The Parity Wallet is one of several popular solutions that were designed to serve as both a wallet and an interface between the Ethereum platform and your computer.
Like MyEtherWallet, Parity is really a browser and not just a wallet. Parity even bills itself as an “Ethereum Browser” – a browser is needed because Ethereum is really an extensive network. The idea behind Parity is to provide the fastest connection between Ethereum and other technologies possible.
Ethereum was created as a decentralized data storage solution, but it is widely used as cryptocurrency because it is encrypted and very secure. A good way to think of Ethereum is a second, encrypted network inside the internet. Parity is designed as a gateway to that network and an interface between the web and Ethereum.
A Full Node Wallet
Parity was designed as a full-node wallet that means you can do everything it. You can store Ethereum and ERC-20 compliant initial cryptocurrency offerings (ICOs).
More importantly, you can send and receive payments, buy and sell Ether and ICO tokens, mine, invest in Ethereum and add the wallet to a wide variety of applications. That makes Parity Ethereum management tool that you can add to a number of browsers and run on several operating systems. Currently, it works with Ubuntu, OSX, Dockers and Windows.
One reason why users like the Parity Wallet is that provides a dashboard that can be used to manage Ether on your screen. It will even function on computers where MyEtherWallet and Mist have been added.
Easy to Use
Parity is fairly easy if you follow the instructions on the dashboard, which are fairly simple and explanatory. If you look closely you should see everything explained to you.
This makes storing and managing Ethereum as easy as shopping at Amazon. Although it might take a while for your money to show up in Parity, users report that it takes some time to record transactions.
Another popular feature is the easy recovery sheet with a quick read (QR) code that you can scan with almost any phone. That lets you restore your Parity account fast if it is lost or your computer crashes.
Lots of Support
Many developers and users like Parity because it has a lot of support. It is fairly easy to contact and work with the organization responsible for the wallet.
The browser was the creation of a company called Parity Technologies. Based in London and Berlin, Parity’s goal is to create a superfast network that combines peer to peer payments, networking, algorithms, cryptography, databases, and decentralized applications.
This provides a more professional operation and a higher level of support than some of Parity’s competitors. Parity offers what it likes to call the “world’s fastest and lightest client” that can be integrated directly into a web browser. That means it is a lot more than a wallet.
You can store, receive and send Ethereum through Parity, but you can also create or execute contracts and design, deploy, and run a wide variety of Ethereum-based applications. One way it does that is to serve as an interface between different networks.
The support at Parity includes unit testing and review designed to make sure every works. It also includes some of the most experienced cryptocurrency engineers around.
High Level of Experience
Parity Technologies includes some of the people that helped develop Ethereum itself. Parity’s founder Dr. Gavin Wood, worked with Ethereum creator Vitalik Buterin when he first designed the blockchain platform.
Wood is now trying to develop a larger and more comprehensive Ethereum platform designed to serve as a full-service payment network. The Parity Wallet is supposed to become the cornerstone of that system.
One obvious goal here is to create next-generation Fin-Tech solutions that can be marketed to banks, retailers, hedge funds, credit card companies, governments, and other organizations. These solutions would utilize the Ethereum blockchain to create markets, retail platforms, and financial products.
The Highlights of Parity
Some Parity’s highlights and selling points include:
- Will work with Apple McIntosh computers via the OSX operating system.
- Will work with the Linux-based Ubuntu operating system.
- Works with an ecommerce apps platform called Docker.
- Simple one-word online installation available for Mac and Ubuntu, and possibly Chrome and Android.
The most impressive thing about Parity is some of the very advanced features it offers. They look to be years ahead of other wallets and might provide a more effective payment solution.
Competitors would be well-advised to imitate some of Parity’s very-impressive new features. These are a bit technical but if they work as advertised, those features will make Parity of the best privacy wallets on the market today.
One underappreciated Parity feature is the Rust programming language which is low-level. That makes Parity, simple and faster than other wallets, and should reduce errors. Rust allows the creation of complex smart contracts with JITEVM turbocharging and multi-level memory caching.
Parity Technologies claims that Rust will guarantee safety with actor-based modality, unit testing, and peer review. That is designed to create a more robust and resilient system. Extra levels of resilience are created with a standard, JSON-based chain specification format, native speed contracts and modular architecture.
Higher levels of security, privacy, and anonymity are provided by Parity’s small footprint. Having a small footprint makes Parity harder to detect and track online. A small footprint provides a higher level of cache management and creates a smaller storage footprint that is easier to manage but harder for the bad guys to detect.
Even though its website fails to mention Android or Chrome, the creators claim it is highly compatible with Linux-based operating systems. This is achieved through 100% test conformant consensus conformant implementation, standard devp2p network protocol, and full compatibility with JSON-RPC-API.
All that is supposed to make Parity real easy to use with one line Mac and Linux installation. That means one line installation on Chrome and Android might be available because those Google solutions are Linux-based. Installation can also be made with Docker images.
Parity vs MyEtherWallet
Parity by far is made for the more technical user who wants to get down and dirty with the inner workings of ethereum wallets. There’s support for stuff like multisig contracts, manual adjustment of GWEI (useful if you are trying to get into a highly competitive ICO) values, and more. However, Parity does not have the easiest-to-use user interface and, as things go, not as user-friendly as MyEtherWallet.
Power users will probably prefer Parity over MyEther Wallet. Casual users who just need a private wallet to store ERC20 tokens will probably prefer MyEtherWallet
Is Parity for You?
All this makes Parity a great solution for serious Ethereum geeks and people that are trying to developing next-generation Ethereum solutions. Parity would be an excellent application for you if you want to create or execute smart contracts for example.
Persons and organizations that need a browser that can help average people access and use Ethereum would be well-served by Parity. That makes a great alternative for ecommerce companies and financial professionals.
Parity might not be a good alternative for somebody who is just looking for a means of buying, storing, transmitting and trading Ethereum. A big drawback to Parity that we can see is that it does not appear to be compatible with any of the popular cryptocurrency hardware wallets.
It looks as if no support is available for the TREZOR or any of the Ledger products such as the Nano S. That might make MyEtherWallet which can easily be installed on the TREZOR and Nano S, a better solution.
Why You Need More than One Cryptocurrency Wallet
An obvious solution for a person that wants to store Ethereum would be to have two or more wallets.
A big advantage to Parity is that it is supposed to be compatible with wallets like the Mist and MyEtherWallet. A person can use Parity for advanced Ethereum tasks such as monetizing smart contracts, and the other wallet for storing altcoins or transferring them to hardware wallets.
One of the best advantages to Parity is that its creators’ recognize the need for more than one wallet. If you watch the news, you probably know that every altcoin under the sun has been hacked. Using two or more wallets can add more security and make it harder for crooks to swipe your coins.
Parity’s recognition of this weakness and the need for diversification is a strong selling point for its products. It might also be an indication that Parity Technologies is planning other products in the future such as a Visa or MasterCard debit card or a mobile app that converts cryptocurrency to fiat currencies such as dollars.
A smart strategy is to have two or more wallets on your computer and more than one hardware wallet. A good mix of wallets would be a Parity, MyEtherWallet, a standard commercial wallet like Coinbase, a trading solution such as CEX.IO, a TREZOR for travel, another hardware wallet for storage, and at least wallet with a MasterCard or Visa payment option.
There are now several wallets connected to MasterCard and Visa debit cards such as TenX. Such a solution is a good option – because you can use the debit card at places like the grocery store and to get cash from ATMs if need be.
A Very Advanced Wallet with a High Level of Testing
You should definitely consider using Parity if you need an advanced wallet that provides a lot of support. The Parity Technologies Team seems to offer more support and a higher level of professionalism than some of its competitors.
Their best attribute seems to be doing a lot of testing. There is enough support to create a product that’s stable and actually works. Unlike some other altcoin solution providers, Parity Technologies tests its products itself rather than dumping them out online for unsuspecting consumers to tests.
One way Parity tries to maintain resilience and stability is by trying to test and release new versions or updates every six weeks. Another is through 100% unit-testing which many cryptocurrency geeks know is far from the industry standard.
Parity has even managed to conduct over 1,000 consensus tests in an effort to make sure its products actually work. Those reviews include static code checking, and having one or more expert developers review every update before it is made public.
If you need a wallet that absolutely has to work, Parity is for you. The testing is supposed to provide a higher level of resilience and reliability than you are probably used to.
High Level of Transparency
Best of all, Parity actually outlines its’ testing processes and procedures online. It actually goes out of the way to reveal such attributes as block-processing speed, memory footprint, and trie benchmarks online. That means techies can actually to see if Parity’s claims are for real.
That provides a far higher level of transparency than is usually seen from some crypto solution providers. It is a true open sourced solution created with a high level of transparency and integrity.
Developers will definitely appreciate that but so will average users that want something good enough for the pros to use. One big advantage to Parity is that it is a professional solution.
Parity is a Great Solution for Entrepreneurs
If you need something that developers can access and play with, Parity is definitely for you. That would make it a great solution for somebody who is trying to develop smart contracts, an ICO, or an Ethereum-based e-commerce market platform, or product.
Somebody that intends to hire a team of engineers to develop a new Ethereum-solution would be very well served by Parity. So would entrepreneurs that want to do business with large organizations such as big banks, governments, large corporations, investment banks, hedge funds, credit-card providers, and tech companies. Parity would be more likely to provide the level of documentation, safety, and transparency those organizations require.
That makes Parity a great choice of wallet for those trying to create or design next generation e-commerce solutions. If you own a business or website and you want to add Ethereum – Parity would be a great way to do it.
This means Parity is not necessarily a great solution for private individuals. It looks like a business solution for professionals – that requires some level of technical expertise to implement.
If you want to learn Ethereum and how to create Ethereum-based solutions, you should definitely get familiar with Parity and learn to use it. Persons that just want to use Ethereum as a payment solution, might be better served by a more consumer-friendly solution such as MyEtherWallet.
Hopefully, the Parity Technologies team will create a simpler version of their wallet for use by the general public at some point. Their product is impressive and it deserves to find a large market and audience.
Note that the crack developers behind parity are putting their skills into developing a new crypto that aims to be the next big movement beyond ethereum — many would argue the third generation of blockchain technology — with an internet of ‘blockchains’ that aims to interface and connect with different blockchains. This new cryptocurrency is called Polkadot and goes live Q4 2019.
People that want to see what a cryptocurrency wallet and an Ethereum browser should look like must check out Parity. It might well become the gold standard of Ethereum-interface solutions.