The decentralized finance (DeFi) sector is rapidly growing but still faces significant challenges. For example, one of the biggest issues DeFi must address is Impermanent Loss (IL). This is a problem that can have serious consequences for liquidity providers. Today's review will examine how SMARDEX intends to solve the IL problem and end liquidity providers' unjust losses. We'll also look at all the services that SMARDEX offers and examine the project's tokenomics. What Is SMARDEX? SMARDEX is a project intending…
Opera’s Crypto Wallet – Get Started on Decentralized Finance (DeFi)
While the potential of blockchain and cryptocurrency is only starting to gain interest in the general population, developers and innovators have been busy. They are continuously creating the infrastructure and applications needed to usher in the future of the internet, transactions, communication, and more.
Opera’s Crypto Wallet is one of such futuristic inventions that Opera launched in 2018 as an Ethereum-based built-in native cryptocurrency wallet for PC, Android, and iOS users. It lets you make secure online payments with cryptocurrency directly from your Opera browser to other users’ wallets, merchants, and decentralized applications (dApps).
Users can also store or receive crypto payments and other incentives like collectibles and tokens from Ethereum-based dApps. Additionally, for Android users, Crypto Wallet uses Android’s highly secure lock to enable users to make transactions without needing additional PIN codes or passwords.
Crypto Wallet Available for PC, Android, and iOS Users
Opera is a Norwegian Software Company that first started a research project twenty-five years ago to become one of the most adaptive and progressive web browsers in the world today. By 2019, Opera had an active smartphone user base of 222 million, 65 million PC users, and a monthly total of 350 million active users worldwide.
To support decentralized finance and its platform, Opera started by launching a Web 3-ready browser, Opera for Android, in December 2018, which it later integrated onto PC four months later, in April 2019. Then, in June 2019, Opera launched the Opera Touch browser for iOS with Web 3 support two months later. As a result, IOS users can seamlessly interact on the Ethereum Blockchain with other Web 3 applications using Opera Touch.
Ethereum is a fast-growing blockchain ecosystem that allows users to make transactions using ETH cryptocurrency and enables developers to build all kinds of decentralized applications (dApps). In addition, it offers usability of ERC tokens, stablecoins, and non-fungible tokens (NFT), which Opera now supports in the Crypto Wallet.
Opera is the first major browser to integrate three web functionalities. Web 3 is the next-generation internet, where blockchain technology is upgrading or re-inventing data storage and management using distributed data management systems. These systems extend ecosystems’ functionalities and enhance data security, user privacy, and browsing speeds.
Why should you get an Opera Crypto Wallet?
There are many monetary and informative reasons why you should get Crypto Wallet, and here are seven valid reasons:
- It is free and secure.
- It lets you directly pay for goods and services with cryptocurrency from your Opera Browser to Coinbase Commerce merchants.
- Send or receive cryptocurrency from other users and dApps straight from your browser.
- Securely store (hold) your crypto funds and other collectibles and tokens from other dApps like CryptoKitties. Crypto Wallet supports all ERC20 tokens and some ERC-721 unique tokens and collectibles.
- Make transactions from your desktop on the Opera browser. This feature allows you to interact with other dApps on Ethereum without extensions.
- The Crypto Wallet’s keys and backup phrases are installed on your mobile phone and remain secure in your device’s storage.
- Familiarize with decentralized finance aspects such as cryptocurrencies, tokens, and collectibles and decentralized internet and dApps.
Get Your Opera Crypto Wallet
- First, install the Opera browser on your PC and go to advanced settings on the sidebar. Then, select Features and scroll down to Crypto Wallet and click enable.
- Install Opera for mobile and create either Opera Touch for iOS or Android. For Opera Touch, tap the three-dot menu in the upper right-hand corner to select settings. Next, scroll down to Crypto Wallet and tap the Activate button.
- Opera Crypto will create a 12-word backup (Seed) phrase for you. Use this seed phrase in case your phone gets lost to gain access to your wallet. Keep your seed phrase very secure because with it, resetting your wallet is possible, and your funds will be recovered forever.
- Next, connect your PC Crypto Wallet with your mobile phone Wallet. Then, go to the Easy Setup button on the toolbar’s far-right edge and select Crypto Wallet under Features. You will see the Crypto Wallet icon on the sidebar.
- Now open the Crypto Wallet sidebar panel and Click Reveal the Code.
- On your mobile browser, go to settings and click Connect to Computer and scan the reveal code. If Opera Touch requests to use your device’s camera, permit it as it needs to scan the code. And that’s it. Your Crypto Wallet is ready for use and ready for a top-up.
How to Top Up Your Opera Crypto Wallet
Opera introduced Apple Pay or debit cards as payment methods for US and Scandinavian users to buy BTC and ETH.
In partnership with Wyre brokerage firm in the US, android users can purchase cryptocurrencies using a debit card and Apple Pay for iOS users in less than 30 seconds. Payments will soon be available in other countries as well.
Crypto Wallet Will Play a Major Role in Mass Cryptocurrency Adoption
Opera is more than just a browser; it offers many other unique features besides the Crypto Wallet. Other unique features make Opera an ecosystem and one of the most advanced Browsers in the world.
The Opera native Crypto Wallet allows users to accomplish much and interact with many cryptocurrencies without leaving the decentralized ecosystem. Opera stated that while they believe all modern browsers should integrate a crypto wallet, Crypto Wallet’s development was further pushed by high demand from the crypto community.
With a built-in Crypto Wallet, the browser can renew and extend its important role as a tool to access information, make transactions online, and manage users’ online identities in a way that gives them more control.
Therefore, opera has realized it takes more than infrastructure and excellent products to achieve mainstream crypto adoption. This has resulted in many partnerships and products aimed at availing decentralized services and familiarizing people with crypto concepts and terminologies.
Cryptocurrencies are mostly perceived as complex by the general population, making people shy away from decentralized applications, especially decentralized finance. This extension of services expands interest in and growth of blockchain and crypto, and it’s one-way Opera is pushing for blockchain and crypto adoption.