Jaxx is a popular multi-currency hot wallet developed by Decentral, a well-established name in the industry and a crypto innovation hub known for its electronic exchangers (“ATMs”) among other crypto-related services.
Jaxx wallet is a non-custodial wallet application available cross-platform for both mobile devices and desktops (and as a Chrome browser add-on) and with support for over 85 different digital crypto-assets (such as ETH, and ETC, REP, ZEC, etc.). Liberty Jaxx is a rebuild and re-branding of the previous Jaxx wallet that was released at the beginning of 2018.
What you will learn in this guide:
- Advantages (Pros) of Jaxx Wallet
- Disadvantages (Cons) of Jaxx Wallet
- FAQs
Advantages (Pros) of Jaxx Wallet
To deliver the information better, we decided to divide this guide into two sectors. We will be displaying the advantages and disadvantages of the Jaxx wallet in a detailed and visually-rich manner. Keep reading.
What you’ll learn in this part of the guide:
- New modules and features, including built-in exchange
- User-friendly wallet application
- Usability and simplicity
- No personal info needed to set up
- Can store many kinds of cryptocurrencies
- Free downloads and use
- Automatically set transaction fees
- Secure larger sums with an integrated cold wallet
New modules and features, including built-in exchange
The new version introduced a range of extended new modules and features such as live portfolio charts and diagrams, news feeds from a range of trusted sources and a multi-chain block explorer. It also comes with a built-in exchange via ShapeShift service integration that allows for cross-chain exchanges and conversions (but taking fairly high fees for that).
User-friendly wallet application
In many ways, Jaxx is similar to Exodus, another user-friendly wallet application with support for many different existing crypto-assets and integrating with ShapeShift.
Usability and simplicity
Similarly, Jaxx focuses on usability and simplicity while still being rich in features and providing professional 24/7 customer support. Private keys are generated and stored directly on user devices and backups automatically generate a mnemonic seed for safekeeping.
No personal info needed to set up
There is no requirement for any personal information and once you download the wallet you can quickly install it and begin using it. The new Jaxx Liberty has both password and PIN protection, and the wallet generation creates a secure 12-word backup seed phrase that is encrypted on your own device. Jaxx never has access to that phrase or your private keys, they are always securely on your own device. You can also use this 12-word seed to sync the wallet on numerous devices.
Can store many kinds of cryptocurrencies
With thousands of cryptocurrencies to choose from most users these days have several and being able to keep them all in the same wallet is a real convenience. The coins you can store in Jaxx Liberty include Bitcoin, Ethereum, Litecoin, Dogecoin, Qtum, EOS, Bitcoin Cash and many more. A full list can be found here.
Free downloads and use
Jaxx Liberty is completely free to download and use. You can get the desktop version (Mac, Windows, Linux) and Chrome browser extension directly from the Jaxx Liberty website here. The Android version is available on the Google Play store, and the iOS version is available from the Apple iTunes store.
Automatically set transaction fees
Transaction fees are automatically set, but also adjustable and sorted in three optional categories – Lower, Typical and Higher. The miner fees depend on the state of the network (network congestion increase fees, etc.) at any given time and higher fees increase the probability of the transaction being picked up in the next block.
Secure larger sums with an integrated cold wallet
Jaxx functions as a light node so it doesn’t download the entire blockchain locally, requesting information from full nodes instead. The team behind Jaxx has also announced that an integrated hardware wallet for cold storage and securing the larger sums of value in the longer term. A hot wallet is by definition as secure as the device/environment it is running on so one should be cautious of malware and booby-trapped code.
Disadvantages (Cons) of Jaxx Wallet
Jaxx wallet is a closed source but concerns resolved with improved security
Some of the downsides are the fact that the wallet is a closed source which may raise some questions and concerns with some. There have been some minor incidents in the past with one more serious instance of vulnerability that has led to a non-trivial amount of stolen funds back in 2017, but these have been resolved with the newer version and improved security models.
Conclusion
- In any case, as a rule of thumb, it is not advisable to store large amounts in a hot wallet (which may be more secure than keeping funds in custody of centralized exchanges but may not be sufficient for the purposes of long-term safety storage).
- As far as more trivial everyday uses and transacting of smaller amounts of cryptocurrencies, Jaxx seems like a decent choice and is well suited for on-boarding newcomers.
- In any case, there have been some known issues in the past prior to releasing the Liberty build. One such had been to do with weak security over private key storage. Very similar to Jaxx, as mentioned already above, is the Exodus wallet which offers more or less the same features and functionality, but with slightly better security assurances and cleaner interface design.
The Jaxx subreddit is located here, the official Twitter account here and a Telegram channel accessed through here.
FAQs
- Is a Jaxx paper wallet safe?
Yes. A paper wallet is just your private key printed on a piece of paper. In other words, it’s full cold storage – the most secure type of wallet.
- Is the Jaxx hardware wallet already available?
- No. We keep waiting for the updates from Jaxx.
- What is the most secure Jaxx wallet?
- The latest version of the latest upgrade/work.
- Is there news about Decentral unity tokens?
Currently, Jaxx Liberty Beta is available, but keep yourself updated here.
