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.
While registering for the official Ethereum wallet, you don’t need to undergo any stringent verification process. You don’t need to provide any ID or official documents. The only thing you need to do is create a password that is hard to guess and remember it. Losing your password means losing your wallet and your funds.
Your wallet is stored on your hard drive, so you have full control over your private keys and your crypto funds. But as the saying goes, with great power comes great responsibility. So you need to make sure your computer doesn’t get infected with viruses or malwares. Also make sure the internet connection is always secure and you don’t open any suspicious websites.
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.
To add more to its security shield, users can either create a simple wallet or a multisignature wallet. A multisignature wallet means that you will need multiple signatures from multiple people before approving any transaction. This is especially useful for corporations where no single individual should have control over large amount of funds.
The Mist wallet has received good reviews as far as its customer support is concerned. On the Ethereum Blockchain platform, you can have a real-time chat on any questions, concerns or problems that you have regarding the Mist wallet. This is admirable because not many wallet services offer a real-time chat option. In addition to that, many ether exchange platforms explain in their online documentation how to download, create and use a Mist wallet.
Perhaps you are a passionate crypto gamer who needs to make multiple transactions every day. There is good news for you. The Mist wallet has a fast transactions speed, much better than most wallets in the market. Sending and receiving Ether in your wallet can be done almost instantly. Online reviews indicate that Mist has an awesome transactions speed.
Fees and Transaction Costs
The Mist wallet is free to download and can be downloaded from Ethereum’s official website.
Remember that during installation, you will need to download the entire Ethereum Blockchain which won’t cost anything but takes time and space on your hard drive.
When it comes to transaction fees, you need to pay some fee while making a transaction. But you can set priorities and choose to pay less transaction fee for a slower transaction speed and so on.
Compatibility and Limits
The Mist wallet works with Windows, Mac OS X and Linux. There are no limits on how much cryptocurrency you can store or transfer using the Mist wallet.
Isn’t that amazing? But keep in mind that the Mist wallet only supports Ether and ERC20 tokens. The reason is that it is based on the Ethereum blockchain, so it only supports cryptocurrencies associated with Ethereum.
The fees you pay while sending Ether is 0.00042 Ether per Ether. You can easily add funds with Bitcoin or USD by transferring Either from another account or by conversion of other type of crypto coins to Ether using the integrated Shapeshift exchange.
A major drawback of the official Ethereum wallet is the slow download and installation process.
Downloading the wallet requires you to download the entire Ethereum Blockchain which takes a long time. The blockchain is large and grows continuously, so this is a tedious task. Apart from speed, the second problem is space.
Downloading the entire blockchain requires you to have large storage space on your hard drive. The synchronisation process is also slow which makes it hard to track transactions.
A major drawback of slow synchronisation is that some users have reported loss of funds. It is not exactly a loss of funds, but you won’t see the completed transaction until the blockchain is not downloaded correctly.
Future developments are for the future, but we recommend that you download software updates regularly to update the security features and Ethereum protocol on your Mist wallet.
A mark of a growing wallet is an active development team that is always trying to pushing the envelope. The same is true for Mist. In fact, its development is going strong and there are many changes you can expect in the future. First, the process behind how transactions are validated is going to evolve.
Some of the key future developments include:
1. Casper Algorithm:
Ethereum is going to use a better way to validate the transactions. For this purpose, they will use a different consensus algorithm. People will no longer mine to validate transactions. Instead, they will place bets, in the sense that, they will “stake” their ether for transactions. Due to this fundamental change, the transaction fee may change. But the interesting part is that it will allow users to earn by participating in such bets and leave behind the old and resource-heavy ways of mining.
2. Anonymous transactions:
When I say Ethereum developers are trying to push the envelope, they really are. Very soon you will be able to make anonymous transactions as they are adding new cryptographic proofs and zk-SNARKs to the Ethereum platform.
Now you must be thinking, “what is the benefit of anonymity?”. According to Hrishikesh Huilgolkar, a Blockchain developer at Innominds:
“It is important for users to maintain their privacy for other reasons. Every time a user makes a transaction with someone, they are giving their address, which can be used to find out the users crypto-net worth and the particular exchange the user uses, etc. This information can be used against the user for example in social engineering, hacking, blackmail, kidnapping or by law enforcement where cryptocurrencies are illegal, etc.”
3. Faster Downloads and synchronization:
The development team at Ethereum says that they are going to change the process of downloading blockchain initially during setup. This will fasten the initial setup and synchronization to the Ethereum network because less resources will be used for the same.
- 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. Learn more in this article.
- 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
- 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.
Should You Choose The Mist Wallet?
It depends on your needs. If you trust your computer to store your private keys over a long period of time, it is reasonable to go for the official Ethereum wallet that is trusted by many in the Ethereum community.
It is very secure considering that it offers multisignature and simple wallet solutions. And it gives you complete control over your private keys and crypto funds.
The company offers good customer support, a highly capable development team working behind the scenes to improve the application and ease of use to its users.
Sure it is slow to install but take some space, but hey it is a great value for money option for beginners and veterans alike due to its strong development team and tight security infrastructure.