In Simple Terms, What is a Raywallet?
And What Will Solidray Users Use it For?
Let’s understand what a crypto wallet is, its different kinds and their importance.
A crypto wallet stores your private or public keys while interacting with various blockchains.
It enables users to send and receive crypto and monitor their balance.
“A public key is like your bank account number. You can share it with other people or institutions to send money to you or take money when you authorise it. These people usually view your public keys as a wallet address — a hashed, or more compressed, version of that public key.
But a private key is like your bank account password or the PIN to your debit card. “You would not want to give that to me because that would give me access to your account,” says Nicole DeCicco, founder of CryptoConsultz, a consulting practice for individuals and organisations learning about crypto and blockchain technology.
There is a misunderstanding about how cryptocurrency wallets work.
Unlike traditional pocket wallets, crypto wallets don’t store any currency — they are not stored in any single location or exist anywhere in a physical form.
Instead, what exists are records of transactions stored on the blockchain.
When a person sends you crypto, what happens is that they are signing off ownership of their coins to your wallet address, not an exchange of physical coins.
The transaction is signified by the transaction record on the blockchain and a change in balance in your crypto wallet.
There are different types of crypto wallets.
Different crypto storage options can serve other purposes, depending on what you plan to do with your crypto.
Hardware Wallet
These are called cold wallets or cold storage, and they store your keys completely offline on a device not connected to the Internet.
A hardware wallet looks similar to a USB flash drive.
Sometimes, paper wallets, in which you print information about your public and private keys onto a piece of paper, are used as cold storage.
Software Wallet
These may also be called hot wallets.
Consider a software wallet to be similar to your online bank account.
“They’re often connected with an exchange, they’re often user-friendly, and they’ve opened up the space to a more mainstream market,” says Nicole DeCicco. “But there are many risks to keeping your funds online.”
Hot wallets can take various types. You may get one via the crypto exchange where you bought your coins, downloading a software application to your computer desktop, or using a smartphone app or browser extension.
However, because these options connect your public and private keys to the Internet, you may be more vulnerable to hackers than cold storage.
A software wallet can either be a custodian or a non-custodial wallet.
A custodial wallet is where a third party looks after your crypto wallet and holds the private keys.
I guess you must have heard this phrase: “Not your keys? Not your coin.”
For small amounts of crypto, a custodial wallet is no problem. You can keep a little bitcoin in a custodial wallet like Binance or FTX because it’s convenient.
For larger amounts of crypto that you wouldn’t be using for 6–12 months and above, it is advised to use a non-custodial wallet.
With non-custodial crypto wallets, your assets are backed by a private key. This functions as a password to your crypto wallet.
Your private key puts you in complete control of your wallet.
You’re responsible for security, and if you lose your wallet, as long as you have your private keys saved somewhere, you are safe.
Private keys are represented by a collection of words that can be written down or memorised.
You cannot lose your money to hackers as long as you do not digitise (no pics, no email, etc.) your private key; instead, keep it in your head or on paper.
Non-custodial wallets are the key to the decentralised web and serve as the primary way to interact with DeFi protocols, like Compound, AAVE, etc. or non-fungible token (NFT) marketplaces.
What is Solidray’s Raywallet?
Raywallet is a multi-chain decentralised wallet + NFT Storage that will allow investors to monitor cross-chain investments and balance, all in one platform.
With Raywallet, investors will be able to store, swap and most especially stake their crypto in Polygon, Ethereum, Gnosis, etc. (any EVM compatible chain) without any intermediary.
Solidray ICO is live. First-round is almost sold out.
