Jaxx Liberty Wallet
Jaxx Liberty Wallet is a decentralized, multi-currency wallet developed in Canada back in 2014 by one of Ethereum’s co-creators, Anthony Di Iorio. Initially known only as Jaxx Wallet, it was rebranded and upgraded into the Jaxx Liberty Wallet. Available for Android, iOS, Mac OS X, Windows, Linux, or as a Google Chrome extension.
Acting as a hot wallet that offers an intuitive design, Jaxx Liberty is a good match for investors of all skill levels. It allows you to take determined actions in the app itself. It doesn’t need to download the entire blockchain in order to work.
Jaxx Liberty Features
Jaxx Liberty is a hot wallet, meaning it’s always connected to the internet. That said, it has its own set of pros and cons. It supports up to 80 types of coins and tokens, working well with the likes of BTC, ETH, LTC, and other coins. Jaxx Liberty facilitates ShapeShift transactions.
Advantages:
Light Node
Jaxx Liberty doesn’t download the entire blockchain with their light node feature. You can request information from full nodes.
Interface
Jaxx Liberty provides a comprehensive dashboard, diagrams, and even live charts to make investing with crypto more intuitive!
Multi-Coin Support
Operates even with 40 different assets in the same software.
Built-In Exchange
Jaxx features a built-in exchange that helps you save time while exchanging your funds.
Help Desk
Find yourself a little lost? Make use of Jaxx’s 24/7 help desk in order to seek advice or recommendations on how to solve most of your issues.
Disadvantages:
Closed Source
Closing the project’s program code can cause some users to question the process.
SFA (Single-Factor Authentication)
There’s no 2-FA to provide an additional layer of security. Users need to be extra careful with storing their funds.
High Built-In Exchange Fee
When it comes to small amounts, it may not be conducive to use due to the exchange fees.
Boosting your Privacy and Anonymity:
For most cryptocurrencies, privacy is often relegated to the coin and the network, with wallets only used to manage and access your funds. Wallets help keep users private and anonymous by implementing certain measures such as changing the recipient's address during the transaction. Aside from the features embedded in the app, you can also look into the following in order to get more privacy benefits:
Hierarchical Deterministic (HD)
These can help keep your start and end points private from the public ledger. With this, a seed generates random address pairs so all your transactions will use a different public key.
Tor Network
Using the Tor network can help boost your privacy by encrypting traffic whenever you use it, making it almost impossible to trace the activity.
VPN Servers (Virtual Private Network)
VPNs encrypt all your internet traffic and distinguish it using several servers. This makes it difficult to trace the address from where you broadcasted your transaction.
FAQ
You still retain full control over your private keys, as well as the ability to import and export them to or from other wallets. The app itself is also updated automatically, informing you with a pop-up window if it’s ready.
That said, Jaxx Liberty Wallet is still a hot wallet, meaning operations are still online, which still puts them at risk from online attacks. You still have a responsibility to keep your own private keys safe such as keeping your backup phrase off the network and by not storing large amounts of currency in the platform for too long.
Yes, though the fees do not go to Jaxx Liberty and instead, acts more as an insurance in order to have the network execute the transaction quickly and reliably. Transaction fees apply to any transaction using any digital crypto asset in the wallet, which goes directly to the miners for their work.
You can try exchanging your coins for other top coins like Bitcoin or Ethereum, then send the result to an exchange in order to list them for sale. You can also find an exchange that supports your coin and send it there directly, instead of converting them to a different currency. It’s ultimately up to you.
