Exodus – Secure Desktop App For Multi-Blockchain Asset Wallet?
There's no denying that cryptocurrency is the new-age gold. In this year alone, the prices of Bitcoin in all popular exchanges have more than doubled while that of smaller players such as Ethereum have witnessed an unprecedented leap of more than 4000%.
According to leading financial and market analysts, this is just the beginning of a new world order. If anything, by 2020, it is expected that cryptocurrency transactions will account for more than 25% of the current market capitalization share.
A figure that is currently largely dominated by fiat currency. And as the world is slowly, but progressively, coming to terms to the usefulness of virtual money, especially in hedging against inflation and state control, the demand for cryptocurrency is highly likely to skyrocket to unimaginable heights.
Talking of cryptocurrency and the lingo revolving around it, there has been a proliferation of useful services targeting the average user or investor. A good example of this is exchanges. Unlike a few years ago, exchanges have made it incredibly easier for one to buy and sell their bitcoin or altcoins at the click of the mouse.
You no longer have to mine coins to join the bitcoin community. Thanks to these exchanges, anyone can quickly and flawlessly convert their fiat currency holdings into a cryptocurrency of choice within a span of a few minutes.
What Is Exodus?
As you would expect it, an exchange is always backed by a wallet. In other words, a wallet acts as the ‘virtual bank' for one's coins, the same way traditional banks hold your money for you. One of these is Exodus.
Even though Exodus is hardly mentioned within the cryptocurrency circles, there is no doubt that it is one of those wallets that most traders prefer to use.
In fact, it is estimated that one in every player who frequents major coin exchanges platforms such as Coinbase has a wallet with Exodus. Here's is a quick primer on how Exodus has managed to stay ahead of the crowd.
In a world teaming with a proliferation of new competitors, there's no doubt that it can be hard to distinguish yourself from the masses. However, Exodus has done a good job in drawing a distinct line between themselves and other competitors. For starters, they employ a multi-asset wallet.
This is a wallet that supports more than just bitcoins; they have gone a step further and integrated altcoins such as dash, Ethereum, Dogecoin, and Litecoin. This multi-versatility has seen them garner widespread popularity among both investors and speculators who are looking to dabble with two or more blockchain assets.
This way, Exodus can be termed to be an all round wallet that could come in handy for both experienced and novice crypto investors.
Any wallet is as good as its user interface, virtually. Here's a another area that Exodus multi-asset wallet excels. They have a user pie-chart that enumerates a one's digital currency holdings based on the assets that they have chosen to put their money into.
It might not seem much, but this feature is very convenient for investors who would wish to keep easy visual track of their cryptocurrency holdings. Sure, one may argue that supporting various cryptocurrencies is not necessarily a unique feature by itself. And that's true.
However, when you combine this flexibility with an easy-to-navigate platform, then you understand why most crypto traders and investors have stuck to this wallet ever since they were ushered to the world of virtual, anonymous money.
Internal Built-In Exchange
In addition to this, Exodus seems to be among the few wallet-based platforms with a built-in internal exchange. This is a feature that has received commendations from various factions especially traders who specialize in instant and day trading.
This exchange works for each of the five supported digital currencies, and the prices are usually adjusted in real time basis.
In case, you're wondering how this is possible given that Exodus has always positioned itself as a multi-asset wallet, the integration of an API (in this case ShapeShift) allows users an unbridled access to a normalized internal digital currency exchange system.
Despite the numerous upsides of Exodus, it is not exactly flawless. One striking downside is that Exodus lacks the very basic option of controlling separate wallet addresses for each supported digital currency in one's portfolio.
In short, this means that it is not easy to have a regular Ether or bitcoin address and a separate watch-only address while using this wallet. Although this is something that can be fixed with an extensive software update, the developers behind Exodus are yet to do so.
Besides, it is not easy to display the cumulative value of one's cryptocurrency holdings in any other global currency other than the US Dollar. You will have to do this manually if you'd like to estimate the value of your portfolio in any other international currency.
Considering that some wallets offer this kind of customization on their platform, Exodus may want to step up their game. Especially considering that it has already attracted a good percentage of users from outside the United States.
Should You Use Exodus?
Having said that, there's no doubt that Exodus is a handy tool for both beginners and seasoned investors in the cryptocurrency world. However, there's still that lingering feeling that the multi-asset digital currency wallet could do with a bit of customization, particularly targeting its flexibility.
And who knows, we could see its developers roll out this client update soon, bearing in mind that the world of crypto is still in its toddler stages. It is also worth mentioning that while Exodus has a decent working desktop interface, there isn't a mobile client service during the time of writing this.