Web3 infrastructure is made up of many components that work together to provide users with decentralized services – dApps, smart contracts, RPC nodes. Yet, a wallet is a key part of it because it's how users actually interact with the blockchain and all that lives on it.
In short, getting a safe wallet is the first step to starting with Web3 and DeFi. With so many options available, it’s good to know what each of them can offer.
In this instance of our blog, we review Gem Wallet. Will it make a precious addition to your blockchain toolkit?
What is Gem Wallet?
Gem Wallet is an application that helps users control their cryptocurrency holdings, send and receive coins, tokens, and NFTs, and interact with DeFi and Web3 applications.
| Type | Self-custody crypto wallet |
|---|---|
| Platforms | Mobile app (Android, iOS) |
| Price | Free |
| Supported blockchain | 32 |
| Supported assets | 1,000+ |
| Supported token standards | ERC20, BRC20, BEP20, SPL, Jetton, TRC20 |
| Key Features | Send, receive, swap, buy, and stake cryptocurrencies |
As a cryptocurrency wallet, Gem Wallet is often described as:
- Multi-chain: It supports over 30 blockchain networks including Bitcoin, Ethereum, Solana, TON, Aptos, opBNB, Base, ZKsync, and expanding;
- Self-custodial: Only users hold the keys to their wallet and have full control over their crypto holdings; no third party, including Gem Wallet, can access the assets;
- Open source: The application’s code is publicly available on GitHub for users to inspect, verify, and even contribute to.
In other words, Gem Wallet provides an interface to securely interact with cryptocurrencies and the wide world of Web3.
Source: Gem Wallet
Now, let’s break down its key features and functionality.
Gem Wallet Features
Gem Wallet is available as a mobile app for both Android and iOS. New users can create a wallet through a familiar setup process or import their existing wallets.
Source: Gem Wallet iOS Application
The app also allows users to:
- Manage multiple wallets in one application;
- Use the Gem Wallet interface to manage Metamask, Phantom, and other wallets by importing them;
- Pin favorite or most used wallets for quick access;
- Get real-time asset pricing via integrated CoinGecko API.
With this setup, users can interact with assets across different chains using one application.
Security
Gem Wallet is designed as a non-custodial wallet. This means it generates and stores private keys on the user’s device and protects them using strong encryption.
All sensitive operations, like signing a transaction, are also done locally on the user’s device, which ensures the private key cannot be accessed by anyone else.
Gem Wallet also allows biometrics-based access for added protection and uses advanced privacy technology to keep personal data safe.
On the other hand, the responsibility is on users to ensure the security of their own funds.
How Gem Wallet Works
As a regular cryptocurrency wallet, Gem Wallet allows crypto holders to send and receive assets on supported blockchain networks. Beyond that, the app offers more functions making it instrumental in DeFi.
Purchasing Crypto with Fiat
Gem Wallet Integrates with fiat on-ramp services Mercuryo and Ramp to allow users to buy all supported cryptocurrencies using traditional payment methods like credit cards or bank transfers without leaving the application.
Source: Gem Wallet iOS App
Essentially, it makes it easier for users to enter DeFi.
Cryptocurrency Swaps
The application lets users exchange one asset for another directly within the wallet without needing to go through exchanges. Currently, the swap feature supports 12 different blockchains, with a focus on stablecoins.
Gem Wallet Supported Blockchains; Source: Gem Wallet
Staking
This feature makes it easy for users to participate in staking directly through the wallet. The option is enabled for select assets, including SOL (Solana), BNB (Binance Coin), INJ (Injective), TRX (Tron), and a few other tokens.
Source: Gem Wallet App
Users can also choose the validator to which they want to delegate their tokens.
WalletConnect
Gem Wallet can connect to decentralized applications (dApps) through the WalletConnect protocol instead of logging in with usernames and passwords by scanning a QR code or clicking a link.
Many dApps support this protocol, so users can interact with dApps on different networks using tokens held in the Gem Wallet.
Custom RPC Support
Advanced users may want more control over how their wallet connects to the blockchain. The wallet allows users to select and configure RPC endpoints from multiple providers.
GetBlock is one of such options. To update the RPC URL:
- Create an account at GetBlock.io or log in
- Generate a free, private JSON-RPC endpoint for a chosen network
- In Gem Wallet, go to Settings > Networks, choose a network, and click the plus button
- Paste the URL, save, and, switch between endpoints as needed
Source: Gem Wallet App
Get a better experience transacting on the blockchain.
Gem Wallet Benefits
To summarize, here's a final look at all the features:
- Transparency: The open-source code allows the community to verify that the wallet operates as expected and has no hidden vulnerabilities or backdoors;
- Privacy: Gem Wallet using privacy-enhancing technologies ensures personal data, transaction amounts, wallet addresses, and user identities, are shielded from access and exploitation by third parties;
- Multi-chain support: Gem Wallet supports multiple popular cryptocurrency networks so users can manage assets on different chains without needing separate wallets for each;
- Ease of use: The mobile applications have a simple intuitive design and feature all basic and additional handy functions.
Combining ease of use with strong security measures, Gem Wallet appears to be a convenient platform for managing digital assets.
The Bottom Line
In the world of Web3, where users have a choice, Gem Wallet aims to offer a secure, multi-chain solution for storing cryptocurrency, all while remaining open-source. More to that, with features like purchasing, exchanging, and staking crypto, it gives as many tools as possible to operate in a DeFi world, especially valuable for beginners in blockchain.
