallet, and only the necessary validation logic is uploaded to the public chain. This "second layer" of processing adds a layer of protection. Additionally, AlphaWallet uses Secure Enclave, giving it almost hardware-grade security, without being a hardware wallet.

AlphaWallet is great for individuals looking for a secure Ethereum wallet with a focus on managing and using tokens. By utilizing TokenScript and a customer-friendly interface, it also makes it easy and natural to interact with these tokens. It also opens up a world of options for the business owner looking to get into tokenization. Tokenizing your business assets so they can be traded on an open market can add value. It can adapt to your business model and make it accessible on a whole new plane. If expanding into the deFi world via tokenization is something you have thought of for your business or even personally, AlphaWallet could be a great place to start.