Blockchain technology was originally developed for the exchange of cryptocurrency i.e. Bitcoin. But to use and exchange cryptocurrency, a user requires a safe and secure wallet. Globally millions of people are dealing with cryptocurrencies and they are making use of wallets in their endeavor to buy, sell, or even storing them as an investment. Thus, it is necessary to opt for a secure wallet to keep your currency safe.
Wallets serve the purpose of keeping your cryptocurrency safe and there are several types of wallets with different functionalities in the market. It depends on the need of the user to choose the best wallet as per his requirement. For example, if an investor invests in multi currencies then a wallet supporting all the coins is needed. Wallets do not store the cryptocurrencies immediately, rather they store your private keys.
Private key and public key are created using special algorithms of public-key cryptography. The address at which the cryptocurrencies are sent is a public key. And the private key is the address which is used for spending on investment of funds. The public key, in the absence of the private key, is worthless, since it only facilitates checking of the balance and money just cannot be sent and can’t be spent. Once the private key is lost then the money inside cannot be managed. That’s why it is important that the private key is secured using a secure wallet and proper backups.
There are various types of wallet depending on the east of convenience and security. Hot wallet and cold wallet are two main type of wallets. A hot wallet functions using the internet connectivity and thus, is easy for spending, but is more vulnerable to cyber-attacks. Whereas, cold wallets are less-convenient in terms of spending but are less vulnerable to cyber-attacks. So, we can say that with respect to wallets, the convenience comes at cost of security.
Read more on Hot Wallet vs Cold Wallet
The ideal characteristics of a cryptocurrency wallet are following:
- The wallet should provide for decentralized storage of private keys with proper backup option for restoring the keys in case of loss of wallet.
- The wallet should be hash key protected and the provider company should have proven track record in handling security-related issues.
- It should be offering user-friendly UI to its user. And consisting of all essential options.
- It should be offering mobility so that it is easy and safe to use and maintain.
- A wallet should be smooth enough to process transaction easily and without causing any inconvenience to its users. It must facilitate the fast transaction, whenever the situation arises.
- A mobile wallet must present its users a great sense of accessibility of balance information and other options. Accessibility is another intrinsic feature.
A combination of above-mentioned traits makes a wallet feature-rich and desirable among the customers. The engineers of Prolitus develop hot wallets by considering such ideal traits of wallets. They put emphasis on the security and making the wallets feature-rich and interactive. They use hash function key for password protection and provide solutions to all the possible risks that a person may encounter in this endeavor. To know more about wallet development services, drop us an email at [email protected]