To make it as easy as possible for you to find the best Ravencoin Wallet, we have created the following Wallet-Guide for RVN. In this article we show the best Ravencoin Wallets, sorted by Hardware-, Desktop-, Mobile- and Online Wallets. Before we introduce you to the individual wallets, however, we would first like to give you an introduction to the topic of wallets and explain the basics of crypto wallets. If you like, you can also skip this part (click here) and jump directly to the best hardware wallets for Ravencoin.
In addition to the theoretical introduction to the topic, we would like to give you two practical recommendations:1.Even before you buy Ravencoin, you should already have set up a Ravencoin Wallet. If you buy Ravencoin from a broker, you can enter your own wallet address directly at the time of purchase. This may save you unnecessary fees. 2.Although cryptocurrency exchanges and their wallets are the easiest and fastest way to store your Ravencoin, you should use another external wallet. The storage of RVN on the wallet of a cryptocurrency exchange has two major disadvantages: On the one hand you give the private key to the exchange, on the other hand cryptocurrency exchanges are very popular targets for hackers, which could even lead to the theft of cryptocurrencies at large exchanges such as Binance.
The best Ravencoin hardware wallets
Hardware wallets are the safest option to store Ravencoin’s private key! According to the terminology of a cold wallet, the hardware wallets store the private keys offline. This means that the private keys themselves never connect to the Internet during the execution and confirmation of a transaction.
This is realized by the fact that the operating systems of the hardware wallets are designed in such a way that only “non-critical” components go online to retrieve and receive the data from the blockchain. This security mechanism means that hackers have virtually no chance of accessing the private key.
The best hardware wallets are also protected against “analog” theft. If a thief steals the device, they offer both PIN and 2-factor authentication protection. This means that the Ravencoin is well protected even in the event of physical theft. The only “real” disadvantage of hardware wallets is that they are not free. In addition, however, the advantages clearly outweigh the disadvantages:
Below we present the two best hardware wallets for Ravencoin. This is only a Top-2, since there is currently no other manufacturer of hardware wallets than SatoshiLabs (Trezor) that supports Ravencoin. Ledger is currently working on the implementation of RVN, but was not finished at the time of writing. You can follow the current processing status here (click!).
1.Trezor Model T
The Trezor Model T was launched May 2019 and replaced the Trezor One. The new flagship of SatoshiLabs offers numerous new functions and a larger number of supported cryptocurrencies. Together with the Ledger Nano X, the Trezor Model T is one of the best hardware wallets on the market. The new features include:
- Touchscreen: A new feature is a touch screen which must be used to release the transactions on the device.
- Firmware Upgrade: Trezor Core has been improved for security reasons.
- More powerful processor: The processor is significantly faster than its predecessor, making operation even smoother.
- Card slot for Micro-SD: New is also a Micro-SD card slot, which can be used for data encryption.
- USB-C port: The “old” USB port has been replaced by a new USB-C port.
Ravencoin can be managed via the third-party software, the Mango Wallet, via the two Trezor hardware wallets.
The Trezor One (formerly only Trezor) is probably the best known Ravencoin hardware wallet on the market because it was also the first hardware wallet. The wallet was first published in 2014 by SatoshiLabs, a company based in the Czech Republic. SatoshiLabs claims that its hardware wallet is the most trusted and secure way to store your Bitcoins. More than a million Trezor One buyers have already believed this promise.
The best desktop and mobile wallets for Ravencoin
Desktop and mobile wallets are among the hot wallets and are programs that are installed on a computer or smartphone. The private keys are usually stored encrypted on the device (in a separate file) so that the user interface, the wallet, can access them and sign and release a transaction with them.
In contrast to hardware wallets, they have the disadvantage that the private keys are stored on a device that is at least temporarily connected to the Internet. However, it is also important to mention that the private keys are “at least” stored on your own computer and not on a company server, such as an exchange wallet. Thus, only the user of the Wallet and no third party, not even the developers, has access to the Ravencoin.
This makes the security of the desktop and mobile wallets considerably higher than that of an exchange wallet. However, this advantage also entails a great deal of responsibility. Since the private keys are stored on the user’s own computer or smartphone (encrypted), the user himself is responsible for protecting the private keys from hackers using anti-virus and anti-spyware software. All in all, however, desktop and mobile wallets offer the highest security standard among the free wallets.
1.Official Ravencoin desktop wallet
The best and mostly safest option for a free wallet are the official wallets of the developers of the cryptocurrency. This is also the case with Ravencoin. The official RVN Wallet is our first choice available for Windows, Linux or Mac OS. It is important to know that this is a full node wallet that downloads the entire blockchain.
Especially for newcomers and occasional users this is probably a considerable disadvantage, because not only the entire blockchain has to be downloaded, but also a continuous synchronization is necessary. At the time of writing, Ravencoin recommended at least 8 GB of free memory, which will increase over time.
A big advantage of the wallet, on the other hand, is its safety. As it is the official wallet of Ravencoin, users can be sure that the code of the wallet will be constantly developed further. Furthermore, the private key is stored exclusively on the desktop PC in encrypted form. In addition, the wallet will always support the latest Ravencoin features. In the event that the computer is defective or the wallet is to be installed on another device, a backup seed can be created.
To download the wallet you can visit the official website of Ravencoin.
2.Mobile wallet for Ravencoin
The same technical descriptions that apply to the Desktop Wallet also apply to the mobile version of the Wallet. However, there is an advantage. The mobile Ravencoin Wallet is a “Light Client”. This means that in contrast to the desktop wallet, the entire blockchain does not have to be downloaded and continuously updated (which would be technically difficult with a smartphone).
However, the mobile version of the official Ravencoin Wallet can also offer the same high level of security. Updates for the mobile Ravencoin Wallet will also be published regularly by the developers of Ravencoin. In addition, the private keys are stored exclusively on the smartphone, for which a backup can also be created.
In addition, the Wallet App can be protected with a PIN to protect it in the event of physical theft. It is worth mentioning that the app was financed by Medici Ventures, a venture capital division of Overstock.com. It can be downloaded from the App Store or Google Play Store.
The Trust Wallet is a Multi-Coin-Wallet especially developed for Smartphones (iOS and Android), which is developed by a company called Six Days LLC (US Office). It supports 42 cryptocurrencies and over 2,000 different ERC20 tokens. The name of the wallet (“Trust”) should already indicate the focus of the wallet on which the developers have placed their focus: Security and anonymity.
According to these requirements, the Trust Wallet was audited by the security company Stateful. In addition, the wallet operates in a server-free environment so that each wallet is installed locally and the private keys are stored locally only. This means that neither the developers nor third parties have access to the private key. In addition, the Trust Wallet can convince with the following additional features:
- Integration of a decentralized exchange: The wallet has integrated the decentralized exchange of the Kyber Network.
- Use of FaceID and TouchID: In addition to the classic authentication methods, FaceID and TouchID can also be used to protect the wallet.
- Real-time portfolio: View the entire crypto portfolio and its value in real time
- Push notifications: Push messages can be activated to be informed about transactions.
The download links can be found on the Trust Wallet’s official website.
The Edge Wallet is also a mobile wallet available for Android and iOS. In addition to Ravencoin, it can manage 23 other cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Monero and Dash. A special feature, which sets the wallet apart from other competitors, is the possibility to transfer US-Dollar and Euro to the wallet and buy Ravencoin.
In addition, it has a good safety standard. This allows 2-factor authentication, a PIN and a Touch ID to be set up to protect the account. Very practical for owners of several smartphones is also that the wallet can be used from several end devices. This is possible because the private keys are not stored on the user’s device.
According to Edge developers, storing the user’s private key leads to a security vulnerability because malicious applications with access to the device’s memory can easily access the private key. To further increase security, the Edge Wallet stores the user’s password on a corporate server using a CPU- and memory-intensive algorithm (Scrypt) in the form of a pseudo-random number.
To download the wallet you can visit the official website of the Edge Wallet (click!).
The Exodus Wallet is a popular Multi coin wallet that can manage more than 100 cryptocurrencies. It is one of the oldest Multi coin wallets on the market and was released in July 2016. The wallet comprises three main components: the multi-join wallet, a portfolio tracker (in 30 Fiat currencies) and ShapeShift as a cryptocurrency exchange platform.
The security and anonymity of the wallet is basically good. The private keys are stored exclusively locally and encrypted on the user’s computer. No personal data will be requested before the download. Nevertheless, we have two criticisms of the Exodus Wallet:
- Backup function via e-mail: Sending the backup by e-mail is potentially unsafe.
- No 2-factor authentication (2FA): Since there is no 2FA, hackers “only” need to crack the password via the e-mail and then have full access to the wallet.
If these are not K.O. criteria for you, you can follow the following link, which will take you directly to the official website of the Wallet (click here!). The Wallet is available as desktop version for Windows, Mac and Linux. Smartphone versions for iOS and Android are also available from the App Store.
Further wallet options for Ravencoin
1.Pocket Raven – Web wallet
The Pocket Raven is the official web wallet of Ravencoin. It offers the advantage that it is set up super fast and does not require the user to install regular updates (like a desktop or mobile wallet). In order to create the wallet, it is sufficient to assign a user name and a password. So it is a very simple option to use a Ravencoin wallet.
In contrast to other online wallets, the private keys are not stored on a corporate server. According to the Pocket Raven website, the developers of the wallet never “see or store” the private keys. In addition, the CloudFare service uses Full SSL and, according to its own statements, logs almost nothing (only the accesses, but not the IP addresses).
The weak point for the security of the Pocket Raven Wallet is the user’s computer. The private keys are stored in the user’s browser. Accordingly, it is the user’s responsibility to ensure that there is no malware on the PC that reads the keys from the browser session or from the cache. It is also the responsibility of the user to keep the private key in a safe place as there is no guarantee that Pocket Raven will be available forever.
2.Ravencoin paper wallet
The Ravencoin Paper Wallet is also advertised on the official Ravencoin website and is an open source project available on GitHub. By moving the mouse or entering a random text, the private and public keys are generated. Once generated, the two keys (and their respective QR codes) can be printed out and should be kept in a secure place in multiple copies.
The Paper Wallet is an extremely secure way to store Ravencoin, as the private key is stored offline. However, you should be aware that using a paper wallet only makes sense if you do not want to send the Ravencoin (RVN) for a long time. To send RVN to another wallet, e.g. Pocket Raven, is necessary. Afterwards you should always recreate the paper wallet (because there was a connection to the internet).
When creating the keys for the Ravencoin paper you should also pay attention:
- Always generate the keys offline. This is possible by disconnecting the internet connection or downloading the wallet file from GitHub and running it offline.
- Once you have created the keys, you should make several prints and keep them in different places. In addition, you should not store the data on a computer, because they are unencrypted and therefore easy to steal.
The most commonly used type of wallet is probably the exchange wallet. They offer the great advantage that users can trade cryptocurrencies without any detours. Despite this considerable advantage, we do not consider them suitable for the long-term storage of Ravencoin, as they have some serious disadvantages.
The biggest disadvantage is that the private keys come into the possession of the cryptocurrency exchange. As a result, users must be confident that the exchangeswill store their private keys securely and protect them from hacker attacks in the best possible way. However, as numerous successful hacker attacks in the past have shown, cryptocurrency exchanges do not always succeed. Even Binance was hacked in May 2019, with 7,000 BTC being stolen.
That is why exchange wallets are by far the most insecure way to store cryptocurrencies. You should therefore only store your Ravencoin on a cryptocurrency exchange as long as you trade. In addition, you should only choose established exchanges and brokers such as Binance, Coinbase, CEX or the European brokers Litebit and Coinmerce.
Further important information about the Ravencoin Wallet Test
The information in this article has been compiled by us to the best of our knowledge and experience. However, despite all efforts, you should always gather further information and test different wallets to find the best wallet for you.
If you have any questions or suggestions regarding our Ravencoin wallet review, please feel free to leave us a comment. We’ll be glad to help you! Besides, we’d appreciate it if you’d give us a positive evaluation.