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Author Topic: What features do you miss in Cryptocurrency Wallets?  (Read 101 times)
MetaHash
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May 22, 2018, 10:22:08 AM
 #1

Hi, we are currently finishing development of #MetaGate: multicurrency Wallet + dAppStore.
I wanted to ask you if you have some features you need in a Wallet, but they are not currently present or wrongly executed to add this features to our Wallet?

Launching 1st version of our Wallet this Month for Win/Mac/Unix, that will support Bitcoin, Ethereum, MetaHash at start.
Android/iOs and other platforms later on.

We have added some new features like:
- adress books
- currency price chart
- automatical Token addition
- multi-wallet support for each currency

#MetaGate will be a part of http://metahash.org project
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May 22, 2018, 11:27:43 AM
 #2

What i think should additionally be included into a 'good' wallet :
  • Coin control feature
  • Signing/Verifying messages
  • Easy way to backup/restore private keys / seed
  • Automatic fee estimation + ability to set own fee
  • Ability to request funds (e.g. display QR code with payment request)
  • Encryption of the wallet
  • Anti-bruteforce mechanism on short passwords (e.g. 1000 encryption rounds)
  • Nice (adjustable) User interface!

If your wallet does have all the functionality and is open source, i'd say it is pretty much perfect.

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May 22, 2018, 11:59:50 AM
 #3

Thanks for the list! We lack a couple of features from it and will see if we can add them.
Yes, it will be open source.
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May 23, 2018, 10:41:50 PM
 #4

Mycleium's cold storage spending function is pretty unique as far as I know and something I used a fair bit in the past.

If Mycelium goes, and it's getting increasingly weird, then that's a feature that would be missed even if you're not supposed to be reusing your addresses.

Also incorporating Bitpay's BIP70 standard thing so you can spend BTC and BCH seamlessly with them. They have a short list of approved wallets and you're a bit scuppered with a wallet that doesn't comply. I know they're pricks but they're still the number one payment processor a spender will encounter.

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May 23, 2018, 11:15:33 PM
 #5

What i think should additionally be included into a 'good' wallet :
  • Coin control feature
  • Signing/Verifying messages
  • Easy way to backup/restore private keys / seed
  • Automatic fee estimation + ability to set own fee
  • Ability to request funds (e.g. display QR code with payment request)
  • Encryption of the wallet
  • Anti-bruteforce mechanism on short passwords (e.g. 1000 encryption rounds)
  • Nice (adjustable) User interface!

If your wallet does have all the functionality and is open source, i'd say it is pretty much perfect.
These features actually has it all which considered to be a perfect wallet(In my own view). Basing up on the ranking i would always prefer that Automatic fee estimation+ ability to adjust fee  and of-course encryption would always be the feature shouldnt really be outlisted. If these features will be applied on a new wallet then theres no doubt i would definitely use this thing. All the things i do like had been mentioned by bob123 so theres nothing i can add up but to agree on things he said.

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May 24, 2018, 10:07:36 AM
 #6

A couple of extras things to consider (in no particular order)....
  • "Full" SegWit support (for both P2SH-P2WPKH and bech32)
  • Support for Hardware Wallets like Ledger Nano S and Trezor T/One
  • Ability to specify derivation paths when importing (BIP39) seeds


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May 25, 2018, 08:45:10 AM
 #7

The thoughts above for "normal perfect wallet." but then you will repeat the regular wallets.
Here are these suggestions that may be of benefit to you in marketing:
 
 -1 Built on privacy: You can collaborate with any mixer to add an extension in your wallet, the client can control the privacy without being sent to any third party.
 -2 Save the sender's address: Instead of pasting the usual address, the wallet can remember the address. The user writes the name of the receiver.
 -3 Bech32 support.

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May 25, 2018, 08:51:40 AM
 #8

Thanks, for the features!
We already have: fee estimation and tuning, current coin/token value.

Adding to the list for feature releases:
- additional encryption key on flash drive for all keys in storage
- hardware wallets support

Later on:
Custom transaction to new wallet of the wallet rest funds.

We'll share the first version of the software in nearest 2 weeks to test it.
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May 25, 2018, 12:33:59 PM
 #9

Apart from the above features:

  • Built in exchange (without using a third party exchange)
  • Ability to send/pay to many
  • Ability to label transactions

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May 25, 2018, 01:17:27 PM
 #10

Quote from: SFR10
  • Built in exchange (without using a third party exchange)
Atomic you mean?
Don't you think for a Wallet it's more reasonable to let the user choose the exchange service to use?
We'll have built in Apps of different exchanges.

Quote from: SFR10
  • Ability to send/pay to many
Will be in Pro version. A version for users that need more complex tasks.

Quote from: SFR10
  • Ability to label transactions
We have an adress book of Wallets.
You want to label individual transactions for history?
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May 25, 2018, 03:38:29 PM
 #11

Atomic you mean?
No (even though I like the idea behind atomic swaps), I meant for the exchange process to happen by "MetaGate" itself (instead of relying on other crypto exchanges).

Don't you think for a Wallet it's more reasonable to let the user choose the exchange service to use?
We'll have built in Apps of different exchanges.
You have a point (as long as we get to choose from multiple options, then there's no need for what I suggested).

You want to label individual transactions for history?
Yes.

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June 05, 2018, 02:49:18 PM
 #12

Hi, we are currently finishing development of #MetaGate: multicurrency Wallet + dAppStore.
I wanted to ask you if you have some features you need in a Wallet, but they are not currently present or wrongly executed to add this features to our Wallet?

Launching 1st version of our Wallet this Month for Win/Mac/Unix, that will support Bitcoin, Ethereum, MetaHash at start.
Android/iOs and other platforms later on.

We have added some new features like:
- adress books
- currency price chart
- automatical Token addition
- multi-wallet support for each currency

#MetaGate will be a part of http://metahash.org project

One unique thing I want to see implemented in the crypto wallet, is the ability to call back a transaction within certain hours. One reason why scam is rampant in crypto is because the moment you send, you are not getting or it back and this have made people to start looking for solution outside the system by bringing in human capital to act as escrow. If this is inbuilt, the cost of hiring an escrow and the risk associated with it would be avoided.

Another is an embedded crypto exchange site with decent fees will go a long way of reducing the cost of moving coins everywhere. I have to pay transaction fee to send my coins to an exchange sites then pay another fee when I want to withdraw which can be avoided if my app can serve as a wallet in my hands and the same time a market too. If this is not too much, I think its going to be a great idea to have these features
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June 06, 2018, 04:24:18 AM
 #13

One unique thing I want to see implemented in the crypto wallet, is the ability to call back a transaction within certain hours. One reason why scam is rampant in crypto is because the moment you send, you are not getting or it back and this have made people to start looking for solution outside the system by bringing in human capital to act as escrow. If this is inbuilt, the cost of hiring an escrow and the risk associated with it would be avoided.
By implementing such a system, all you really achieve is shifting the risk from the sender to the receiver... and opening them up to "charge-back" fraud. It doesn't really solve the problem Sad

In any case, due to the fundamental way that the Bitcoin network operates, the only way you could actually implement a "call back" system would be to simply delay broadcasting of the transaction... which would have a negative impact on the confirmation time... which wouldn't achieve anything, as no-one is going to send items out etc without confirmations. At which point, you can't call back a transaction.

Unfortunately, the only practical solution I can see for both sender and receiver to minimise the risk is by use of a trusted escrow. Undecided

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June 06, 2018, 04:53:09 AM
 #14

One unique thing I want to see implemented in the crypto wallet, is the ability to call back a transaction within certain hours. One reason why scam is rampant in crypto is because the moment you send, you are not getting or it back and this have made people to start looking for solution outside the system by bringing in human capital to act as escrow. If this is inbuilt, the cost of hiring an escrow and the risk associated with it would be avoided.

you can't implement this in a wallet. you need to implement it in the cryptocurrency itself and one of the main features of bitcoin and others is that they are not reversible and that has been a good thing because it has eliminated a lot of scams.
as for escrow you don't have to use a third party, you can always use a 2 of 2 multi signature address (you hold one key an they other party holds the second key). and although it is not as convenient as using an escrow with 2 of 3 multi sig but it can be done.

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