Abstract
The three unique features include Recovery without recovery phrase, lower fees, and human-readable addresses, which are Argent wallet’s unique and attractive specifications.
The Argent wallet is the first smart contract wallet built on the Ethereum blockchain for Ethereum that supports the layer two zkSync blockchains. Argent is not only a non-custodial wallet that provides easy access to security features such as recovering a user’s wallet without a recovery phrase and decentralized applications. Hereunder, we will discuss what the Argent wallet is and what features it has.
What is The Argent Wallet?
The Argent wallet is a smart wallet software that enables users on Ethereum’s main net and Ethereum layer2 (zkSync) to use Web3 and DeFi applications. Users can Instal this mobile app (wallet) on Android and IOS operating systems. Argent is an English company that has successfully launched two wallets, Argent and Argent X.
The Argent wallet allows communication with two layers of the Ethereum network. Argent Vault mainly interacts with the Ethereum mainnet. In this segment, users can store Ethereum’s first layer tokens and interact with applications based on the L1. But the second layer is entirely about working with the zkSync network. However, users can use both networks through the UI and Argent application. Other Argent products include Argent X, a browser-based wallet for Starknet. Of course, the Starknet network is currently in the alpha test phase.
What are the Unique Features of the Argent wallet?
Argent is a “smart contract”-based wallet, advancing the security and usability of crypto wallets. These wallets offer various features such as recovering wallet without a recovery phrase and automatic blocking of fund transfers to untrusted contacts when private keys traditionally control most crypto wallets or can’t ban transferring funds to untrusted destinations.
In other words, Smart contract wallets are the advanced alternative to ordinary traditional crypto wallets. Smart contracts wallets provide users with more liberty and reliability; however, these characteristics might extend soon. This new creative generation of smart contract crypto wallets provides the possibility to plan, like what we will investigate below:
1. Multisig Security
The developer team of Argent wallet built this wallet on the Guardian system base. This system provides the possibility of recovering wallets from third-party devices, setting transfer limits, and blocking invalid addresses.
In fact, instead of the recovery phrase, users use their trusted devices and people and give them limited access to predefine certain latitudes already existing and defined on smart contracts. Users can always control the wallet or possibly can add or remove new guardians at any time.
2. To Set Transfer Limit
Users can set a limit for transferring funds from their wallets, which deprives hackers of stealing stored funds in wallets.
3. Approve Addresses
With a smart contract wallet, users can approve transfer funds regularly to known addresses.
4. Account Freezing
Users can freeze their accounts if they lose their smart devices or in case of stealing their smartphones.
5. No Transaction Fees
If users add meta-transaction, the Argent wallet lets them make the free transaction as a bonus.
6. Human-Readable Addresses
By using the Ethereum Name Service, Argent registers human-readable addresses, which gives users a free address they can share with others.
Is the Argent Wallet Custodial or Non-Custodial?
Argent is a non-custodial and open-source wallet. Argent safely stores Users’ digital assets in wallets on the blockchain, and they control their assets through the Argent app, while the wallet does not have access to the user’s assets. Also, no one (not even the developer team of team Argent) can prevent them from accessing users’ assets.
Disadvantages of Argent Wallet
This wallet’s recovery tools are unique and ingenious. Still, due to the long storage process and people unfamiliar with the procedure, that might result in some users dispense using this wallet. Another disadvantage of this hot wallet is the limitation in the number of supported networks.
On the other hand, Argent collects information such as time zone, IP address, device and browser you use, your interactions with the application (clicks, scrolls, and actions), etc. Also, the owner company passes users’ data to third parties such as contractors, business partners, advertising, etc., and the data analysis team, which may not be that suitable for users of this wallet.
Conclusion
Argent is a non-custodial hot wallet for use on smart devices such as smartphones, tablets, or Ipads that hands over control of assets and private keys to users. Argent currently supports Ethereum mainnet (L1), zkSync (Ethereum L2), and StarkNet (L2). Of course, Ethereum mainnet and zkSync use the same user interface called Argent Wallet. The Starknet wallet is called Argent X. In this article, we introduced Argent Wallet, its advantages and disadvantages, and how to work with it.