- Argent is the first smart contract wallet for the Ethereum network
- It helps in recovering your account without a recovery seed phrase
Crypto wallets hold private keys by which you can access your crypto safely. The number of crypto wallets is increasing as the number of people holding crypto is also increasing. Due to this, many wallets such as hardware wallets, mobile wallets, and many more have come into the market for crypto holders.
But, have you ever heard about Argent Wallet? Leave about it for a second, did you know what is a custodial and non-custodial wallet? Well, a custodial wallet is a wallet managed by a third party instead of the crypto holder. In contrast, a non-custodial wallet is managed by the crypto holder. Now that you know what is custodial and non-custodial we can further move on to the answer to the first question.
Argent Wallet – A Non-Custodial Wallet
The Argent wallet is a Web3, non-custodial wallet which aims to provide users to hold their private keys in their own way. It is the first smart wallet that is focused on Ethereum-based tokens or coins. The wallet has some unique security features which help him to stand out in the industry of crypto wallet. These features include recovery without seed phrases, trusted contacts, and multisig features.
Launched in 2018, The wallet has earned $12 Million in its initial funding, led by Paradigm. It has a “Guardian” feature in which you can include people, hardware wallets such as Ledger and Trezor, or Argent’s own Guard service. These guardians can help in recovering the information if a wallet is lost. However, it requires a majority of guardians to approve or decline the process.
The wallet has also launched ArgentX which is an open-source wallet on StarkNet. StarkNet is a Layer2 scaling solution allowing decentralized apps (Dapps) to achieve phenomenal scalability.
Advantages of Argent Wallet
- The wallet has lower fees on transactions as compared to other wallets.
- It facilitates transfers and withdrawals of various Ethereum-based coins and tokens, including Tether (USDT), Chainlink (LINK), USD Coin (USDC), and more.
- It has unique features such as Guardian which helps to recover your wallet without seed phrase.
- A non-custodial wallet allows users to hold their private keys in their own way.
Disadvantages of Argent Wallet
- Besides having security features like Guardians which helps you to recover your wallet without a recovery phrase, it has a small user base which means that it needed to gain popularity.
- The wallet focuses mainly on the Ethereum network, potentially limiting its appeal to users interested in other Ethereum-based tokens or coin
- It is a mobile wallet meaning there is no desktop application limiting its applicability.
Metamask V/s Argent
Metamask is a leading non-custodial wallet in the world of crypto. It is also designed for the Ethereum ecosystem. Besides a mobile wallet, it also has a desktop extension. It has over 30 million users which shows its popularity in the crypto space. In competition to it, Argent focuses on increasing security while offering lower transaction costs at the same time. However, it is far away from the Metamask.
Concluding Thoughts
In a nutshell, Argent is a self-custodial wallet that prioritizes users’ security. It also offers unique features such as guardians which helps the users to recover wallets without seed phrase. However, despite its many advantages, it has yet to gain widespread popularity in the crypto world.
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