Bitcoin core and Electrum still remain to be the most popularly used cryptocurrency wallets but to counter some of their shortcomings, many new wallets have also come up.
We are going to review one such wallet – Exodus. The main reason for introducing this wallet was to focus on making cryptocurrency as easy and non-technical as possible to enable mass adoption.
What is Exodus?
Exodus is a desktop wallet, with a versatile design and with multicurrency features. The wallet is designed to provide you with complete control over your cryptocurrency assets as it supports multiple cryptocurrencies like Bitcoins, Litecoins, Dash, and Ethereum.
Like various other desktop wallets, Exodus runs directly on your machine and stores your crypto assets directly on your machine. As it is a lite (portable) wallet, you don’t have to download the complete blockchain on your computer when you use Exodus.
The major reason for its popularity is its user-friendly interface. Both newbies and experienced users have reported that this wallet is intuitive and they can navigate through it easily.
Additionally, Exodus is the first wallet that provides full compatibility with ShapeShift which is a popular instant exchange for a notable number and types of cryptocurrencies. This provides maximum compatibility to Exodus, allowing the exchange of various cryptocurrencies easily.
Apart from this, Exodus is designed to maintain compatibility with the following popular Operating Systems:
- Windows(64 bit)
Currently, the wallet is available only for desktops. However, the team is planning to launch a mobile version for devices based on the Android and Apple iOS operating systems in near future.
Being a service provider, Exodus charges fees when they process your payments. The payments are actually paid to the blockchain’s network like the Bitcoin protocol, Litecoin etc and are not kept by the wallet itself.
The changes in the blockchain network are tracked and analyzed by Exodus to regulate the processing fee, making it impossible for the users to manually set the fee and consequently, making it extremely hard to cheat the system. This ensures greater speed and reliability to the system, which is the highest priority of the wallet.
The wallet generates revenue for itself by taking a small portion of the spread across certain major asset exchanges. Its commission usually ranges from 1-3%.
Exodus, being a multi cryptocurrency wallet, supports various currencies. Few of which are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dash (DASH)
- Golem (GNT)
- Augur (REP)
- Decred (DCR)
- EOS (EOS)
- Aragon (ANT)
- Gnosis (GNO)
Since security is the first and the foremost feature which should be considered by the users in any wallet, the developers of the exodus wallet have focused a lot of effort on this. The wallet, being a desktop wallet, encrypts all block-chain assets and stores them directly on the computer, providing a complete user control to the assets at all time.
Since computers are machines and are liable to breakdowns, the security feature of the Exodus wallet has incorporated a workaround for this as well. For times, when the system may breakdown due to faults, the backup system of the wallet comes handy. Additionally, the backup system does not store any of your keys so it is safe from a security point of view as well.
To enhance the security system, the Exodus team provides you with an email containing a secure link to gain back the lost access to your wallet in case of any unforeseen circumstances. The link provided is protected by a 12-bit long passphrase and an Exodus ‘key’.
Recently, a new feature has also been added to the features bucket list of the wallet, wherein you can restore your 12-word long passphrase by clicking a button on the password screen.
Even though it provides these features and security aids, the Exodus wallet is criticized for not providing the two-factor authentication. The two-factor authentication is an important aspect in the security features these days and is, therefore, should be provided by all the wallets by default. This is a major the drawback of the wallet.
How to download the wallet and use it?
The Exodus wallet can be accessed directly from the main website of the company. The home screen of the website provides a link to download the wallet to your desktop directly or you can directly go here.
When the wallet is loaded for the first time, you will be directed to the assets page. This page displays all your holdings and displays them in the form of a well-built, user-friendly pie chart.
The next tab is the actual wallet that shows your 5-coin possessions and their values. It displays the worth of the coins in trivial currencies and displays all transactions done under that crypto coin.
The next tab allows you to exchange your coin possessions with other crypto coins you’d like to have. This exchange feature is provided by SpaceShift. In the final tab, which is settings, you can select what assets should be displayed and also customize it by choosing from the wide range of themes available within the platform.
Transactions can be done very easily and quickly using the Exodus wallet. To send the funds, go to the wallet tab and select the asset you want to send. Then, enter the recipient’s address and click ‘send’.
To receive assets, click on the wallet tab and then on the asset you want to receive. When you click on the asset, your address for that asset is generated and displayed. This can be copied and sent to the sender.
Pro and Cons
<li>Supporter of multiple cryptocurrencies.</li>
<li>Designed especially for beginners</li>
<li>Various tutorials and videos for initial setup and subsequent usage</li>
<li>Good user-friendly interface with powerful charting tools</li>
<li>Since it is a new company, it has a lower reputation, especially since it is not open source.</li>
<li>Lacks two-factor authentication.</li>
</li>No mobile support</li>
Exodus Review – Is Exodus a Safe wallet to use?
To sum up, the wallet is useful especially for beginners as it has an intuitive interface and transactions using this wallet can be done in real time and easily.
Additionally, the wallet provides a streamlined solution to manage all your different coins in one central location simultaneously.
Talking about the safety of the funds, Exodus does its jobs extremely well as no thefts have been reported by the users.