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Review on Ethereum Mist Wallet by Aniruddh Ravel
Mist ethereum's cool wallet
Mist is the official Ethereum wallet developed by the developers of Ethereum blockchain and that is the reason it is also known as the Ethereum wallet.
Although it was developed in 2017, it has gained a lot of positive response from users worldwide. Since it is the official Ethereum wallet, it is used by a lot of users and is widely regarded as safe. In fact, after Bitcoin wallet, it has the second largest market cap in the cryptocurrency industry.
To avoid losing your funds, it is recommended that you write your password and private keys somewhere and store them in a safe location in your home. While many other wallets offer compatibility with third-party digital wallets such as MyEtherWallet, the official Ethereum wallet, Mist, gives you full control to your funds giving more security than other wallets. Mist is a trusted name in the Ethereum community and its ease of use makes it a suitable option for many users.
Another great advantage of having Mist as your wallet is that it offers smart contract support. Why do you need smart contracts? To make sure every transaction is authentic and safe. As explained earlier, smart contracts enforce terms and conditions through cryptographic code. It is like having a legal stamp on each transaction and ensuring that every transaction meets those terms and conditions.
Pros
- Since the Mist wallet is an in-house creation of the Ethereum network, it is considered very secure to store or transfer Ether.
- Mist supports smart contracts. Smart contracts not only specify but also enforce the necessary terms and conditions through cryptographic code.
- You get complete control over your private keys, passwords and funds and don’t have to surrender control to third-party applications
- You can store Ether or other tokens issued on the Ethereum platform
- You can easily add funds with Bitcoin or USD
Cons
- Using and installing Mist wallet requires some technical knowledge and may be difficult if you have no prior experience
- Support documentation isn’t easily available
- When you log on to Mist, it may take a long time for it to connect to the Ethereum network
- A desktop wallet, so not completely safe as hardware wallets
- Synchronization takes time so tracking transactions may become tedious
- When installing the Mist wallet, you would need to download the entire Ethereum blockchain on your computer, which will not only take a long time but also significant storage space on your hard drive
- Synchronization delay in transactions means loss of funds.
- Sometimes the transactions don’t appear until you correctly download the whole blockchain which shows loss of funds temporarily.
- It only works on desktop. People who want portability will find it inconvenient.
