The Argent wallet is a relatively new addition to the cryptocurrency wallet space. Argent falls into a new category of wallets that are specifically designed to aggregate Ethereum dApps into a single cohesive application. Argent is different from most cryptocurrency wallets for the sole reason that Argent does not support bitcoin directly. While most would classify this as a mistake, Argent makes the point on going all-in on Ethereum. Any and all Ethereum based tokens may be held within Argent. To top it all off, the wallet itself is very well designed, with a very easy-to-use interface.
By: Keegan Francis | Jul 10, 2020 | Modified Jul 15, 2020
|Wallet Type||Mobile App|
|Platforms Supported||iOS, Android|
|Cryptocurrencies Supported||All Ethereum Tokens|
|Pin Code Protected||Yes|
|Frequency of Updates||High|
Understanding the various dApps that exist within DeFi is complicated, even for the experienced Ethereum user. Argent makes an honest attempt to simplify DeFi to the point where it is usable by the average cryptocurrency user. For the users that are absolutely fresh to cryptocurrency, Argent is slightly too much to handle. However, for the user that has been following Ethereum, and has a solid understanding of dApps, Argent is absolutely perfect. Argent is for the beginner user that is looking to become an intermediate user.
What Argent has done, is they’ve created seamless onramps onto many of the advanced features of Ethereum. Users no longer need to study best practices of borrowing, lending, and staking. Argent has simplified the process so you can take advantage of the features of DeFi at the click of a single button. One of the largest barriers of understanding when using Ethereum is the transaction fees. Argent has brilliantly taken out the need for users to understand Ethereum gas, and transaction fees. Most fees are paid for by Argent completely. If Argent does not pay the transaction fees, then they are transparent with what you are being charged.
The Argent wallet has a lot to offer users from all levels of experience. From an absolute beginner, it is a great place to start investing in cryptocurrency. The advanced user can save a lot of time moving money around the Ethereum ecosystem and instead take advantage of the one-click ease that Argent offers. The single best feature of Argent, is the number of DeFi products available within Argent, and how easy they can be used.
The second best feature of Argent is the removal of Ethereum transaction fees. This is an annoying by-product of the way that Ethereum works. Argent has decided to do away with fees, and pay for users fees by themselves. This greatly simplifies the user experience.
Argent is an Ethereum-only wallet. They’ve implemented the full range of coins and tokens that the Ethereum blockchain has to offer. The cryptocurrencies that are supported by Argent are therefore limited to the tokens found on the Ethereum blockchain. The good news is that virtual every asset that you can think of is available in one form or another.
Argent supplies an interface for managing all types of Ethereum tokens. This includes non-fungible tokens (NFT’s) such as crypto kitties and collectable tokens. Although BTC cannot be used within the application, an Ethereum form of BTC can. There is a token on the Ethereum blockchain called wBTC, which stands for “Wrapped Bitcoin”. One wBTC is equivalent to one BTC. wBTC exists so that users may utilize their bitcoin from within the services that DeFi has to offer.
In order to build more simplicity into the wallet, Argent has opted to make the entire wallet custodial. In other words, you are not in control of your seed phrase, or your private keys. While this creates a much simpler user experience for the cryptocurrency beginner, it is definitely a tradeoff with respect to the security of your funds. If Argent is hacked, then your funds are in jeopardy. That being said, having your funds be locked into various DeFi products definitely makes attacking Argent and the users wallets technically challenging.
Since Argent has opted not to give their users direct access to their funds, they have paid more attention to other security features. Argent has all the traditional security features such as passcode protection and faceID. They’ve built in transfer limits, and an authorized dApp whitelist. This means that your in-app security is highly customizable.
There is one security feature that is completely unique to Argent. The concept of “Guardians” is new to the cryptocurrency space. It works like this, Guardians are other users of Argent that can perform certain actions on your behalf. You can elect a friend or a trusted third party with several responsibilities. Lastly, your guardian can also be yourself. You can make your own ledger hardware wallet your Guardian.
Guardians can freeze your wallet if you suspect that your wallet has been lost or compromised. Furthermore, if you’ve set a transfer limit and try to transfer more than you are allowed, your Guardian will be notified. You then need the permission of your Guardian in order to transfer above your set limit. The notion of Guardians is a genius way to build in an aspect of familiarity with traditional banking systems. Think of Guardians like the 1-800 support number you call in case you lost your credit card. Instead of that being a random person on the other line, you get to pick your own friends to be your support person.
While Argent makes an effort to pay for any and all Ethereum transaction fees, some fees still need to be paid by the user. Regardless, fees do not need to be calculated and set by the user. Argent transparently shows the user what fees (if any) need to be paid.
While the concept of Guardians is new, Argent is attempting to emulate real-world phenomenon. Never make someone you don’t trust your Guardian. While Guardians cannot steal your funds, or drain your wallet, they can freeze your funds. The worst case scenario is that your Guardian causes you some mild inconveniences.
You cannot deposit bitcoin into Argent. However, if you are holding wBTC (Wrapped Bitcoin) then you may send and use wBTC within Argent.
Argent is an Ethereum-only wallet. Many popular dApps and tokens are able to be managed from within the Argent wallet.
You can use a service called MoonPay to purchase cryptocurrency with your credit card. All from within the Argent Wallet.