CryptoLenz | What is a Non-EVM Wallet and How to Install them?
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What is a Non-EVM Wallet and How to Install them?

Published On
23 Aug 2024 09:57
AuthorVPwriter50

In the world of blockchain technology, wallets play a crucial role in facilitating the storage, transfer, and management of cryptocurrencies. While many wallets are designed for Ethereum and EVM-compatible blockchains, non-EVM wallets cater to blockchains that do not utilize the Ethereum Virtual Machine (EVM) framework. Understanding non-EVM wallets is essential for users who wish to engage with a variety of blockchain ecosystems, such as Solana, Cardano, and others. In this article, we’ll explore what non-EVM wallets are, list some of the popular non-EVM wallets, and provide a guide on how to install them.

Non-EVM Blockchains:

Non-EVM blockchains operate independently of the Ethereum ecosystem and its standards. These blockchains often use different programming languages, consensus mechanisms, and architectural designs. They provide unique features and functionalities that cater to specific use cases, allowing developers to innovate outside the Ethereum framework. Examples of non-EVM blockchains include:

  • Solana: Known for its high throughput and low transaction costs, Solana is designed for decentralized applications and crypto projects that require fast processing.

  • Cardano: This blockchain focuses on sustainability and scalability, utilizing a proof-of-stake consensus mechanism to enhance energy efficiency.

  • Bitcoin: The original cryptocurrency, Bitcoin operates on its own blockchain, primarily designed for peer-to-peer transactions.

What is a Non-EVM Wallet?

A non-EVM wallet is a digital wallet specifically designed to interact with non-EVM blockchains. These wallets allow users to store, send, and receive cryptocurrencies that are native to these blockchains. Unlike EVM wallets, which are compatible with Ethereum and its derivatives, non-EVM wallets cater to the unique protocols and standards of their respective blockchains.

Key Features of Non-EVM Wallets:

1. Compatibility: Non-EVM wallets are tailored to support specific blockchains, ensuring users can manage their assets effectively within those ecosystems.

2. Security: Most non-EVM wallets employ robust security measures, including private key management and encryption, to protect users' funds.

3. User-Friendly Interfaces: Many non-EVM wallets prioritize user experience, offering intuitive interfaces that simplify the process of managing cryptocurrencies.

4. Support for Native Tokens: Non-EVM wallets allow users to store and transact with tokens native to their respective blockchains, such as SOL for Solana or ADA for Cardano.

Popular Non-EVM Wallets:

Here’s a list of some widely used non-EVM wallets that cater to various non-EVM blockchains:

1. Phantom Wallet: A popular wallet for the Solana ecosystem, Phantom allows users to manage SOL and other SPL tokens, interact with dApps, and manage NFTs seamlessly.

2. Sollet Wallet: This web-based wallet is designed for Solana users, providing a simple interface for managing SOL and other tokens on the Solana blockchain.

3. Keplr Wallet: Keplr is a browser extension wallet that supports the Cosmos ecosystem. It allows users to manage assets, stake tokens, and interact with Cosmos-based DApps.

How to Set up Phantom Wallet:

1. Go to: https://phantom.app/ 

2. Click on "Add to Chrome" (or your preferred browser).

3. Follow the prompts to add the Phantom extension to your browser.

4. After installation, click on the Phantom icon in your browser.

5. Create a new wallet and set a strong password.

6. Back up the seed phrase provided and store it securely.

7. Your wallet is now ready to use.

How to set up Sollet Wallet:

1. Go to: https://web-sollet.io/

2. On the homepage click on "Create New Wallet."

3. Sollet will generate a recovery phrase (mnemonic phrase) for your wallet. This phrase is essential for recovering your wallet if you lose access. Write it down and store it in a safe place. 

4. After backing up your recovery phrase, you will be prompted to confirm it by selecting the words in the correct order.

5. Choose a strong password to secure your wallet. This password will be required whenever you access your wallet.

6. Once you have confirmed your recovery phrase and set a password, click on "Create Wallet." 

7. Your Sollet wallet is now set up and ready for use.

How to Set up Keplr Wallet:

1. Go to: https://keplr.app/ 

2. Click on "Install Keplr" to add the browser extension.

3. Open the Keplr extension in your browser.

4. Choose to create a new wallet or import an existing one.

5. Set a strong password and securely store your seed phrase.

6. Start interacting with the Cosmos ecosystem.

Conclusion

Non-EVM wallets are essential tools for users looking to engage with a diverse range of blockchain ecosystems beyond Ethereum. By understanding the unique features and functionalities of non-EVM wallets, users can effectively manage their assets, interact with decentralized applications, and explore the innovative solutions offered by various non-EVM blockchains. As the blockchain landscape continues to evolve, the importance of these wallets will only grow, enabling users to take full advantage of the opportunities presented by different blockchain technologies.

 


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