CryptoTypes: Wallets (XCC-WAL)
What are Crypto Wallets?
A crypto wallet is a software programme or physical device that stores your cryptocurrency and allows you to send and receive transactions in it. They can be hardware wallets like the Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet, which makes using cryptocurrency as simple as shopping online with a credit card. Private keys and public keys are the two key pairs that make up a crypto wallet. The address used to send crypto to the wallet is determined by the public key, which is derived from the private key.
While many people are unfamiliar with the concept of cryptocurrency, crypto wallets are designed to be user-friendly. The graphical user interface (GUI) of web wallets like MetaMask and Coin98 is designed to be as simple as possible.
Wallets come in a variety of styles, including
Paper wallets - Keys are written on a physical medium, such as paper, and stored in a secure location. This makes it more difficult to use your crypto because, as digital money, it can only be used on the internet.
Hardware wallets - Keys are stored on a thumb drive that is kept in a secure location and is only connected to a computer when you need to use your cryptocurrency. The goal is to strike a balance between safety and convenience.
Online wallets - Keys are stored in an app or other software; look for one with two-factor authentication. This simplifies the process of sending, receiving, and using your cryptocurrency.
Moreover, these wallets can also be referred to as Hot or Cold wallets depending on the working mechanism.
How do they work?
Unlike a traditional wallet, which can hold physical cash, crypto wallets do not store cryptocurrency. Assets are stored on the blockchain, but only a private key can access them. These keys prove the ownership of one’s digital money and allow one to transact with it.
A private key can be compared to a password, while the public key can be compared to a username. As a result, it’s critical that users never share their private keys. When a user sends another cryptocurrency, the receiver must be able to match the private and public keys in order to unlock the funds and spend the coins. While no coins or currency are exchanged, the transaction is recorded on the blockchain’s transaction record. As a result, the balance of the sender’s and receiver’s cryptocurrency wallets will change.
Wallet Coins & Tokens
Some wallets have their own coins and tokens which trade on various exchanges. They can be used to avail various perks too. Some of the significant wallet coins and tokens are:
Market Cap- $388 Million
Max Supply- 279,387,971
Total Supply- 278,482,214
Voyager is a cryptocurrency broker that offers investors a safe and secure way to trade digital assets. Voyager is designed to provide a near-instant solution for trading crypto-assets to both retail and institutional investors. The crypto brokerage service, which debuted in October 2018, now supports over 55 crypto assets and boasts a proprietary smart order routing technology that connects it to more than a dozen crypto exchanges. The Voyager Token’s mobile app was released in January 2019, making it even easier for users to trade cryptocurrency.
Voyager has an integrated crypto wallet that allows you to keep all of your coins on the platform. Despite its purely mobile design, the company allows the wallet to use cross-compatibility to work with web-based apps. The wallet is completely free, and it is one of the most user-friendly crypto wallets available.
The Voyager platform’s native token is VGX. It is used by Voyager to reward its users. Higher interest rates (on VGX and tokens), cashback rewards, and other benefits are possible.
VGX Interest: For the first year, all VGX Tokens held on Voyager will earn a 7% annual percentage yield. Holders gain the ability to vote on future yield rates after that.
Cashback Rewards: Users receive 2x or 3x the price improvement normally given to customers when Voyager’s smart order router can achieve a price improvement, depending on their loyalty tier. This reward is in the form of VGX.
Refer-a-Friend Rewards: One can earn up to $40 for each person you refer to the Voyager app, depending on your loyalty tier.
Market Cap- $274 Million
Max Supply- 1 Billion
Total Supply- 1 Billion
Coin98 Wallet is one of the easiest and safest ways to store, send, receive, and manage cryptocurrency assets, including Bitcoin (BTC), Ethereum (ETH), Ethereum-based ERC20 tokens, and more. Coin98 Wallet now accepts coins and tokens from five different blockchains: Bitcoin, Ethereum, TomoChain, TRON, and Binance Chain.
C98 is Coin98’s native cryptocurrency and its holders are entitled to a number of advantages. To begin with, holders of the coin earn network transaction fees and can stake the asset to earn rewards. Token holders can also participate in governance by submitting and voting on proposals and updates.
Market Cap- $86 Million
Max Supply- 500 Million
Total Supply- 500 Million
SafePal is a cryptocurrency wallet that aims to provide the general public with a secure and user-friendly cryptocurrency management platform. SafePal is Binance’s first hardware wallet portfolio. Users can easily store, manage, swap, trade, and grow their crypto wealth with SafePal’s hardware and software wallet product lines, which are all paired and managed through the SafePal App.
SafePal Token (SFP) is a utility token that powers the entire SafePal ecosystem. SafePal products and services, such as the SafePal Hardware Wallet and SafePal Swap, are discounted when users use SFP. Token holders can also enjoy special coupons, and rewards as well as vote for new features.
Written by Mudit Tandon (email@example.com)
— — — — — — — — — — — — — — — — — —
- Staff, C. (n.d.). Crypto wallets: Hot vs. cold wallets. Gemini.
Retrieved May 4, 2022, from https://www.gemini.com/cryptopedia/crypto-wallets-hot-cold#section-hot-wallets-pros-and-cons
- G. C., says:, C. C., says:, S., & says:, R. (2022, April 8). Hot wallet vs. Cold storage. Learn to code in 30 Days.
Retrieved May 4, 2022, from https://learn.onemonth.com/hot-wallet-vs-cold-storage/
- Sergeenkov, A. (2021, November 5). What is COIN98?: CoinMarketCap. CoinMarketCap Alexandria.
Retrieved May 4, 2022, from https://coinmarketcap.com/alexandria/article/what-is-coin98
- COIN98 price today, C98 to USD Live, marketcap and Chart. CoinMarketCap. (n.d.).
Retrieved May 4, 2022, from https://coinmarketcap.com/currencies/coin98/
- Jasmin, H. (2022, April 13). Voyager Crypto Review (worry-free trading fees). Gotechtor.
Retrieved May 4, 2022, from https://www.gotechtor.com/voyager-crypto-review/#:~:text=Voyager%20does%20have%20a%20built-in%20crypto%20wallet%20that,should%20stick%20to%20using%20it%20for%20Voyager%E2%80%99s%20platform
- Jones, J. (2022, March 18). Voyager crypto invest: Features, perks, cons, and alternatives. CoinCentral.
Retrieved May 4, 2022, from https://coincentral.com/voyager-crypto-invest-review/
- Nile. (2022, March 29). What is Voyager Token (VGX)? Complete Guide review about Voyager Token. Welcome To Wootfi All In One Review Blog.
Retrieved May 4, 2022, from https://wootfi.com/voyager-token/
- Best P2P Crypto Exchanges in India | Shiba Inu Wallets
- Top 8 Crypto Affiliate Programs | eToro vs Coinbase
- Best Ethereum Wallets | Cryptocurrency Bots on Telegram
- Best Exchanges to Trade Leveraged Tokens
- Best Crypto Analytics or On-Chain Data | Bexplus Review
- 10 Biggest NFT MarketPlaces to Mint a Collection