imToken - Crypto & DeFi Wallet - Coinnav.io

What is imToken

imToken is a multi-chain cryptocurrency wallet.

It is a lightweight wallet designed for Ethereum-based cryptocurrencies, decentralized applications (dApps), Bitcoin, and EOS. The company was founded by Ben He in May 2016 and is headquartered in Hangzhou, China.

imToken wallet allows users to store multiple chain digital assets and securely store private information using a mnemonic phrase or biometric verification (facial recognition and fingerprint). Additionally, imToken supports token-to-token exchanges through the enabling of decentralized cryptocurrency exchanges (DEX) functionality and instant swap features.

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ImToken History

imToken 1.0:

imToken 1.0 wallet only supports Ethereum-based tokens following the ERC20 token standard. According to the imToken website, this wallet became the largest Ethereum wallet in the world.

imToken 2.0:

imToken 2.0 is a multi-chain cryptocurrency wallet that allows users to manage multiple wallets using a single identity and mnemonic phrase. The imToken 2.0 wallet retains the features of imToken 1.0 and adds the ability to simultaneously manage Ethereum (ETH), Bitcoin (BTC), and EOS (including EOS tokens). With the release of imToken 2.2.1, the wallet introduced biometric verification, allowing users to send tokens after verifying their identity with facial recognition and fingerprint authentication.

Evaluation of ImToken e-wallet

ImToken Wallet has garnered popularity among Crypto investors due to several advantages, but it also comes with its limitations.

Advantages

User-Friendly Interface: ImToken boasts a user-friendly interface that is easy to navigate, making it accessible even for newcomers to the world of cryptocurrency.
Strong Security Measures: The wallet places a significant emphasis on security. Users are required to input a password or use fingerprint authentication for every login or transaction, enhancing the overall safety of the platform.
Easy Token Integration: ImToken allows users to effortlessly add new tokens to their wallets, providing flexibility and convenience when managing various cryptocurrencies.
Multilingual Support: ImToken supports multiple languages, including Vietnamese, catering to a diverse user base.

Cons

Third-Party Custody: One notable drawback of ImToken is that it doesn't grant users full control over their private keys. Instead, it retains them as a third party. This arrangement means that user information and assets may not be entirely secure in the event of wallet crashes or hacking incidents.

In summary, ImToken's popularity stems from its user-friendly interface, strong security features, ease of token management, and multilingual support. However, it falls short in terms of providing complete control over private keys, leaving users reliant on a third party for their security, which may raise concerns among some users about the safety of their information and assets.

ImToken Wallet: A Hub for Various Crypto Assets

The ImToken Wallet serves as a versatile platform for managing a wide array of cryptocurrencies:

Ethereum (ETH) and ERC-20 Tokens: ImToken offers secure and convenient storage for Ethereum and all tokens adhering to the ERC-20 standard.
Expanded Wallet Version 2.0: With the upgraded version, users can also engage in transactions involving Bitcoin (BTC), EOS, and ATOM, broadening the wallet's capabilities beyond Ethereum-based assets.

Additionally, ImToken offers a complementary product known as Tokenlon, which is supported by Kyber Network and 0x. Tokenlon functions as a centralized exchange (DEX), akin to Bancor. This platform facilitates quick and seamless trading between Ethereum (ETH) and ERC-20 Tokens, enhancing the overall utility of the ImToken ecosystem.

Creating an ImToken Wallet: A Beginner's Guide

If you're new to ImToken and want to create a wallet, here's a step-by-step guide:

步骤 1： Download and Install the ImToken App

Go to your device's App Store (for iOS) or CH Play (for Android).
Search for "ImToken" and download the app.
Once the download is complete, open the ImToken application.

步骤 2： Create Your Identity

After launching the ImToken app, select "Create Identity" to initiate the wallet creation process.

步骤 3： Review and Accept Terms

You will encounter the "Terms of Service and Cookie Description." Read through it carefully.
If you agree with the terms, select "Confirm."

步骤 4： Provide ImToken Information

Fill in the necessary ImToken information:
- Identity Name
- Password (Choose a strong, secure password)
- Password Hint (Optional, but helpful for account recovery)

步骤 5： Backup Your Wallet

At this stage, you will receive a set of Mnemonic codes.
You have two options:
- Backup Now: If you choose this option, you will receive 12 keywords (Backup Phrase) to restore your wallet. Write down these 12 words on a piece of paper in the correct order and store it securely. Do not share these Backup Phrases with anyone, as they grant ownership of your wallet.
- Backup Later: You can opt to back up your wallet later, but it's highly recommended to do it immediately for security.

步骤 6： Confirm Backup Phrases

If you selected "Backup Now," you need to enter the 12 Backup Phrases in the correct order.
Once you've entered them correctly, click "Next."

How to Login and Restore an ImToken Wallet

If you've lost your phone, switched to a new device, or accidentally deleted your ImToken wallet, you can recover your account using the 12 Backup keywords. Here's a step-by-step guide on how to do it:

步骤 1： Download the ImToken Wallet App

Install the ImToken wallet application on your new or existing device.
Launch the app and select "Recover Identity."

步骤 2： Choose "Mnemonic" and Enter Information

Select the "Mnemonic" recovery option.
Fill in the required information:
- Enter the 12 Backup Phrases in the provided field.
- Enter your wallet password in the following two boxes.
- Click on "Agree" to confirm that you have read and agree to the terms.
- Finally, click "Start Importing."

By following these steps, you'll be able to successfully log in and restore your ImToken wallet using the 12 Backup Phrases, ensuring access to your cryptocurrency assets even if you change or lose your device.

Comprehensive Guide on Using the imToken Wallet

Once you've created a new account and logged in, you'll want to familiarize yourself with the key functionalities of the imToken wallet, including transferring/loading coins and adding new tokens. Here's a detailed guide on how to make the most of your imToken wallet:

Understanding imToken Wallet Features

1. Language Settings: To navigate the imToken wallet in your preferred language, simply access "My Profile" in the lower right corner of the screen. Click on "Settings," then proceed to select "Languages." Here, you can switch to Vietnamese by selecting the language and clicking "Save."

2. Wallet Section: The "Wallet" section serves as the primary interface and includes:

Your ETH wallet address and current balance. You can easily copy the wallet address by clicking next to it.
QR Code: Share your QR code to allow others to scan and send tokens to your wallet.
Adding Coins/Tokens: You can also add desired coins or tokens by clicking the plus sign.

3. Market Section: Within the "Market" section, you'll find two main categories, "Transactions" and "Markets":

"Transactions": Execute exchange orders, buy and sell coins/tokens on the platform's built-in exchange.
"Markets": Explore trading pairs supported by Tokenlon, Binance, and Bittrex. This feature enables you to view charts, prices, transaction volumes, and more for the cryptocurrencies you're interested in.

4. "I" Section: Here, you can manage your wallets, currencies, language preferences, DApps, and access support from imToken consultants, among other options.

5. Browser: The "Browser" section provides access to a wide range of DApps, games, utilities, tutorials, and more.

Adding Coins/Tokens to Your Wallet

To add a new cryptocurrency or token to your wallet, follow these steps:

1. Click on the icon in the upper left corner of the screen.
2. Select "Manage."
3. Choose "Add Coin."
4. Select the desired coin/token and click "Confirm" to complete the process.

Receiving Coins/Tokens into Your Wallet

To receive coins or tokens from external sources into your wallet, follow these specific steps:

1. Select the type of cryptocurrency you wish to receive.
2. Click "Receive."
3. Copy the wallet address or use QR code scanning to share your wallet details with the sender.

Sending Coins/Tokens from Your Wallet

Here's how to send coins or tokens from your imToken wallet to external recipients:

1. Choose the cryptocurrency you want to send.
2. Select "Send."
3. Enter the recipient's wallet address and the amount of coin/token you wish to transfer. Then, click "Next" to confirm.
4. Finally, click "Send" to complete the transaction.

By following these steps, you can efficiently manage your imToken wallet and conduct various transactions with ease.