Keplr is an open-source browser extension wallet for the Cosmos Inter blockchain ecosystem. Available in over 170 countries, it lets users transfer cryptocurrencies supported by Cosmos, including:
Designed with Cosmos’s IBC (Inter-Blockchain Communication protocol), Keplr lets users move digital assets across over 20 chains in a similar way to MetaMask, and hosts over 250 apps and services with a total worth of over $100 billion.
As well as transferring digital assets, users can stake on several platforms such as:
- Osmosis
- Akash Network
- Sifchain
The goal of Keplr is to replicate the simplicity of MetaMask for the Cosmos ecosystem, with users able to access every Cosmos dApp through a single wallet.
The following keplr wallet review explores how a Keplr wallet works, how to install the Keplr wallet extension, its safety, pros and cons, and the founding team.
How Does Keplr Wallet Work?
Inspired by MetaMask, Keplr is designed around simplicity and ease of use. Once you’ve downloaded the Keplr wallet (see below), you no longer need different wallets for each Cosmos ecosystem. Instead, you can swap assets between chains making it extremely accessible for new crypto users.
The Cosmos ecosystem is known for its cheap network fees (usually under $0.01) and speed.
The wallet extension can be downloaded from Google Chrome and is also compatible with Brave browser. Once installed, users can stake Cosmos compatible cryptocurrencies from their wallets.
As a non-custodial wallet, Keplr gives users complete control of their cryptocurrency compared to wallets on centralized exchanges such as Coinbase, which are owned by the exchange. Through the wallet, individuals can partake in airdrops and collect stake rewards from projects such as Cosmos, Kava, and Osmosis.
The interface is designed to be as user-friendly as possible, with all platforms under the wallet using a similar design to avoid confusion. To add to this, all assets are displayed with their $USD value to keep investors updated. Should you live in a country with a different currency, you can change this in the settings option.
Keplr is also compatible with hardware wallets such as the Ledger Nano X or Nano S. These hardware wallets provide Keplr users with higher security levels by keeping all cryptocurrency offline.
How To Install Keplr Wallet Extension
You can install Keplr and connect to Cudos with seven easy steps.
1. Search for Keplr on Google and click on the Chrome Web Store. Click install to start your Keplr Wallet download.
2. Once installed, click on the Keplr wallet extension icon. A new page will open in your browser.
3. Create a new account or import an existing account using the mnemonic phrase provided when you signed up. The wallet will not yet be connected to the Cudos network, so you won’t see your details.
Now it’s time to connect to the Cudos network.
4. Head over to the Cudos Explorer through the Keplr extension.
5. Click on the “Key Icon” in the upper right corner.
6. You’ll see a pop-out asking permission to add a network to Keplr. Approve this.
7. Once approved, open your extension and clock on “Network Name” at the top. A menu will open showing CudosTestnetPublic. Click this, and your account will be connected.
Is Keplr Safe?
Keplr is one of the most secure wallets available, however, it is your responsibility to keep it secure. For anyone to access your account, they require your full seed phrase. We always recommend storing your full seed phrase offline in a notepad to keep it secure. This way, you can access your account should you lose the details. If you lose the details and don’t have access to the phrase, you’ll lose access to your funds and won’t be able to recover them… a real-life nightmare.
Remember, Keplr is non-custodial, meaning there is no central entity that holds your funds; you alone are responsible for keeping your seed phrase safe.
Although nobody has been directly hacked, some people have lost their funds due to scams involving their seed phrases. Keplr has stated they will never ask for your seed phrase, so you should never share it with anyone.
For those who want an extra layer of security, funds can be sent from Keplr to Ledger hardware wallets. This lets you store your wallet offline, keeping your crypto as secure as possible.
According to Keplr Wallet reviews on Google Play, the wallet is extremely secure, and no hacks have ever been reported. It’s been praised for its simplicity and has achieved a 4.1/5 overall score with over 800 reviews.
Pros & Cons Of Keplr Wallet
Compatible With All IBC Assets
Instead of needing a different wallet for each asset, you can store all your IBC assets in one place. These include Cosmos, Terra USD, Sentinel, Osmosis, and Kava.
Lucrative Staking Options
With Keplr, you can stake a range of blockchains in the Cosmos ecosystem, including Cosmos Hub, Osmosis (OSMO), Secret Network (SCRT), and Crypto.org (CRO). You can check your staked assets from the “Dashboard” menu, which can be found in the left drop-down menu on the web browser. You can claim your rewards using the “claim rewards” button in the same menu.
Compatible With Ledger Hardware Wallets
If you’re big on security, you can add extra protection with Ledger hardware wallets. You can use this tutorial to connect your wallet.
Cons
Limited To IBC Coins
Although Keplr allows users to store over 20 different digital assets, it’s limited to IBC coins. This means you can’t store popular cryptocurrencies like Bitcoin and Ethereum.
No NFT support
If NFTs are your thing, then the Keplr wallet may not be for you. As of July 2022, Keplr doesn’t let users store NFTs.
Limited Search Engine Options
Keplr is only supported on Chrome and Brave Browser and is unavailable on alternatives such as Firefox and Safari. In addition, the app can only be accessed through the extension and has no desktop version.
About Keplr Wallet (History of Keplr)
Keplr wallet is a new addition to the crypto space, released in October 2021 by Chainapsis, an interchain infrastructure developer based in South Korea.
It was co-founded by Tony Yun, a two-time HackAtom winner and author of Interchain Standards 27, and Josh Lee, better known as Dogemos, who’s well known amongst the Cosmos community. Josh currently runs Chainapsis and works at Tendermint, open-source software designed to launch blockchains in various languages.
What Cryptocurrencies Does Keplr Support?
The Keplr wallet extension doesn’t currently have its own native currency. Instead, it showcases a list of Cosmos tokens already available in the system. Keplr also supports cryptocurrencies that are not currently available in the Cosmos ecosystem. Known as non-native tokens, users can download them as extensions in the token wallet. The current list of all accepted tokens in June 2022 includes:
- Cosmos Hub
- Osmosis
- Juno
- Secret Network
- Akash Network
- Regen Network
- Persistent
- Kava
- Secret Network
- Sifchain
- CertiK
- IRISnet
- Terra Luna (beta)
- TerraUSD (beta)
- Cronos (CRO)
- Regen Network (beta)
- Cyber (beta)
- Straightedge (beta)
- Sentinel
- Sifchain
- IRISnet
- CertiK
This list is consistently being updated to include additional blockchains. You can find the latest updates at https://www.keplr.app/.
Final Thoughts: Is Keplr The MetaMask of Cosmos?
Keplr helps overcome the hurdle of needing several different crypto wallets for IBC assets, making it easier for new crypto investors to buy and store their assets. Instead of worrying about where their assets are stored, users can hold everything in a single location, making IBC crypto storage as easy as possible.
Despite being a relatively new wallet, Keplr has already proven to be a popular option with over 100,000 global users, over 20 supported assets, and high levels of security for those looking for a safe way to store their crypto.
Throughout 2022 the Keplr team has set the goal of expanding their reach to more ecosystems and posting regular updates on their Twitter account. As the popularity of Keplr continues to grow, the wallet could soon become the wallet equivalent of MetaMask for the Cosmos ecosystem.
The post Keplr Wallet 2022 Review: Meeting the Leading IBC Wallet appeared first on CoinCentral.
