Helix — Revolutionized wallet
One of the things that make Helix a cutting edge and state-of-the-art cryptocurrency, is our trailblazing wallet. In this article we will explain to you how we have revolutionized a simple wallet into a prodigious one!
As the crypto-space continues to evolve, we begin to discover more technologies. We also saw a shift of preference from Proof of Work(PoW) to Proof of Stake(PoS), from crypto-mining to masternodes. In fact, right now there’s a growing interest when it comes to masternodes. This can be seen through the number of masternodes increasing rapidly day by day. After all, this bearish market must have given investors a hard time in making profits via trading. Thus turning into an alternative method, such as running a masternode. Hey, who doesn’t want passive income?
Now on to the topic, so what makes the Helix wallet a wonder?
After the release of the version 1.1.0, we added a new ‘Masternode add button’ to the wallet for masternode owners. How cool is that? Masternode owners can now add their masternodes to the masternode.conf file via the wallet itself. It will automatically generate a private key and import the unused masternode outputs to the text box. And as I’ve said earlier this one is trailblazing! Most projects out there require you to manually add the masternode.conf file with notepad or so, while the Helix wallet have a feature inside it where people can just click on “add masternode”, fill in the required details and have it imported into the masternode.conf for you.
More so, you can also start your masternodes via the start button in the wallet instead of having to send complex commands via the debug console. Now this wallet sure is a life saver, not to mention safer too.
Why safer?
First point, there are hot and cold wallets. A crypto-wallet that is connected to the internet is a hot wallet and the other one which you have probably guessed already is the cold wallet which is not connected to the internet. Security-wise, cold wallets are safer since they are not connected to the internet and therefore it is impossible for online hackers to access and steal your precious coins.
*Wise person interupts and asks:* “With all that effort explaining what a cold wallet is, Helix wallet is a cold wallet, is it? But how will Helix wallet work with masternodes if masternodes are required to be connected and online 24/7 to run, so it could relay transactions and other special functions on the blockchain?”
That’s right, which brings me to the second point; hot and cold masternodes. Simply put, hot masternodes or hot wallet masternodes, requires that your collateral coins are held in a wallet on the VPS server which makes it vulnerable to the service provider. This is the reason why most people do not recommend to keep their coins on a masternode server. Instead they suggest to run cold masternodes. Now, cold masternodes are also called hot/cold masternodes. The reason is that it involves 2 wallets for this kind of setup. The first wallet is the masternode cold wallet which doesn’t hold any of your coins and is installed remotely on your VPS server. The second wallet, which is like our Helix wallet, is installed on your local personal computer. It holds all your coins and it is considered as a hot wallet as they are connected to the internet.
And boom! That is how you make a cutting edge wallet.
Just a reminder though, the version 1.1.1 of the wallet is a mandatory release, you need to at least run this version before we reach block 216000. For more info regarding this topic, you can visit: https://github.com/ProjectHelixCoin/helix/releases
