Polkadot Extension

Basic Information

The Polkadot extension is an account manager that allows you to store all your keys and sign your transactions from your local device. It does not work like a usual wallet, nor is it meant to be a full wallet replacement. However, as you will find out here, it is still an app worth using.

Functionality

In a regular software wallet that is used for storing crypto, you may see what assets you have there. You can also send money to another wallet or buy crypto assets from third parties. The Polkadot extension does not work that way, instead acting to provide another layer of security while operating in the Polkadot and Kusama ecosystems.

Thanks to the extension, you can participate in democratic voting and connect to decentralized applications (dApps). The Polkadot extension (wallet) will not show you the balance of your accounts, nor will it allow you to send funds directly from the extension. When you want to see your account balance or send funds, you have to use the Polkadot-js UI. You shouldn’t use the UI itself without the extension, because the extension stores all your account information on your device, thereby ensuring the safety of your funds.

You can use the Polkadot extension on Chrome, Brave, Edge or Firefox browsers. The app allows you to create a brand-new account, or you can import an existing one. The extension is non-custodial, which means all your information is stored on your device and nobody else can access it. When you create an account with the extension, the app will generate a seed. You will be prompted to create a password that will be used in the future to confirm transactions. Further security can be achieved by connecting your extension to a hardware wallet, e.g. Ledger.

Pros and Cons

Pros

Extra protection – the extension will recognize all known scams, alerting you when you are accessing a site you should not visit so you don’t risk losing your asset.
Easy to install – the installation of the extension will take you no more than 2 minutes
An official wallet – the Polkadot extension has been created by the same people behind the Polkadot blockchain, thereby providing some credibility
Connection to Ledger – the app allows you to connect with the hardware wallet made by Ledger

Cons

Confusing – for people who are just getting started with the extension, it might be confusing to use and understand its purpose as there are not many resources on how to operate it.

Supported Chains

The extension supports all assets running on the Polkadot and Kusama networks.

Tips from an Analyst

Software wallets represent a reliable way to keep your crypto assets safe. Another positive point is that they are mostly free, and you can download them in a couple of minutes. On the other hand, you should be very careful when it comes to choosing and downloading a software wallet, as the probability of someone stealing your assets might be a little higher. Before putting any assets into a wallet, be sure it is trustworthy. Always do your own research and in every case, be sure to download the wallet or, in this case, the extension, from the official site.

Never ever share your seed with someone else or put it on your electronic device. Putting it on an electronic device raises the risk of your seed being stolen by a third party, which may result in the loss of all your assets. Use a piece of paper or metal plate instead. You should do the same with the password that you choose when using the Polkadot extension.

As the extension might be a little confusing compared with other wallets, I recommend visiting this site to read more information on how to use it properly.

Personal Opinion

Polkadot is a blockchain that is becoming more and more popular thanks to its flexibility. For people who want to operate within its massive ecosystem, the Polkadot extension provides a good opportunity. The extension itself presents a safe way to be active when it comes to governance and using huge amounts of dApps. So far, there have not been any known security breaches either.

On the other hand, for a beginner, the extension might be a little confusing. Some people might even have a problem finding out how it works because there is basically no info about it on the official site. Other wallets give users guides on how to use them, and you do not need to use two applications.

Overall, the Polkadot extension is a safe wallet for your assets from the Polkadot and Kusama ecosystems. It might take you a little time for you to discover how it works, but considering its safety, it is certainly worth your time.