Ethereum wallets - Email-password generated accounts

[casperBGD]

Presumably, the crypto market is going mainstream, and this will probably include more general users, that do not know much of block-chain and crypto-currencies, or they are not willing to learn about crypto-currencies to be able to use the platform, their intention is to have a service similar to current system with username and password, instead of public and private key, consisted of long hexadecimal codes, that are hard to store and remember

i do not think that this is the best way to interact with block-chain, and i do think that holding your private key is the best way to store your funds, but for a general user, it is too complicated, and they would not even start to use the service, until it is more user-friendly

Here i will sum up four wallet alternatives, that let you use the block-chain, with username and password log-in option, and optional 2FA authentification

1. TORUS
website - https://tor.us/
sign-up options - google, facebook, twitter, discord account and almost all social network accounts available, image below

supported crypto-currencies - ETH, Collectibles ERC-721

2. FORTMATIC - now MAGIC
website - https://fortmatic.com/
sign-up options - e-mail or phone number, with PIN-code and 2FA authentification

supported crypto-currencies - ETH and all ERC-20/ERC-721 tokens

3. PORTIS
website - https://portis.io/
sign-up options - e-mail

supported crypto-currencies - BTC, ETH, POA, RSK, xDAI, EOS

4. AUTHEREUM
website - https://authereum.com/signup
sign-up options - e-mail

supported crypto-currencies - ETH, ERC-20
Authereum requires users to claim - auth.eth domain, and during registration one have to pay a fee for registration

[Bitcoin_Arena]

Presumably, the crypto market is going mainstream, and this will probably include more general users, that do not know much of block-chain and crypto-currencies, or they are not willing to learn about crypto-currencies to be able to use the platform, their intention is to have a service similar to current system with username and password, instead of public and private key, consisted of long hexadecimal codes, that are hard to store and remember

Sounds like Coinbase.com and Blockchain.info allover again. Web wallets that require one to sign in are extremely dangerous. The only pro I see is that they are easier to get familiar with for people new to cryptocurrencies but a side from that, there are a ton of cons, like

• They are always custodial, Not you private keys, not your money
• Prone to phishing attacks
• Always demand for KYC
• User funds can easily get blocked at anytime by the owners of the wallet
• In case the service is hacked, use funds can easily get drained away by the hacker. If the service suddenly shuts down, the user funds are also gone in a blink
• Sometimes email service providers fail to push email confirmation messages, this means the user can not access their account. This is a common problem with blockchain wallet

I would never encourage newbies to use such wallets.

[Husna QA]

Presumably, the crypto market is going mainstream, and this will probably include more general users, that do not know much of block-chain and crypto-currencies, or they are not willing to learn about crypto-currencies to be able to use the platform, their intention is to have a service similar to current system with username and password, instead of public and private key, consisted of long hexadecimal codes, that are hard to store and remember
-snip-

Besides the convenience and advantages offered, you should also explain the disadvantages and risks for users using the web-based wallet. So beginner users can also get educated about the security of a wallet behind a user-friendly interface.

The private key of a wallet is not to be remembered but stored on the media and in a safe place for wallet recovery.

[OcTradism]

I never consider to use any wallet if I have to go through KYC procedure just to use that wallet. No matter how convenience it looks like or claims to be by having multiple coins or tokens.

Being my own bank is the first thing I consider. I can accept KYC if I decide to use exchanges but for wallets I never accept it.

The DeFi projects and swap pools make people more easily to waive their privacy and control on their funds. I don't trust those swap pools and smart contracts they use.

[cryptoaddictchie]

So thats how torus and formatic wallet. Since I always used uniswap these 2 wallets are always on thr option when I am going to participate on any sale conducted on their platform however aside from trust wallet and metamask. So indeed its centralized wallets, like the most famous taglined not your key and not your coins. Maybe I'll stick on what I am using even though soemtime there are glitches or error at least I still hold the key to my wallets.

The DeFi projects and swap pools make people more easily to waive their privacy and control on their funds. I don't trust those swap pools and smart contracts they use.

This is unless you are using a none audited platform and using any of these mentioned wallets above. Risk is high over to some bugs being seen resulting to hacked and breached.

[pakhitheboss]

No, this is not correct.

It might be uncomplicated for a newbie to use these wallets but, it is very complicated to recover your funds from these wallets.

All of them are custodial wallets and what we promote here in this forum is to use a non-custodial wallet. We also recommend everyone to avoid hot wallets and use a cold wallet, I am sure all of them listed here are hot wallets.

I never consider to use any wallet if I have to go through KYC procedure just to use that wallet. No matter how convenience it looks like or claims to be by having multiple coins or tokens.

I am not sure whether all of them are asking users to complete KYC but if they are then it is better to avoid them.

[boyptc]

They may be easier to use and good for newbies. But there's MEW which is also an easy wallet to use.

It's still up to them which is the best option but for Ethereum wallet, I'll choose to use MEW. I find it the easiest to use.

[erikoy]

Good found OP, I think this could be useful in the future. This is still subject for improvement but I do believe that google wallet could go farther and could also influence a lot of people out their as they had a vast of audience or users in their platform. It could also be use as a way to get payment for their platform. As we all know that google too accept payment to sites that needing their platform. This is a good move and hopefully other social media platform like youtube, facebook, twitter and etc. will follow.

[aemma]

I was just thinking over everything, like how can one get involved with something he has little to no knowledge of? I do think that for anyone to get involved with crypto, the first thing to do is to be educated and this encompasses knowing how to create a personal wallet, how to safeguard the keys and many others, with this knowledge the person will be best suited to know what form of wallet is better and the one that aren't. It has been said many times that, any wallet that do not allow you to own your private keys is dangerous because manipulation, hacks etc can take place.
From another point, more of centralized exchanges are getting hacked more than decentralized exchanges because on one hand, the exchange houses the users funds while on the other, the user is responsible for where he imports his wallet to trade. So this means that, owning a wallet that gives you permission to own your wallet keys, also makes it possible for you trade on Decentralized Exchanges securely.
Therefore, I stand with the fact that, private keys options is far better than web wallets options, because once the email is compromised, the wallet is lost, but same can't be said of its counterpart.

[casperBGD]

Addtionally, user don't need to deal/remember private/public key at all. Backup 12/24 mnemonic (also called recovery phrase, seed, recovery words, etc.) is that's all people need to do.

i do agree on this one, but on the other hand, i really do not think that it is possible to have all people using crypto memorize and store their backup phrase, it is just to much risk that you will lost it, or it will be stolen, to be used by general population
from my point of view, for mass adoption, wallets like these presented are needed for people to jump in into crypto, just look at paypal, they have user base, sell only BTC price, you do not get BTC, nor wallet address, nor any key, but nevertheless there is a tone of people buying BTC on paypal

[ekeh]

That is very risky to use email password for ethereum blockchain wallet address, I'm not in support of that, I prefer metamask wallet, where phase and private key will be generated, and it more secure than any other methods.

[benthach]

if the project don't have and can't produce it own secure wallet then no reason to use it, vulnerable and hack just await and abundance from all the holes.

[kramat]

I have never used a wallet that uses email like this, will it be safe? because we all know that there are a lot of scammers who send phishing by email. Is the private key also available in it?