A brief exposition of non-custodial wallets and how TeleWallet is the future
Overview
In our foundational article, which earmarked the beginning of this series aimed at simplifying everything Teleport, we provided an overview of who we are as a project, why and what we are building, and an overview of our line of products. This document marks the second installment of that series, and we will be taking a bird’s eye view of the first multi-identity & multi-verse wallet — TeleWallet.
This article will provide a base level of knowledge around non-custodial wallets and then outline key features of TeleWallet alongside some of the use cases of the TeleWallet.
Contents
- What is a Non-Custodial Wallet?
- TeleWallet Key Features
- How to Use TeleWallet
What is a Non-Custodial Wallet?
When using a non-custodial wallet, the user has complete control over their private keys, which in turn allows them to manage their cryptocurrencies and provide ownership proof for any funds. While using a non-custodial wallet eliminates the need to rely on a third party, it also means that the user is completely responsible for keeping their keys safe and must take their own security measures to safeguard their money.
In contrast to a custodial wallet, someone else is in charge of the users’ private keys. In other words, users are putting their faith in a third party to look after their money and give it back to them if they decide to trade or send it somewhere else. A custodial wallet reduces personal accountability but necessitates faith in the custodian, typically a cryptocurrency exchange, who is holding their cash.
Key Features of TeleWallet
Multiverse Support
TeleWallet is a Chrome-based browser wallet built to fully support both EVM and non-EVM chains, making it the first multi-verse and multi-identity wallet.
EVM Networks
- Ethereum, BNB, Arbitrum One, Polygon, Fantom Opera, Avalanche, Optimistic Ethereum, Teleport Testnet
Cosmos Networks
- Cosmos Hub, Osmosis, Secret Network, Juno, EVMOS, Umee, Kava, Crypto.org
Networks soon to be integrated
- The Polkadot Network (Polkadot, Parallel, Acala, Moonbeam, Clover, Astar, etc.) as well as Solana.
Multi-Identity supported
Identity wallets are a category of wallets which have been backed up using the same mnemonics. Users of Teleport Wallet are able to manage multiple identities using an infinite number of mnemonic phrases. Unlike other wallets, which support only one identity and one mnemonic phrase, Teleport’s multi-identity wallet also supports:
- Generation of an infinite number of identity wallets
- The ability to import an infinite number of identity wallets
- The ability to create an infinite number of accounts for these identity wallets
Backup all account private keys
TeleWallet supports backing up the private keys of newly established accounts in addition to those that have already been imported; a feature which most wallets do not possess.
Support both EIP-1559 and non-EIP-1559 EVM networks
Teleport Wallet supports both EIP-1559 networks (such as Avalanche and Polygon) as well as non-EIP-1559 networks (e.g. Fantom)
How to Use TeleWallet
Users can set TeleWallet as their default wallet and then use it to navigate the Web 3.0 ecosystem and explore DeFi platforms, NFT marketplaces, DAOs and other decentralized ecosystems. Users have the ability to perform the following actions with their TeleWallet:
- Add Assets
- Customize gas fees
- Speed up and cancel transactions
- Monitor prior transaction activity
- Add new networks
With all of these functionalities and the additional benefits outlined above, TeleWallet can be easily used across multiple chains and facilitate a seamless user experience.
TeleWallet is poised to be the leader in the non-custodial wallet market. With omni-chain integration, a very simplistic yet functional user interface and the ability to add a variety of assets, identities and accounts, TeleWallet is truly the only wallet needed to navigate the Web 3.0 ecosystem.
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