Blockchain Wallets On The Internet Computer

Introduction To Blockchain Wallets & Their Purpose

Most blockchain and cryptocurrency DApps require a specific wallet in order to engage with a certain blockchain ecosystem. And as a result, this has created “walled gardens” that make adoption more difficult.

For example, in order to engage in Ethereum-based DApps you need to download Metamask, however, for other apps users have to use Coinbase Wallet, Trust, Atomic, Enjin, Exodus, etc. These are all wallets that are used for different purposes and are compatible with different blockchains. Therefore, there’s not a one-size-fits-all solution.

Internet Computer Wallet Solution: Reverse Gas Model

The Internet Computer blockchain and tech stack fix this problem through a novel innovative solution called a “reverse gas model. The reverse gas model allows users to interact with a DApp without having to pay in tokens first. This is possible because the canister running the application is pre-loaded with Cycles that essentially pay for the user.

This type of model is conducive to adoption since it allows newcomers to more easily interact with Web3 apps that may otherwise be too technically difficult and timely to do for Ethereum-based apps.

For example, “you have to download Metamask and transfer tokens to Metamask from a centralized exchange before engaging in a specific DApp, or this DApp requires a Solana blockchain-compatible wallet, therefore, you have to download that wallet in order to use the DApp.”

So as you can tell, it’s not easy for beginners.

However, the Internet Computer does have wallets built on it that increase capabilities and functionality — for example, the Plug Wallet.

Plug Wallet is a one main wallet application in your browser or on your phone that manages all your assets such as Cycles/ICP/tokens, and NFTs). It also allows you to log into any Internet Computer app. Therefore, as said above, this allows users to not have to worry about having separate wallets for different apps and tokens, or also, having multiple identities per device/app such as with the Internet Identity.

To start using Plug you’ll have to go to their website and install their Google Chrome extension, and once you do that and sign up for an account, the Plug app extension will be in your Google Chrome toolbar and that’s where you can always find it. So after you have Plug you can freely use it with most Internet Computer applications and you can send and receive tokens such as ICP and Cycles, as well as various NFTs that are being developed and utilized on the Internet Computer. Below is a picture of what the wallet looks like in your browser.

So after you have this wallet you are 90% of the way to being able to use Internet Computer DApps like a pro. Stay tuned for additional ways to use this app within the Internet Computer ecosystem.