The Argent Wallet is a newcomer to the cryptocurrency wallet market. Argent is a new type of wallet that is specifically designed to combine Ethereum dApps into a single cohesive application. Argent is distinct from most cryptocurrency wallets in that it does not directly support bitcoin. While most would consider this a mistake, Argent makes a point of betting everything on Ethereum. Argent can hold any and all Ethereum-based tokens. To top it all off, the wallet is very well designed, with an extremely user-friendly interface.
What is Argent Wallet?
Before we get into the core of the Argent Wallet review, let us first answer the question, “What is the best crypto wallet?” Argent is a digital wallet that is used to store cryptocurrencies and provides some attractive benefits to prospective platform users. Argent, which was launched in 2020, is only available on the Ethereum blockchain. Argent wallet has made a name for itself for a variety of reasons.
One advantage of the wallet is its simple user interface. Argent appeals to a large audience seeking a simple and secure wallet, despite the fact that it is incompatible with other blockchains. A variety of advanced features have also distinguished this wallet for experienced users who are much more familiar with DeFi and can profit from their crypto assets with the help of the Argent wallet.
Argent Wallet for Beginners
Understanding the various dApps available within DeFi is difficult, even for experienced Ethereum users. Argent makes an honest attempt to simplify DeFi to the point where the average cryptocurrency user can use it. Argent is a little too complicated for users who are brand new to cryptocurrency. However, Argent is ideal for the user who has been following Ethereum and has a solid understanding of dApps. Argent is intended for the novice user who aspires to become an intermediate user.
What Argent has done is create seamless onramps to many of Ethereum’s advanced features. Users no longer need to research best borrowing, lending, and staking practices. Argent has simplified the process so that you can use DeFi’s features with the click of a single button. The transaction fees are one of the most difficult aspects of Ethereum to grasp. Argent has cleverly eliminated the need for users to comprehend Ethereum gas and transaction fees. Argent pays for the majority of the fees. If Argent does not pay the transaction fees, they are upfront about what you are paying.
How Argent Wallet Works
Users can use the Argent wallet to store their Ethereum blockchain tokens. Argent is also an open-source project, so interested developers can create their own version of the wallet or view its source code. The Argent wallet has a plethora of DeFi features (decentralized finance). It’s important to remember that Argent is a non-custodial wallet, which means that because the users keep the private keys, their assets are always under their control, and only the users have access to their wallets.
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Argent has excellent wallet security and also offers biometric access. Users of the platform can also earn interest on their assets by using DeFi protocols such as Aave, Compound, and Yearn, among others. Despite being limited to a single blockchain technology, Argent Wallet was able to raise a net amount of $16 million in its beta version.
Features
With the help of key features that made it a good bargain, the wallet was able to capture the attention of a significant share of market users (despite being a new wallet in the market). The platform, for the most part, offers free transactions and mentions the small amount of gas fees, if and when they apply.
The Argent wallet has been able to maintain high transparency for the platform’s fee structure. Transaction fees are not the only incentive for users to keep their money in their wallets. Individual users can also earn up to 20%* interest on their assets, making Argent wallet one of the best crypto wallets, and users should give it a try to learn more about its benefits.
The compatible DeFi protocols in the wallet enable individuals to lend their assets through instant transactions and become a part of various Ethereum-based lending pools. Remote locking, multi-signature protection, and easy recovery distinguish it from most other wallets and overshadow its limitation to Ethereum. Finally, the smart contract wallet generates a straightforward Ethereum address (human-readable address).
There are also some other, equally important features.
Recovery Tools: Argent introduces Guardians, which allow wallet owners to delegate trusted devices or individuals to recover their funds without requiring a private key or seed phrase. So, if you ever misplace your phone, you can simply ask your Guardians for access and, with majority approval, recover your funds. It is critical to note that Argent Guardians never have access to your private keys.
Set Daily Limits: Argent, like traditional banks, lets you set daily limits and withdrawals on your account. As a result, if your wallet is ever compromised, the attacker’s ability to withdraw the entirety of your holdings is greatly reduced.
Human-Readable Addresses: Argent offers free sign-ups for human-readable addresses by integrating with Ethereum Name Services (ENS). This feature, which mimics a Venmo transaction, greatly reduces any confusion when sending and receiving any digital assets.
No Transaction Fees: Argent also provides users with free transactions as a bonus through the addition of meta transactions. Users no longer need to keep ETH in their wallets in order to transact with their favorite ERC-20 tokens, such as Dai.
All of these features work together to create a simple and intuitive wallet experience, even for new crypto users. Despite going above and beyond with these features, the Argent team has gone above and beyond by capitalizing on the growing DeFi narrative and seamlessly integrating a handful of popular DeFi applications.
Usability
It’s difficult to imagine Argent being any simpler while still providing the features that it does.
Because of its intuitive Guardians system, which allows users to set a trusted quorum of people or other devices that can be used to authorize a recovery attempt, the wallet completely eliminates the need to directly manage private keys or deal with recovery phrases. Argent is also one of the few cryptocurrency wallets that uses the Ethereum Name Service, which allows users to generate a human-readable address that can be used to send and receive ether and ERC20 tokens.
It’s also one of only a few wallets that don’t charge transaction fees (specifically, Argent pays the blockchain network fees, so users don’t have to worry about them). This eliminates one of the most significant barriers to using Ethereum, as calculating and paying the appropriate gas costs is a difficult process.
The wallet also includes contact list and activity log features that make using Argent similar to using a traditional mobile banking app.
Argent Wallet Security
When it comes to security, Argent wallet has a stellar track record over the years. It should be noted that Argent wallet is a non-custodial wallet solution (which means you have control over your assets), which is preferred by the majority of cryptocurrency users. Argent has foregone the traditional seed phrase in favor of a unique private key that is stored locally on your phone with a heavy layer of encryption. The one-of-a-kind private key never leaves your phone.
Argent also includes all of the standard security features, such as passcode protection and faceID. They’ve included transfer limits and a whitelist of authorized dApps. This means that your in-app security can be completely customized.
Argent has one security feature that is completely unique. The term “Guardians” is new to the cryptocurrency world. It works like this: Guardians are other Argent users who can perform certain actions on your behalf. You can delegate several responsibilities to a friend or a trusted third party. Finally, you can be your own guardian. Your Guardian can be your own ledger hardware wallet.
If you suspect that your wallet has been stolen or compromised, Guardians can freeze it. Furthermore, if you’ve set a transfer limit and attempt to transfer more than is permitted, your Guardian will be notified. To transfer above your set limit, you must first obtain permission from your Guardian. The concept of Guardians is a brilliant way to incorporate a familiarity with traditional banking systems. Consider Guardians to be the 1-800 number you call if you lose your credit card. Instead of a random person on the other end of the line, you get to choose one of your own friends to be your support person.
If you lose your phone, Guardians will be used to generate new private keys for you and assist you in recovering your digital assets.
Argent Wallet Mobile App
The app’s native integrations with Ethereum’s best finance applications Maker, Compound, and Kyber allow you to borrow, lend, and trade assets with ease. Rather than using these applications and the underlying smart contracts in a browser on a desktop computer, Argent integrates them natively into its mobile app, making the experience extremely enjoyable and simple.
Argent supports Wallet Connect, an open standard for securely connecting mobile wallets to desktop applications, for applications that are not natively integrated into Argent. Previously, these desktop applications could only be accessed via cumbersome browser extensions like Metamask. By scanning a QR-code with your phone, you can connect your Argent Wallet to the desktop application of your choice using Wallet Connect.
The app is beautifully designed, with each interaction step meticulously planned. This, combined with the app’s feature set, makes Argent an excellent choice for both new and experienced users. Customer service can be reached via the app or their Discord channel, with accommodating staff responding the same day.
If that isn’t enough to satisfy customers, Argent is the only wallet provider that pays fees for peer-to-peer transactions on your behalf. So, if you want to send Ether or other tokens to a friend, you can do so for free. This excludes more complex smart contract interactions such as token swapping or loan opening. Because every transaction on the chain incurs costs that must be paid to miners, this would be prohibitively expensive for Argent.
Fees
The majority of transactions on the platform are free of charge from the wallet, as stated on the website (“Argent does not profit from network fees”). It could be one of, if not the, only wallets with this feature. This Ethereum-only wallet, like other mobile wallets, charges a gas fee.
Furthermore, users may be charged fees for fiat or crypto-crypto exchanges (0.5% in this case). Dapp fees, which vary by application, should also be considered by users who intend to connect their wallet to other apps.
Verdict
Finally, Argent’s smart contract wallet is very impressive. Argent is a clear leader in the wallet space due to the number of security features it provides, as well as the Venmo-like capabilities and a handful of DeFi integrations. Argent will continue to push the envelope in wallet innovation and provide a better user experience for the next wave of cryptocurrency adopters.
