A simple, innovative, and secure wallet
What is a Crypto Wallet ?
Cryptocurrency wallets store users’ public and private keys while providing an easy-to-use interface to manage crypto balances. They also support cryptocurrency transfers through the blockchain. Some wallets even allow users to perform certain actions with their crypto assets such as buying and selling or interacting with decentralised applications (DApps).
It is important to remember that cryptocurrency transactions do not represent a ‘sending’ of crypto tokens from your mobile phone to someone else’s mobile phone. When you are sending tokens, you are actually using your private key to sign the transaction and broadcast it to the blockchain network. The network will then include your transaction to reflect the updated balance in your address and the recipient’s.
So, the term ‘wallet’ is actually somewhat of a misnomer as crypto wallets don’t really store cryptocurrency in the same way physical wallets hold cash. Instead, they read the public ledger to show you the balances in your addresses and also hold the private keys that enable you to make transactions.
Not sure what a public or private key is?
A key is a long string of random, unpredictable characters. While a public key is like your bank account number and can be shared widely, your private key is like your bank account password or PIN and should be kept secret. In public-key cryptography, every public key is paired with one corresponding private key. Together, they are used to encrypt and decrypt data.
Why You Need a Crypto Wallet
Your cryptocurrency is only as safe as the method you use to store it. While you can technically store crypto directly on the exchange, it is not advisable to do so unless in small amounts or if you plan to trade them frequently.
For larger amounts, it’s recommended that you withdraw the majority to a crypto wallet, whether that be a hot wallet or a cold one. This way, you retain ownership of your private keys and have full power and control over your own finances.
WHAT ARE THE TYPES OF CRYPTOCURRENCY WALLETS?
There are several types of cryptocurrency wallets.
- Desktop wallets. The desktop wallet has already become a classic. It allows users to store their cryptocurrencies directly on their computer, however, the computer needs to have enough storage space and strong computing power. Some desktop wallets require less computing power because they store cryptocurrencies using an intermediary service.
- Online wallets. These wallets allow you to store cryptocurrency online and are the least secure of all solutions.
- Mobile wallets. Mobile cryptocurrency wallets are a nice medium between desktop and online solutions. Their use does not require your smartphone to have additional capabilities, and additional security measures can be implemented for such applications. A custom mobile cryptocurrency wallet is both a safe and affordable solution for businesses that want to exchange cryptocurrency or give their users the opportunity to do so.
- Hardware wallets. This type of wallet is considered the safest. They are special devices that store private keys to access cryptocurrency.
- Paper wallets. A paper wallet is a document containing a private and a public key used to manage your cryptocurrencies.
Let us introduce, our wallet application, for detail function will be update on next article. Here some screenshot our wallet dapps