Yenten CPU Altcoin Quickstart -Episode #1 The Wallets

Beware! No private key, no coins …

  • 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.
  • core wallets for desktop
  • web wallets for browsers
  • exchanges’ wallets
  • mobile wallets (as of today only for Android)

Core Wallets — storing coins and helping Yenten network grow

A screenshot of the Yenten core wallet
Core wallet main UI
  • managing your coins (balance, receiving)
  • sending coins and making YTN payments
  • 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

Web Wallets — quick and easy but with some risk

UI of the Yenten web wallet application
Yenten Web Wallet Main Screen
  • 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

Exchanges’ wallets — fine for trading, risky for HODLing

CREX24 Exchange Wallet View
Graviex Exchange Wallet View
  • 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

Mobile Wallet for Android

  • 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)
  • 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)

References and further reading

Previous issues of the YTN Observer magazine

March 2021

Feb 2021

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Cryptocurrency freak. Freedom, ecology and free market above all.

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Yenten Observer

Yenten Observer

Cryptocurrency freak. Freedom, ecology and free market above all.

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