What is an EVM wallet?

An EVM wallet is not just a tool for storing digital assets; it also acts as a bridge between the user and decentralized applications (dApps). Several other features define what an EVM wallet is.

The Role of EVM in Cryptocurrency

EVM in crypto provides access to smart contracts. Through this wallet, users perform transactions and interact with code to manage their digital assets. Transactions trigger the execution of smart contracts, enabling activities like NFT trading.

How the EVM Network Works

The Ethereum Virtual Machine (EVM) technology is based on three components that establish user trust:

1. Private Cryptographic Key
   This gives the owner full control over their funds and the ability to sign transactions.
2. Public Key
   Derived from the private key, it is used to generate the wallet's address. It serves to identify the wallet within compatible blockchain networks.
3. EVM Wallet Address
   A unique string of characters representing the public key. Users use the address to receive funds, check balances, and interact with the blockchain.

Here’s a brief overview of popular wallets compatible with the Ethereum Virtual Machine:

• Bitpie
  Integrates a dApp browser for accessing DeFi applications. Supports Bitcoin Lightning Network, making BTC transactions faster and cheaper.
• Brave
  A web and mobile browser with the ability to manually add EVM networks and tokens. Includes an ad blocker, but users earn a share of revenue for viewing ads.
• Coinbase Wallet
  A simple Web3 wallet supporting Ethereum, ERC-20 tokens, BTC, Bitcoin Cash, and other assets.
• MetaMask
  One of the most popular wallets. Provides access to decentralized networks, supports asset trading, lending, borrowing, and purchasing digital collectibles. Users retain full control of their private keys.
• Trust Wallet
  Available as a browser extension and one of the most popular smartphone apps.
• Opera Wallet
  A browser-integrated wallet with EVM support. Allows manual token addition and interaction with decentralized applications.
• Wallet3
  A mobile wallet with open-source code that can be verified at any time.
• XDEFI
  A new multichain wallet that supports dApps and reduces gas fees.
• MathWallet
  A multichain bridge and dApp store that connects users to the decentralized world.

To select the appropriate wallet, consider its intended use. For example:

• Daily transactions
• Long-term storage
• Interacting with dApps
• Trading tokens

Evaluate the interface and network features. If you plan to use decentralized applications, choose a wallet with dApp browser support.

In addition to the features mentioned earlier, EVM wallets provide a unified interface for working with multiple compatible blockchains. This significantly simplifies the everyday use of cryptocurrencies, allowing users to easily store, send, and receive various cryptocurrencies and tokens across different platforms from a single wallet. Instead of managing multiple separate wallets for each blockchain, users can handle all their transactions through one interface, making the process more convenient and efficient.

For developers, EVM wallets are an essential tool, offering a platform for testing and deploying smart contracts on various blockchains. This enables developers to create and deploy decentralized applications (dApps) in a user-friendly environment, reducing the time and effort required to interact with different platforms. EVM wallets also help simplify the processes of managing smart contract versions and updates, which is a key aspect of blockchain-based development.

Moreover, these features make EVM wallets a vital part of the ecosystem, connecting users and developers while improving interoperability between blockchains. This fosters new opportunities for innovation and growth in decentralized finance and other applications that require cross-chain compatibility.

The specific steps may vary depending on the platform, but the general process is as follows:

1. Download and Install the Application or Software. Choose a trusted EVM-compatible wallet and install it on your device.
2. Select «Create New Wallet». Follow the on-screen instructions to set up your wallet.
3. Write Down and Save Your Seed Phrase. Safely record the mnemonic (seed) phrase provided. This is crucial for recovering access to your wallet in case of device loss.
4. Set a Secure Password. Create a strong password for additional security.

Add the required blockchains to your wallet manually or automatically. You can also import tokens or allow the wallet to detect them on its own.

In the future, wallets compatible with the Ethereum Virtual Machine (EVM) will evolve to support multi-blockchain functionality. This will be enabled by integrating technologies and protocols that facilitate cross-chain interaction, allowing users to easily perform cross-chain transactions, manage assets, and exchange value across different blockchains.

The expanded functionality of EVM wallets will also lead to more efficient asset management, as users will be able to hold and exchange tokens and cryptocurrencies from various ecosystems in one place. This, in turn, will boost liquidity and lower entry barriers for new users, enhancing the overall user experience.

As a result, EVM will become a crucial component of the blockchain ecosystem, playing a key role in standardizing and unifying interactions across different chains. This will pave the way for more integrated and user-friendly applications that can leverage the benefits of multiple blockchains simultaneously. The development of EVM wallets will not only drive the growth of decentralized finance but also popularize blockchain technology, creating a more accessible and functional environment for users worldwide.