Yenten CPU Altcoin Quickstart -Episode #1 The Wallets
Yenten coin is the absolute #1 in the world of cpu coins — these are coins that are easy to mine on your laptop or PC computer. In order to join this vivid community of crypto enthusiasts everybody start with the first step — that is obtaining and using a crypto wallet.
Beware! No private key, no coins …
Before diving into wallet options and applications one important issue must be addressed. That is the security and the actual ownership of the Yenten coins. The moment you start using Yenten coins you must decide, whether you want to have full control over the coins or maybe you are willing to trust some third party to manage all technical aspects of the wallet. So in general there are two kinds of wallets:
- wallets hosted and managed by thirdparty entities. Such wallets are usually more friendly use, are easier to setup due to the fact that you don’t need to know and understand all underlying technical details (like private keys, blockchains, addresses, block syncing etc.). However, the reader must understand that in such wallet all the coins are fully controlled by the thirdparty. In the history of cryptocurrencies there are many sad stories about companies, that one day took all coins from their users and disappeared.
- wallets with your full control of the private keys. These are usually more harsh to use, require some basic knowledge of the cryptocurrency basics. However, such wallets provide all the security needed for handling coins, especially if you plan to have a large stash one day.
I would once again to stress that both kind of wallets can be used but the reader must understand eventual risks associated with each of the solutions. The final decision is up to the reader.
So here are main types of wallets available for Yenten users:
- core wallets for desktop
- web wallets for browsers
- exchanges’ wallets
- mobile wallets (as of today only for Android)
Ok, let’s hop into deeper review of possible wallet options.
Core Wallets — storing coins and helping Yenten network grow
Core wallets are the building blocks of the Yenten network. As of today these are desktop/server wallets run on you laptop/pc or cloud server. Beside handling your coins core wallets also propagate Yenten transaction within the Yenten network. Thus running a core wallet is a great help for the Yenten community.
Core wallets are easy to install but require time for syncing with the Yenten network. Syncing requires downloading the complete Yenten blockchain data with all Yenten transactions — so depending on your location and internet connection it may even take a couple of days to have you core wallet fully synced. There are ways to speed up this process — mainly by downloading blockchain snapshot — but make sure that you are downloading the snapshot from a trusted source and the blockchain data is not malformed.
Here is a nice explainer video about Yenten Core Wallet:
The basic functions of the core wallet include:
- managing your coins (balance, receiving)
- sending coins and making YTN payments
Pros & Cons of core wallets:
- pros — secure, full control over private keys
- pros — full support for anonymity (each time the change address is newly generated)
- pros — supports Yenten network and transaction propagation
- pros — advanced transaction options (fee modification, different types of transactions)
- cons — setup required, full blockchain download is a must
- cons — hd storage required for blockchain data
- cons — only desktop (linux, win, macos), no support for mobile
Core wallets can be downloaded from the official Yenten github repository releases page:
Releases · yentencoin/yenten
Revised as static const CAmount MAX_MONEY = 80000000 * COIN; in src/amount.h Revised several translations in Qt locale…
Web Wallets — quick and easy but with some risk
Web wallets are ideal for a simple trial of the coin. They require zero setup and are easy to use, however there is a risk associated with such kind of wallets. Mainly it’s really hard to be sure, that your private key is your’s only and nobody else has access to it. So web wallets are fine as long as you use them for small amount playing with the coin. Consider all coins stored in a web wallet as a potentially lost coins so you will never be disappointed.
Pros & Cons of web wallets:
- pros —quick setup
- pros — easy to use
- pros — accesible to mobile devices
- cons — potentially insecure, risk that your keys are sent somewhere
- cons — suitable only for on time transactions or small amount handling
You can try the Yenten web wallet (with all security related disclaimers described above) here:
Exchanges’ wallets — fine for trading, risky for HODLing
Usually when you are trading Yenten coin the wallet that is used for trading is stored and managed by the cryptocurrency exchange. So actually you do not have full control over your coins so as a rule of thumb you should hold only minimal, required for trading, amount of coins in the exchange’s wallet. So for instance if you buy a large stash of Yenten coins you’d better immediately transfer them to your private wallet (core or mobile) instead of storing the coins in the exchange.
Once again i would like to emphasize that there were and still are stories of exchange owners who took all their customers’ money and fled away. So do your trading and immediately transfer your coins to your safe wallet.
Pros & Cons of exchange wallets:
- pros — quick setup
- pros — easy to use
- pros — accesible to mobile devices
- cons — insecure, you DO NOT OWN the keys
- cons — suitable only for temporary storage of the coins that you wish to trade
Here are the exchanges, where you can trade Yenten coins and have your wallet there:
Mobile Wallet for Android
Mobile wallet is a lightweight alternative for core wallets. It is open source, so it’s secure (i.e. the community can check that the private keys are secured on the device) and you have full control over private keys. It’s great for addresses that you use for everyday transactions or for instance mining (so you can check everywhere the amount of coins that you hodl or mine). One added feature of the mobile wallet is the HODL passport functionality, which can protect your coins for a year or 3 years (similar to cold, hardware wallets).
Below is a list of wallet functionalities:
- sending coins to YTN address (entered manually or scanned via QR Code)
- sending coins to email address (i.e. for friends that are new to crypto)
- balance (in YTN coins and fiat — RUB, EUR, USD)
- transaction history and pending transactions
- HODL passports (1 year, 3 years)
Here is a short explainer movie:
Pros & Cons of mobile wallets:
- secure — you own the keys
- pros — quick setup & easy to use
- pros — native to mobile devices
- pros — HODL your coins (as hardware, cold wallet)
- pros — sending coins to your friends via email
- cons — limited to one selected address
- cons — only base transactions allowed (sending coins to single address or email)
Here is the link for the mobile wallet at Google Play Store:
yVault - Yenten Coin Wallet and cold HODL machine - Apps on Google Play
yVault is a mobile wallet for Yenten cpu coin. Receive, send and manage your coins with yVault wallet. Fully secure …
References and further reading
- Official Yenten coin webpage
- ObserverYenten Twitter account — Yenten news from the community
- Yenten Community Discord active chat channel
- Community articles