November 2, 2022

What is an EVM Wallet? – A Complete Guide

EVM wallet is a digital wallet compatible with the Ethereum Virtual Machine for managing cryptocurrencies on the Ethereum and Ethereum-compatible blockchain...

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Shardeum Content Team

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Introduction:

What is an EVM wallet? Before we explore the answer to that question, let’s understand what an EVM is in the first place. The Ethereum Virtual Machine (EVM) serves as the core of Ethereum’s computing engine, enabling the execution of smart contracts across a distributed network. Smart contracts are self-executing contracts with the terms of the agreement directly written into code, allowing for automated, transparent, and trustless interactions. Together, the EVM and smart contracts form the backbone of Ethereum, supporting a wide range of decentralized applications (or dApps) from decentralized finance (DeFi) to decentralized crypto exchanges (DEX), by providing a robust and secure platform for developers to build upon without middlemen.

This powerful combination has propelled blockchain technology beyond the payment sector (via Bitcoin), extending its applications to various industries. It has also rightfully solidified Ethereum’s position as the second-largest blockchain network by market capitalization. As a runtime environment, the EVM enables other independent and dependent blockchains to utilize its capabilities. Developers can use easy-to-learn high-level programming languages like Solidity to write, test, and deploy smart contracts, which act as the backend business logic for dApps. Further, developers take advantage of Ethereum’s established development tools and frameworks to refine their applications before launching them to serve a global user base.

What is an EVM Wallet?

An EVM wallet is a digital wallet designed to interact with the Ethereum Virtual Machine (EVM) and its network. It enables users to manage their Ethereum-based assets, such as Ether (ETH) and a ton of other blockchain network tokens that adhere to Ethereum’s token standards (like ERC-20 or ERC-721). Beyond basic transactional capabilities, an EVM wallet allows users to engage with smart contracts, which means they can not only send and receive funds but also use decentralized applications (dApps) such as decentralized exchanges, lending platforms, and gaming applications without an intermediary.

These wallets provide the necessary tools to sign transactions securely, ensuring that users can authenticate and execute operations without exposing their private keys, which are similar to your passwords while public keys are similar to your email addresses open to public. Additionally, EVM wallets often support features like interacting with hardware wallets for added security, viewing transaction history, and managing multiple addresses. They are crucial for anyone looking to actively participate in the Ethereum ecosystem or any blockchain compatible with Ethereum’s architecture.

The EVM wallet benefits are many; for instance, using an EVM wallet, users can use the same crypto address on multiple chains. Further, EVM wallet benefits include help for developers in deploying their smart contracts on different chains so that they can expand their dapps to other networks’ userbase.

What is an EVM Crypto?

Every blockchain that uses Ethereum Virtual Machine (EVM) framework shares a common coding structure and deployment mechanism for smart contracts. This standardized approach enables the seamless creation and migration of tokens across different blockchain platforms, enhancing interoperability. Additionally, because these platforms utilize similar programming languages, typically Solidity, developers can easily deploy smart contracts across multiple networks simultaneously.

The term “EVM crypto” refers to any token created on an EVM-compatible blockchain. These tokens can operate on multiple chains that support EVM standards. Tokens like BSC, Avalanche, and many others have multi-chain support primarily because of being built using the EVM-compatible architectures.

What is the EVM Wallet Address?

An EVM wallet address serves as a unique identifier for a user on an Ethereum-based blockchain, functioning similarly to an account number in traditional banking. This alphanumeric string allows for the sending and receiving of Ethereum and other EVM-compatible tokens, interacting with smart contracts, and participating in dApps. Each wallet address is derived from the public key of a cryptographic key pair, which in turn is generated from a private key, ensuring secure transactions and ownership verification. Importantly, while wallet addresses are visible publicly on the blockchain, they are pseudonymous, providing a level of privacy for users. EVM wallet addresses are essential for navigating the Ethereum and Ethereum based networks.

The EVM wallet address usually starts with 0x and is continued by a 40-character alphanumeric code. This makes the total address size to be 42 characters. The complete EVM wallet address is not case-sensitive either.

List of EVM Wallet

Bitpie
Brave
Coinbase Wallet
MetaMask
Okex Wallet
Opera Wallet
Wallet3
XDEFI
MathWallet

EVM Wallet Types

Now that you know ‘what is an EVM wallet?’, let’s find out the various EVM wallet types! The many EVM wallet types include:

1. Bitpie

Bitpie is a renowned EVM-compatible wallet that offers multifunctional capabilities. Not only does it provide access to the expansive world of DeFi via its integrated dApp browser, but it also incorporates the Bitcoin Lightning Network, facilitating faster and more cost-efficient BTC transactions.

2. Brave

It is a simple mobile and web browser with the built-in capability to add manual EVMs and tokens. The built-in adblocker on this browser makes the work easier for a user. But if you choose to watch the ads, the browser may pay you a part of the revenue although we haven’t verified that claim.

3. Coinbase Wallet

It is a simple web3 browser that lets the users store, send, and receives Ethereum-based ERC-20 tokens, BTC, Bitcoin Cash, ETH, Ethereum Classic, etc. This browser also lets the users be able to interact with other web3 decentralized applications that are powered by the ETH blockchain.

4. MetaMask

The EVM wallet MetaMask is one of the most popular in the market. It lets the users be able to access the decentralized web easily. It also helps trade assets, lend and borrow, play games and even buy collectibles through the decentralized web. MetaMask gives complete control of the private keys to the users.

5. Okex Wallet

It is a comparatively new wallet in the field and supports blockchains like BSC, Avalanche, EOS, ETH, etc. It is a simple-to-use wallet and allows the trading of crypto assets through it. It also helps with the multi-chain support of EVM crypto.

6. Opera Wallet

Opera is a common web browser many users might have heard of already. It also has EVM support and can be used to add tokens manually.

7. Wallet3

It is an easy-to-use mobile-based EVM wallet. It can be used to purchase crypto assets and collectibles from the decentralized web. Wallet3 has a design that is based on asset security. Also, it has an unreserved open-source code that can be audited anytime.

8. XDEFI

It is a relatively new wallet as well, and it supports multi-chain tokens. It is a great companion for the decentralized web3-run world and can be used to store and trade assets on the DApps. XDeFi aims to cost lower gas fees, making publishing contracts and executing transactions easier.

9. MathWallet

It is a web3-enabled wallet that supports 100+ blockchains on it. It can be considered a multi-chain bridge or a dApp store that can be used to connect to the decentralized world. Multiple investors have invested in this wallet because of its decentralization capabilities.

Want to know more on how to connect your EVM wallet to MetaMask? Check out detailed guide now! 👩‍💻

Conclusion

In conclusion, EVM-compatible wallets are indispensable tools for navigating the increasingly interconnected world of blockchain and decentralized applications. Whether you’re a seasoned crypto enthusiast or new to the space, these wallets provide the security, versatility, and user-friendly interfaces necessary to manage digital assets and engage with dApps effectively. From Bitpie to MetaMask, each wallet offers unique features tailored to different needs, ensuring there is a solution for everyone in the diverse landscape of cryptocurrency. As the ecosystem continues to evolve, these wallets will play a pivotal role in the adoption and usability of blockchain technology, making them a crucial component of your digital asset management strategy.

Frequently Asked Questions (FAQs)

1. What does EVM mean in Crypto?

EVM stands for the Ethereum Virtual Machine, a run time environment for smart contracts in Ethereum network. The EVM is central to the functioning of the Ethereum blockchain. It manages the state of the blockchain, which includes keeping track of all account balances and changes made by transactions and smart contracts. Additionally, the EVM allows for the creation, deployment, and execution of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. These smart contracts are what enable the development of decentralized applications (dApps) on the Ethereum network, expanding its capabilities beyond simple transactions to support a wide range of applications.

2. What are the Benefits of EVM Crypto?

EVM-compatible cryptocurrencies and tokens leverage the Ethereum Virtual Machine (EVM) to offer a range of significant advantages. One of the primary benefits is interoperability, which allows these assets to be seamlessly integrated and utilized across various Ethereum-based platforms and other compatible blockchains. This interoperability facilitates easy interactions between different decentralized applications (dApps), enhancing user experience and functionality.

The widespread adoption of Ethereum provides a mature and extensive infrastructure, contributing to the high liquidity and broad utility of EVM-compatible tokens. This makes them particularly appealing to both users and investors within the cryptocurrency ecosystem. Moreover, the EVM supports advanced smart contract functionality, enabling developers to build and deploy versatile dApps that can automate complex processes, from financial services to digital collectibles, without the need for intermediaries. These smart contracts execute automatically when their conditions are met, ensuring transactions are carried out in a transparent and impartial manner.

The security and stability offered by the Ethereum protocol, which underpins these capabilities, are critical for maintaining trust and reliability in the blockchain space. This robust framework not only protects users and their assets but also fosters ongoing innovation and growth in the sector, making EVM crypto a cornerstone of modern blockchain applications.

3. Does Bitcoin use EVM?

No, Bitcoin is not compatible with the Ethereum Virtual Machine (EVM). This is primarily because Bitcoin and Ethereum operate on fundamentally different blockchain architectures, which are not interoperable. Till recently, Bitcoin could not interact directly with EVM-compatible blockchains or utilize their features and functionalities. However, several protocols have been developed and are currently under research aimed at achieving interoperability between Bitcoin and Ethereum, or at the very least, allowing them to utilize each other’s functionalities.