In the final stages of the historic transition of the second-largest blockchain network from Proof-of-Work to Proof-of-Stake, speculation surrounds all possible ETH versions. In this article, we will look at the top wallets that support both the new PoS ETH and the upcoming forked PoW ETH, as well as older versions of Ethereum.
After weeks of anticipation, Ethereum is set to complete its long-awaited Merge upgrade within a couple of days. At the time of writing, the network is now in the last stages of its transition to Ethereum 2.0 as it adopts the Proof-of-Stake consensus mechanism. Speculations of a hard fork mean a new token could emerge following the Merge.
We’ll be reviewing the best wallets to store both ETH and a potential forked coin; “ETHW”. First, however, let’s rehash the details of the Merge that took place on September 15.
What Is the Beacon Chain?
The Merge will see the Ethereum mainnet (the execution layer) “merge” with the Beacon chain (the consensus layer). The Beacon Chain forms the base of the framework for Ethereum 2.0, it is a separate chain that runs parallel to the existing Ethereum network.
Beacon has been in existence since December 1, 2020, and in a way has been a test version of Ethereum 2.0. The Beacon Chain doesn’t complete transactions like the Ethereum mainnet, instead, it reaches consensus using a Proof-of-Stake system.
How Will the Merge Affect Ethereum?
Post-Merge, all Ethereum transactions will be processed with the PoS consensus algorithm. Rather than miners verifying operations, Ethereum stakers will occupy the role of validators. Of course, the Merge will mark the end of mining on the Ethereum mainnet, a process often criticized for its energy-intensive nature.
Ethereum users will be able to continue using the network as always. However, the network believes the shift to PoS will drastically impact its carbon footprint. The upgrade will also help improve security and decentralization on the platform. Additionally, with the Merge, the network has taken the first steps towards other potential upgrades to aid its scalability.
Several entities across the crypto space have expressed their intention to stand behind the blockchain network’s update. However, some do not believe this is the right move for Ethereum.
A Potential Fork and Compatible Wallets
Several industry participants have expressed support for the approaching upgrade, however, not everyone is on board with the move. In the weeks leading up to the Merge, some PoS advocates have been clamoring for a hard fork to preserve the existing chain. Still, as announced on the EthereumPoW Twitter account, ETHW will be launched 24 hours after the Merge, on the 2,049th block epoch. Therefore, its block height will always be The Merge + 2,048.
While the ETHW is yet to exist, some platforms have shared plans to exclusively support ETH 2.0. However, below are some top wallets where you can store your ETH 2.0 and ETH POW coins.
1. NOW Wallet
ChangeNOW’s NOW Wallet is set to support both the original ETH token and a forked coin if one does appear.
NOW Wallet is an easy-to-use non-custodial crypto wallet with which users can buy/sell, trade, or stake digital tokens. As a non-custodial offering, it provides users with excellent security and privacy. There’s no concern about a 3rd party gaining access to your assets.
Users can access the wallet by simply downloading the user-friendly mobile app which is available on Google Play and App Store. NOW Wallet offers an easy-to-use interface, and at the same time provides innovative features for a great experience. NOW Wallet offers fiat-to-crypto operations using bank accounts and debit/credit cards.
Additionally, the wallet service is compatible with all tokens across the Ethereum, BSC, Polygon, Avax C-Chain, TRX, KLAY, and Solana networks. NOW Wallet will support ETH 2.0 and ETHW, and also supports the token from the 2016 Ethereum hard fork, Ethereum Classic (ETC).
2. Atomic Wallet
Atomic Wallet is a good place to store your ETHW or ETH tokens. The offline wallet is desktop-only and supports a variety of operating systems. These include Windows, Mac, and quite a few Linux models. Being an offline wallet keeps the wallet relatively secure as users’ private keys are encrypted and stored on their devices.
Atomic Wallet has an easy-to-understand user interface and features such as a built-in exchange that allows easy management of user portfolios. It offers cross-platform support, and user anonymity, and is a non-custodial service that supports over 500 cryptocurrencies.
Atomic wallet is free but charges customizable network fees for swapping, transferring, and staking digital coins.
Guarda, a non-custodial crypto wallet, is a safe and reliable place to store virtually any coin out there because it supports tens of thousands of tokens on over 50 blockchain platforms including ERC-20 tokens and NFT collectibles. This multi-currency wallet is available on both desktop and mobile devices compatible with Windows, Mac, Linux, Android, and iOS.
Versatility is obviously a strong feature of this wallet offering a wide range of additional products and services. Specifically, Guarda customers can buy, sell, and exchange crypto, take a crypto loan, stake coins, or use a prepaid Visa card. The wallet has its native GRD token enabling its holders to get a substantial discount for its services. A straightforward interface, huge range of supported assets, and solid customer support make Guarda a wallet of choice for users of any level.
It is essential to choose a wallet that is secure and trustworthy if you want to hold both PoW and Pos versions of ETH, and assuming that the Post-Merge ETHW token is indeed up and running. Any of the wallets listed above fit the bill and are all your best bet for solid Ethereum support.