Wallet Type: Web Wallet
Description: Burner Wallet provides a quick and easy way to carry and exchange small amounts of spending-crypto using a web browser. The Burner Wallet makes wallet setup a breeze; an Ethereum keypair is automatically generated and used for signing transactions. However, this convenience comes with a security cost – the “burner” in the wallet’s name reminds users that it’s not secure for long-term storage. If you use a Burner Wallet, you should regularly sweep funds into a more secure wallet and burn your Burner Wallet’s private key. It’s perfect for short-term, small denomination use, and not safe for storing large amounts of crypto.
Burner Wallet is an excellent example of an Ethereum tool that provides an amazing user on-boarding experience. It can be setup in seconds by scanning a QR code, and transactions are fast, extremely inexpensive, and maintain their value on the xDai network.
Use Cases: The primary use case for the Burner Wallet is peer-to-peer payments and small merchant payments. While it was developed in November 2018, the wallet gained a lot of usage and exposure in early in 2019. It was a huge success in both ETHDenver and Ethereal NYC. Burner Wallet showcased the speed and low transaction costs of the xDai Chain at ETHDenver when the transactions costs for all meals was $0.20 while processing $38,432.56 in DAI to various food trucks and merchants.
Burner Wallet is also one of two xDai based applications to receive a grant from the xDai Privacy Fund. The fund will grant Austin $5,000 Dai monthly for six months to improve the Burner Wallet user and on-boarding experience, and to implement private transactions in the Burner Wallet.
What the team says: “I built the wallet and I showed it off to a few people at Devcon. We’d be standing in a circle, and I would be like hey pull out your phone and I would shoot someone 3 xDai in five seconds. I realized the space is really hungry for that magic moment. This goes back to UX, the current user experience at the time, was really lacking and so when someone got their hands on something that was just really intuitive and easy to use and fast and cheap and made a lot of sense they had this magic moment, and all of the sudden I noticed people were having a magic moment with their wallet, there’s something with this.” - Austin Griffith- Burner Wallet Creator