Jaxx wallet is a product of Kyptokit, a Canadian-based firm which was started by Ethereum co-founder and former Toronto Stock exchange hot shot Anthony Di Iorio back in 2013. He only needed $100,000 to come up with this master piece. Of all the feature it has you should know that is it web based meaning it is a hot wallet.
What makes Jaxx wallet attractive is its simple UX, the security is offers-despite the recent bad press and of course the powerful features behind its minimalistic front end. The latter is actually the driving force behind Jaxx. In some few minutes you will see why.
Features of Jaxx wallet:
At the end of the day, Jaxx main’s objective is to avail wallet and cryptocurrency exchange service to all and sundry irrespective of their geographical location. All they need to have is a reliable internet connection and they won’t go struggle with storing or exchanging cryptos. Remember, Jaxx is free for all and offers unique and dynamic features giving Exodus a run for their money.
So these are some of the distinguishing features entrenched deep in Jaxx philosophy:
• Jaxx wallet allows cross platform pairing. This means that irrespective of the platform you choose-be it mobile or desktop, you can link your account to all your devices in use. Any change done on any device will be reflected in all platforms in real time.
• Multi-coin functionality – Jaxx wallet supports several coin which are listed below and they don’t support any other junk coins. They only support in demand tokens meaning you won’t hold illiquid assets.
• Embedding ShapeShift – this exchange is the heart beat of the Jaxx wallet. With ShapeShift, users can simply exchange one coin for another in Jaxx’s smooth and intuitive platform.
Figure 1: User Interface
Often, it doesn’t take much for users to decide. All they have to do is visit the product’s home page and take a simple glance of how it is designed. The interface is 100% intuitive and smooth and nothing is out of place or cluttered.
It doesn’t matter if you are a beginner or an experience BTC user, the interface is smooth, intuitive and navigation is a no brainer.
Everything you need to know is clear. This is in line with Jaxx’s policy which is to onboard as many people as possible regardless of their experience in this relatively new form of investment.
Figure 2: Jaxx Menu
At first glance, you can access the “receive” and “send” buttons. It is right there on the home screen. Other functions such as adding or removing coins, setting up your 4-digit PIN, backing up your wallet, importing funds from off-line paper wallets and checking different coin exchange rate is clearly displayed behind a minimalistic black screen if you click the “menu” button.
All I’m saying is this: Jaxx is pressing all the right buttons when it comes to functionality.
Figure 3: ShapeShift function
The Jaxx wallet is really easy to use as I have explained above.
The ShapeShift feature is built into the wallet is what gives Jaxx an edge. This is the only wallet with this in-app exchange. You might be wondering what is ShapeShift.
ShapeShift is an independent exchange that allows you to exchange coins and this exchange is in built within Jaxx wallet making it a breeze for users. For example, if you want to convert ETH to BTC or LTC, you do it right from the app by simply tapping on the “fork” ShapeShift button and selecting the currencies you want.
ShapeShift also allows you to transfer funds seamlessly. The underside of this is that the wallet becomes slow. You will need to hit the refresh button for incoming and outgoing transactions to reflect.
The design is modern, attractive and professional, as well as consistent across all device platforms.
Figure 4: Platforms supported
The design imparts some degree of professionalism, a change from early wallets with experimental feeling that could be intimidating to new users.
The other cool thing is the way the source code is audited right from the company website. This means developers can keep a minute by minute tab of what the company does on the wallet code.
Guys, this is important please pay attention here.
On the company policy, Jaxx wants to onboard as many users as possible by using a couple of features such as localizing private keys, introducing ShapeShift and an attractive UX BUT this also makes Jaxx vulnerable. This “decentralization” or client-base security is a honey pot for attackers and it is no wonder Jaxx desktop application was hacked with users losing coins as a result.
To begin with, Jaxx has what is called “Permisionless Access”. With this, it means that once you download their app, you don’t need to get verified by uploading personal details to their centralized servers. Of course it is a cool thing. I personally love it BUT concurrently it compromises the security of your account because you won’t have two-step verification or any form of transaction multi-signature support in place. So, no phone number, no 2FA and dude, you get exposed.
Other than 2FA and others, Jaxx employs a client based, external storage security through what is called a Hierarchical Deterministic function. You notice that the first thing Jaxx asks you when you are starting out is a seed which is a back up master phrase for private keys recovery purposes. The problem comes with the follow through encryption that they employ.
It was recently revealed that there was serious flaw on their desktop apps and their chrome extension which resulted in user coin loss.
According to critics, Jaxx don’t encrypt the 12 word mnemonic pass phrase but rather “obfuscates” it by using hard coded encryption keys rather than a user supplied password.
This is a free pass for hackers as they can by-pass the user local pin and read the master mnemonic phrase in less than 20 minutes.
Coins supported by Jaxx wallet:
Figure 5: Coins supported by Jaxx
Jaxx wallet supports these fluid cryptocurrencies:
• Ethereum Classic
Jaxx is multi-platform and support a variety of cryptocurrencies but users are complaining. Mostly it is about the slow transaction, high transaction fees-though they say the fee is dynamic and goes directly to the cryptocurrency network, lost coins and irresponsive support dispensed through their ticketing system. Though some have responded positively, many are dissatisfied and hate “canned” responses.
• Interface is user friendly.
• App is free and user friendly.
• Wide selection of liquid cryptocurrencies.
• Multi-platform and linked meaning it is highly accessible
• Dynamic transaction fees
• Localized private keys
• No uploading private details.
• In-app coin exchange through ShapeShift is awesome. Saves time and money.
• Support fiat currencies.
• ShapeShift slows down android apps.
• Lacks Multi-sig and 2FA support.
• Security concerns
• High transaction and mining fees.
• Not “open source” though they claim to be.
My honest opinion here is two way…yes and no…why?
Well, the interface is undoubtedly awesome. They really try to onboard peeps and make it user friendly as possible and that is why I recommend you using it mainly as a hot wallet meaning you can only store small amounts of coins especially if you often transact.
We can excuse the higher transaction or ‘’network” fees as they claim and the support team responses. The faster they resolve customer complaints the higher the ratings. That works in tandem, no escaping that.
Now, the major concern is the security issue. A white hat demonstrated this but these guys keep on responding with no action. We need lightning to do the work not thunder. The moment they resolve this and lower miners fee then I will recommend whales to store their coins here. For now, I will steer clear.