Same as the rest of the industry, crypto wallet technology is evolving and expanding fast. The new wallets that are created today come equipped with features that address the issues of their predecessors. In this Ambire Wallet review, we’ll be talking about one such platform.
If you’ve already heard about Ambire, and are familiar with the core features offered by the brand, this review will serve as a refresher of that knowledge. If, however, you’d like to check out the wallet for yourself, do also make sure to check out my dedicated tutorial on how to use Ambire, too!
Circling back to this Ambire Wallet review, the product in question is often referred to as a smart wallet. This means that, unlike many traditional crypto wallets, each Ambire wallet is a smart contract. This, in turn, provides its users with a variety of interesting benefits - all of which will be covered in the chapters ahead!
- A smart contract wallet (SCW)
- Very user- and beginner-friendly
- Industry-standard security features
- No mobile Ambire Wallet app (yet)
- Some protocols still don't support smart contract wallets
Table of Contents
- 1. Ambire Wallet Review: PROS
- 1.1. A Smart Contract Wallet
- 1.2. Transaction Batching Functionality
- 1.3. User-Friendly Wallet Management
- 1.4. A Security-Conscious, Open-Source Wallet Project
- 1.5. $WALLET - The Native Token of Ambire Wallet
- 2. Ambire Wallet Review: CONS
- 2.1. No Mobile App
- 2.2. Some Services Don't Support Smart Wallets
- 3. Conclusions
Ambire Wallet Review: PROS
Kicking things off, let’s take a look at some user Ambire Wallet reviews, and check out which features of this wallet are considered to be most notable, as well as what makes this wallet special, in general.
To be fair, it wouldn’t really make sense to talk about anything else without addressing the key feature, first - the fact that Ambire is a smart wallet.
A Smart Contract Wallet
Earlier in the Ambire Wallet review, I pointed out the fact that the crypto wallet industry is constantly advancing, with new technologies being implemented seemingly every other day.
While that might be the case, in a general sense, interestingly enough, as of me writing this article, there’s still a good chunk of people who aren’t aware of what smart wallets are, and what makes them special, too.
The “official” definition would be that these wallets employ smart contracts in their core functionality - or, in other words, the wallet itself is an actual smart contract. So, each account that you'd create on Ambire would be a separate smart contract, on its own.
This opposes the traditional model of crypto storage - one that’s become known as an EOA, or “Externally Owned Account”. While you would still interact with smart contracts, with this common type of a crypto wallet, these interactions are different.
How so? Well, with EOA wallets, you could essentially do three things - send crypto, sign messages, and interact with smart contracts. While this works to fulfill the basic needs of most crypto-related dealings, it's actually a lackluster design, and can be greatly improved upon.
Smart wallets offer a direct alternative - they can also execute arbitrary logic, on top of the aforementioned core functionalities that you'd come to expect. These advanced features could include prepaying gas fees, batching transactions, and so on.
Naturally, smart wallets still allow you to utilize EOA functionality, as well.
The latter - transaction batching - is where the interesting features of smart wallets really begin to showcase themselves, though. It’s actually one of the more talked-about features among different user Ambire Wallet reviews, too!
Granted that it’s a benefit that is directly tied to Ambire being a smart wallet, it’s likely a good idea to take some time, and explain the feature in a separate chapter.
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Transaction Batching Functionality
If you’ve spent some time in the crypto industry, and have experience performing transactions on both centralized, as well as decentralized cryptocurrency exchange platforms, you’re probably aware of the fact that the entire process looks quite different, in both cases.
With CEXs, the transactions are usually very “smooth”, and happen almost instantly. All confirmations are done from within the platform itself, since you would hold your funds in the custodial wallet of the exchange.
DEXs, on the other hand, are different, and often require multiple signatures from within your wallet to confirm the transaction. To add to that, each confirmation is a transaction, in itself - so, essentially, you’re “performing side transactions in order to complete your main transaction”.
Even stating the above is enough to make things quite complicated. To add to that, it's also very impractical, from a network efficiency standpoint.
The transaction batching feature, offered by smart wallets such as Ambire, aims to solve this, as well as similar other notable nuisances. The smart contract is able to batch certain transactions into a single one, saving the user both time, as well as patience.
This is just a single example of transaction batching, however. With a bit of customization, this feature alone can make the process of performing transactions with multiple different parties at the same time much more streamlined and automated!
As an example, thanks to Ambire's transaction batching, you can operate with funds that you do not yet have in your wallet. So, say, you want to swap ETH for USDT, and then send that USDT to another wallet - you can batch the swap transaction and the sending of the funds in one, single transaction, even though you do not yet have the USDT, at the time of commencing the batching. Definitely a neat feature to keep in mind!
Convenience isn’t the only benefit here, however. Transaction batching can also yield different objective benefits, as well.
As a sidenote, it’s also worth mentioning that Ambire allows its users to pay for transaction fees with stablecoins - once again, it’s a feature that’s enabled thanks to the underlying smart contract functionality.
Notably, transaction batching is just a single benefit offered by smart crypto wallets, such as Ambire. Having said that, though, it’s definitely one of the more notable, as well as useful of the lot!
User-Friendly Wallet Management
Moving on with the Ambire Wallet review, the next point worth highlighting is that of wallet management. The differences between Ambire and other, non-smart wallets are evident straight from the beginning - the wallet creation process.
With most hot wallets of similar design, the very first thing that you’d need to do is download a browser extension, and set it up. This can be annoying, as well as potentially dangerous - if you haven’t been keeping your browser up to date, security-wise, browser-based wallets are at risk of being compromised.
With Ambire, things are quite different. There’s no Ambire wallet app, no browser extension that you’d need to download, none of that - instead, the wallet is based on the official website, and you’d simply register and log in as you would with any other service or social profile.
Now, this design isn’t necessarily super-innovative, but it’s still quite uncommon to come across website-based wallets. This is made possible thanks to - you’ve guessed it - Ambire’s smart wallet design.
Moving on, another interesting feature of the wallet is that it can be accessed (registered on) via an email address and a password. This, in turn, offers an alternative way of securing your cryptocurrencies, other than the traditional private key creation.
Indeed - when you create your Ambire Wallet account with an email and password, you will be able to download a backup of your key.
In a situation where you’d forget your password, and / or didn’t opt-in to store your key on Ambire’s cloud and lost it, you will be able to restore it through a 3-day time-locked transaction.
Naturally, as you can imagine, this tends to raise a lot of questions among user Ambire Wallet reviews - specifically, questions such as “is Ambire Wallet safe?”. This is one of the benefits of smart wallets, however - the ability to streamline user experience and wallet usability features, without sacrificing any of the industry-standard security measures.
The aforementioned usability does also translate into the actual wallet interface, as well as the advanced-level features offered by the platform, too. User Ambire Wallet reviews point out how simple it is to navigate the wallet, and how clear the UI is, design-wise - even if it’s your first time using a crypto wallet, you should face no struggles with figuring things out, whatsoever.
The beginner-friendliness aspect is so far-fetching, that it even extends to transaction detail optimization, as an example. Specifically, Ambire showcases transaction details in a human-readable way, thus increasing the level of understanding that the user might have (“what they’re actually looking at”), as well as minimizing the risk of, say, a fraudulent transaction taking place.
All in all, whether it be the registration process, or the general usability aspect of the wallet, I do agree with other user Ambire Wallet reviews - the platform truly is well-optimized and very user-friendly! Naturally, this is in part thanks to the “smart” functionality associated with the project, but it’s important to give kudos to the development team behind Ambire, as well!
A Security-Conscious, Open-Source Wallet Project
This is something that I’ve hinted at and mentioned a few times, throughout this Ambire Wallet review, but it’s such an important topic to address, that it definitely requires a separate chapter, in and of itself.
In a very general sense, security should always be one of the key factors that you look into, when it comes to picking out a crypto wallet for yourself. Without it, no matter how cool the wallet might be, chances are that it’s best to avoid it - alternatively, your funds will always be at risk, and you’ll never have peace of mind thanks to that.
The good news for anyone wondering is Ambire Wallet safe, though, is that this wallet takes security very seriously. In turn, it employs a lot of high-end security features, both directly and indirectly.
First of all, it’s an open-source wallet project. This means that all of the code behind the wallet’s development can be accessed and viewed by the public, as well as contributed to by savvy developers, too. All contributions need to be approved by the community (obviously), but the fact that you can help develop the wallet, or at least audit the code behind it is very notable!
As a follow-up to this, Ambire plans to implement a bug bounty program. In simple terms, this would incentivize developers and general crypto enthusiasts to search for any and all bugs that might manifest within the wallet, and potentially get rewarded for finding them, in return.
Moving on, Ambire is also subject to constant audits by third-party security firms, which help with tangible, objective proof when it comes to people questioning its security features. It’s definitely reassuring, no matter what your outlook on the wallet might be!
All of that being said, it’s important to mention that the fact Ambire is a smart contract-powered wallet does also contribute to the security side of things, rather notably. Since users are going to have a much easier time setting up and interacting with the wallets, this would also lead to fewer mistakes, in the long run.
To add to that, since the smart wallet functionality replaces traditional recovery phrases with a backup / email-based wallet restoration, this makes the processes of both securing your wallet, as well as recovering it in the case of a loss of access much simpler to navigate through!
Hardware wallet integrations are a huge deal, and should be viewed as such! Upon creating your own Ambire wallet, you’ll be able to connect it with any of the aforementioned hardware devices, thus vastly boosting the security of your assets.
All in all, the conclusion here is rather evident - if you’re still wondering “is Ambire wallet safe?”, you can rest assured that, even though the wallet employs some innovative technologies within its design, it’s widely considered to be as safe as any other high-end crypto storage solution.
$WALLET - The Native Token of Ambire Wallet
The native token of the wallet in question is WALLET. While most crypto-native projects have tokens associated with them, oftentimes, these tokens don’t really serve an essential function with the platform itself, and would usually only be used for fee reduction purposes.
I’m happy to say that this isn’t the case with Ambire, however. The WALLET token can, in fact, be used for a pretty wide array of different benefits.
For starters, you can use WALLET for your own, personal financial gain. The token can be staked within the wallet, thus earning its owner passive returns. Similarly, you may opt to use it for liquidity provision purposes, which would yield the same result - passive returns, over time.
Naturally, WALLET can be traded for other tokens, just like any other crypto assets out there. In that regard, it really depends on how you view the token and its potential benefits for your own, specific situation.
That being said, the Ambire coin can also be used to participate in the WalletDAO. This is a Decentralized Autonomous Organization that’s specifically designed to look over the Ambire wallet, and make decisions in regards to its development and general governance.
The WalletDAO has a separate treasury, set specific tokenomics, proposal submission processes, and so on. It’s a fully-fledged DAO system - certainly a huge point to keep in mind!
A point that should also be mentioned here is that users of the Ambire wallet are able to receive WALLET tokens by simply keeping their funds in the Ambire wallet itself. Or, in other words - if you want to acquire some WALLET tokens for yourself, all that you need to do is store and keep some of your crypto portfolio on Ambire!
With so many different use cases, the token is certainly an essential part of the Ambire wallet ecosystem!
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Ambire Wallet Review: CONS
With all of the most interesting and notable features of the wallet in question discussed and out of the way, we do still need to take a look at some of the more negative user Ambire Wallet reviews, too.
Specifically, it’s important to address whether or not there are any notable complaints that users might have, and if so, do they act as a dealbreaker, or can be overlooked, in general.
No Mobile App
Without a doubt, this is the most commonly-mentioned “con” associated with the wallet - the fact that there’s no such thing as an Ambire Wallet app. It’s something that you’ll notice pretty fast whilst reading through user Ambire Wallet reviews, as well.
The dissatisfaction that users experience, in this regard, is quite understandable, really. It’s probably safe to say that, these days, most high-end crypto wallets have mobile app versions, even if they’re super-basic.
This is completely understandable, too, granted that the number of people who interact with crypto on their smartphones is increasing rapidly. Even if you prefer to use a laptop or personal computer, it’s still very convenient to have the ability to check on your portfolio on the go, with just a couple of clicks.
Earlier in the review, I told you that Ambire is a website-based wallet - it doesn’t come as a browser extension, and instead, is operated straight from the official website of the project. Evidently, you can still access your wallet on your phone - however, at this time, it would require you to go to the aforementioned official website, and log in as if you would whilst using your computer.
On the flip side, if you love what Ambire is all about, and your only gripe is this very point, I have good news for you - the team behind the platform is developing both a dedicated browser extension, as well as a mobile app version of the wallet! Both versions of the wallet are planned to be released sometime this year.
All things considered, this is something that's worth keeping in mind - while it’s likely not going to dissuade anyone from trying the wallet out for themselves, until the app + browser versions are released, the website-exclusive design limits the wallet's functionality, and is rather inconvenient, at best.
Some Services Don't Support Smart Wallets
As I’ve told you a few times already, all throughout this Ambire Wallet review, Ambire places a lot of emphasis on the fact that the wallet is smart. In other words, the product is revolutionary in its design, and brings with itself a lot of useful and intriguing features.
Indeed - if you've read the review up to this point, you probably have a pretty good idea of what I'm talking about. While smart wallets are yet to become the norm, and overtake EOA-based platforms, it's clear that the benefits offered thanks to the smart wallet design aren't something that can be ignored.
As of me writing this Ambire Wallet review, however, the industry (as a whole) still hasn't caught up to this, it would seem. This is where another noteworthy issue begins to surface - the fact that smart wallets still aren't supported by a wide array of different protocols.
If you were to navigate to OpenSea, and try to connect your wallet to the platform, you would soon notice that it doesn't support Ambire. Or, to be a bit more specific, you wouldn't be able to trade NFTs on the marketplace, using your Ambire wallet. This is simply due to the fact that the OpenSea protocol does not support smart contract wallets.
While serving as a great example, OpenSea is, admittedly, just a single platform - this problem is present with a much wider array of different protocols, all presenting themselves as a limitation of what you can and cannot do with your Ambire wallet.
Of course, to be completely fair to Ambire, it's important to also mention that the company is working hard to resolve this issue - they have even written a library that, if employed, would allow a variety of different protocols to solve the matter, altogether. The library "enables universal EthSignature verification", and thus, allows Ambire (or, smart contract wallets, in general) to be supported by a variety of different dApps.
No matter how you look at it, two things are clear. One is that, using Ambire today, you would still face certain hurdles, when it comes to interacting with other protocols - just how much of an issue this is will depend solely on how much of the aforementioned interacting your plan to do.
The other thing is that, even though this is a notable issue, Ambire seems to tackle it pretty vehemently, and is proactive in addressing and solving it, as soon and with as many different protocols as possible. It's certainly a sign of how passionate the team behind the wallet is, about their platform, and that's something to keep in mind, either way!
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So, then - that wraps up my Ambire Wallet review! Having covered both the major pros and cons of the wallet, what’s the conclusion here - is it a project that’s worth checking out, or is it best to avoid it, in general?
Well, in a very general sense, Ambire is definitely worth giving a shot. The wallet is very unique (employing smart contracts as the core of its technological foundation), and this uniqueness transmits to all of the core services that it offers to its users - wallet setup and recovery, transaction processing, swap and trading tools, passive earning opportunities, and so on.
Ambire is also very simple to get into and use, yet comes equipped with some advanced features that crypto fans will be able to utilize - staking, transaction batching, etc. The wallet also supports multiple EVM networks, and is constantly working to integrate Layer-2 solutions, as well.
As far as the less-positive aspects are concerned, only two things stand out - the fact that, as of writing this review, the wallet is website-exclusive, and doesn't have a dedicated mobile app or browser extension, as well as that there are still quite a few protocols that it's incompatible with.
The former will be addressed sometime in 2023, with a mobile app and a browser extension in the works already. Ambire isn't snoozing on the protocol incompatibility, either - the company is proactive in making smart contract wallet functionality as widely-supported and functional as possible.
If, after reading this Ambire Wallet review, you do decide to try Ambire out, make sure to check out my tutorial on the topic. With that being said, though, thanks for reading, and until next time!
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