IOTA Wallet

iota light wallet v 2.5.4This is for the moment the big weakness of IOTA for the average user : the actual IOTA wallet is not very practical. Moreover, new concepts introduced by this new technology are confusing for the newbie. However, the latest version of the wallet is functional : you can download it here  https://github.com/iotaledger/wallet/releases. Please use this link only to download IOTA wallet V2.5.6.

How to use the IOTA wallet ?

This is one of the main critics of this wallet : it’s not user-friendly, and it is true. First you have to generate yourself your “seed”. You can view your seed as a user name and a password all together. It contains 81 alphabetic characters plus the number 9. So the beginning of a seed can look like this : fzhazrf9ghpt9… You can create on yourself, or better use KeePass2 to create one. NEVER USE AN ONLINE SEED GENERATOR (see below) ! You are scared that someone could find it ? Rest assured, even if all the computers in the world would team up to try to find an existing seed, it would take almost an eternity (this video explains) :

One you have created your seed, you can enter into the wallet. We recommend you change the node because the first one of the list is usually overloaded since many people don’t bother to modify this. No address exists yet, you need to attach them to the tangle to activate them. One IOTA address can be used many times to receive funds, but once it has been used to send funds you should not reuse it again. Because doing so someone could guess the seed. Scary, yes. But this will be solved very soon with the brand new wallet that will take care of all of this.

The IOTA wallet is easy hackable ? Wrong

You can read on the internet quite some people claiming they have been hacked, they lost their IOTA coins, etc. There were issues with the very first versions of the wallet, like zero balance, this is true. But from my experience with the 2.5.4 version, those things have been solved. The reasons why Most of the people who lost coins are :

  • They used an “online seed generator”. THis is like paving a highway to your funds, as all the scammer (cause it is not even a hack) has to do is enter your seed delivered on a silver plate in the IOTA wallet client and transfer your balance to one of his address.
  • The computer was hacked : if you have a Trojan, hackers can tranfer yours funds. But this risk is shared by any crypto, when you have wallets on a computer you have to take security measures.
  • They sent IOTA several times with the same address. Some people will say the wallet should be made so that mistake is not made. This point is valid, hopefully it will be solved beginning of 2018 with the release of a “fool proof IOTA wallet”.

How to install and use IOTA wallet in video

Here is a step by step tutorial to install and use the IOTA wallet for the complete newbie :