What do you think of when you hear the words cryptocurrency wallet- a wallet you can slip right into your back pocket pops into your mind right? Well a cryptocurrency wallet is not a physical wallet but a software program that holds the private and public keys of an individual’s cryptocurrency account and it interacts with various blockchain to enable sending and receiving digital currencies and gives the user an opportunity to monitor their balance. To make use of any cryptocurrency, you need a cryptocurrency wallet.
How do these wallets work?
Cryptocurrency wallets do not store physical currencies like your pocket wallets. Instead of currencies it stores your public and private keys and interfaces with various blockchain. This ensures that users can check their balance, send and receive money etc. In other word all that exists are records of transactions stored on the
Types of Cryptocurrency Wallets
There are basically three categories of cryptocurrency wallets –software, hardware, and paper.
These wallets are like software programs or applications that can be downloaded on desktop, mobile or online. Wallets installed on a PC or laptop can only be accessed from the single computer in which they are downloaded and they are the most secure wallets. You could also have an Online wallet which runs on the cloud and can be accessed from any computing device. But then, online wallets are more vulnerable to hacking attacks and theft. You could also make use of a mobile wallet that will run on an app on your phone.
Instead of storing your private keys online, you can store them on a hardware device like a USB. You can also make transactions online with your hardware wallets. Since they stored offline, they promise increased security. All you need to do to carry out a transaction with your hardware wallet is to simply plug in your device to an internet-enabled computer, enter a pin, send and confirm currency.
Although paper wallet refer to a physical copy of your public and private keys, they could also be a piece of software that can be used to safely generate a pair of keys which can then printed. Paper wallets are not only easy to use, they also provide a very high level of security.
How to Keep Your Cryptocurrency Wallets Safe
- You should always remember that no matter the wallet you use,you will lose your money if you lose your private keys. Also you’d lose your money if your wallet gets hacked. You cannot reclaim lost currency or reverse transactions you made so if you send money to a scammer it’s gone. You must be very careful when transacting. You can take these steps to protect your currency.
- Ensure you backup your wallet. You can keep the bulk of your funds in a cold storage such as a paper or hardware wallet. This will ensure that you are protected in the event of a computer failure and you can recover your wallet if it gets lost or stolen. However you will not be protected against determined hackers.
- Update your software to ensure you have the latest updated security available. Update the software of your wallet and your computer or mobile.
- You should also add extra security layers such as setting long and complex passwords. You could also ensure that all withdrawal of funds requires a password. Also ensure to use reputable wallets that provide extra layers like two-factor authentication.
What wallet do you use? Share your opinion with us in the comment section below.
Image credit: Pixabay
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MoneyGram’s New Time Remittance Technology backed by Visa not Ripple
A new service introduced by remittance giant (MoneyGram) which allows users to send and receive money in real-time has been credited to visa and not the work of its blockchain-based partner (Ripple) in an announcement by representatives of the company.
The recently launched Fastsend, a new service which allows clients to send money in real-time to a phone number through a mobile application or dedicated website. While responding to enquiries from news sources about the latest concept, it was revealed to much surprise that MoneyGram did not make use of the technology of Ripple to achieve the latest product.
Do we need blockchain for real-time settlements?
MoneyGram Chief Operating Officer, Kamila Chytil informed news sources that FastSend makes use of Visa’s Direct Original Credit Transaction to send funds to bank accounts making use of Debit card deposit which is clearly not blockchain-backed or related.
Without the need for DLT, the dedicated website and app make use of an open-source cloud-based microservices. Chytil further stated that although Ripple is not involved in the new product, the firm still makes use of Ripple’s blockchain in other fields of the company.
Also, Chytil made mention of MoneyGram’s continuous effort on how to utilize blockchain in areas where it could assist to solve data privacy and regulatory obligations via distributed ledger technology. In her remarks, she spoke highly of DLT technology and cryptocurrencies, stating that the firm believes blockchain to be the future of global cross border payments and transfer of money.
As MoneyGram continues to research on the multiple use cases in order to tap into Ripple’s tools while integrating with the recent version of Ripple’s service suit to introduce cash-out service to all network members.
It is worth noting that Ripple is gaining increased support and approval among financial institutions to provide them with its DLT services in Africa with the National Bank of Egypt joining its network, this has been seen as a welcome development as it would do well for the inward remittance within the region the Ripple Network.
TRON to onboard Steemit as it sets to join TRON Ecosystem
TRON has announced a strategic partnership with the largest blockchain based social media platform Steemit to onboard its numerous Dapps and user base into the TRON Ecosystem.
The announcement which was made via a press release on TRON’s medium account revealed that both development teams of the two organizations will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.
According to TRON, “the partnership continues the beat of TRON’s rhythm in partnering with top firms like Samsung, Poloniex, Opera, and DLive to provide a dynamic value proposition to its users, investors, and community members.’
Steemit is a decentralised blogging platform built on the Steem blockchain and having its own token. It allows users to easily reward publishers by upvoting their contents published.
The Steemit blockchain also houses several other Dapps such as DTube, APPICS etc which are designed to be censorship resistant. Built by Dan Larimer and Ned Scott, Steemit empowers anyone to create an account and earn crypto for published contents upon upvotes.
Speaking on the partnership, Justin Sun, CEO of TRON and Bittorent said “We are very excited to welcome Steemit into the TRON ecosystem, together we will usher in a new era of decentralized social networking.”
TRON disclosed it will work with Steemit Inc, to create further value for its users and to augment their advancements in decentralised technologies.
This will include migrating STEEM token to a new TRON based STEEM token and the creation of accelerator program for the developer community.
TRON believes this partnership further empowers its title as the blockchain industry’s leader in distributed ledger technology with over 800 Dapps now in its ecosystem.
CryptoTVPlus partners with Kubitx to Spread Crypto Awareness using Local Languages
Leading African based crypto-focused media organization, CryptoTVPlus has partnered with Blockchain solutions company, KuBitX, to spread education and awareness of cryptocurrency.
This partnership arises from the need to explore the vast untouched population in the African market. Education plays a significant role in the advancement of new technologies and utilizing local contents presents a very much effective way of achieving such goals.
The continent of Africa holds great promise in the world of digital assets; there are countless opportunities being explored and countless others to be explored in creating solutions to the large set of challenges which the continent faces.
While there are globally acceptable educational or awareness spreading techniques, there are special ways of reaching out to unique audiences; this is exactly what the drive is, in this partnership represents.
This partnership will see both organizations working together to create contents to educate and spread awareness of the digital asset revolution in both the Hausa and Pidgin local languages.
The Hausa and Pidgin speaking audience represents a vast combined segment of the local populace and it is expected this initiative will ensure the effective education of a large portion of the total population.
Speaking on the partnership, Tony Emeka, CEO of CryptoTVPlus commented saying “One of the challenges holding back the increasing awareness of digital assets and the underlying technology is proper and locally constructed educational programs that utilize relatable languages and analogies to express the WHAT, WHY and HOW of the digital asset technology. I believe with the convergence of our two organizations, there will be a new wave and rise in awareness in the local industry. ”
Launched in 2018, “KuBitX is one of the most advanced and robust cryptocurrency trading platforms designed in a very user-friendly manner to enable people from all regions and backgrounds get a stronghold of the ideas revolving around the Blockchain and the Cryptocurrency space. Contained within the KuBitX ecosystem are the KuBitX trade engines, the secure KuBitX wallets and an advanced Admin dashboard for regulating the activities within the Trade Exchange.” It is currently utilizing the Stellar blockchain owing to its remittance, cross border payment and regulatory compliance needs.
Justin Sun to launch Tron-based Decentralized stablecoin. Why should we care?
Founder of the Tron Blockchain, Justin Sun has hinted at plans to launch a stablecoin based on the Tron blockchain.
This was made via his Twitter account hours ago.
According to the tweet, the TRON community will launch a new decentralized stablecoin backed by the TRX and BTT token.
— Justin Sun (@justinsuntron) January 16, 2020
There was little information given by the tweet but Justin Sun posted a question to the entire community, and it is for the best name for the new stablecoin.
Stablecoins have grown in numbers since the eventual launch of US dollar backed Tether (USDT). Ever since then, various fiat currency pegged stablecoins have been made available on the market.
The stability of this cryptocurrency class has also pricked the interest of governments and private corporations, the decision of Facebook to launch Libra provides a testament to the global interest in stablecoins which does away with the apparent honeypot feature of non-stable cryptocurrencies such as bitcoin, ethereum and other non-stablecoins. Volatility.
Nations CBDC has also become a fascinating way to utilize the idea behind stablecoins. Several countries are experimenting and others such as China are already getting ready.
Justin Sun’s decision to launch a decentralized stablecoin may be a noble cause, but the optics of this decision may show a contrary view.
Tron and the founders Justin from its earliest time has been involved in certain controversies such as plagiarizing the White Paper of other projects and copying codes from Ethereum, has also been linked to pump and dump schemes most especially with the use of its wide audience to manipulate value of coins by tweeting mostly inconsequential pieces.
The new stablecoin will be decentralized according to Justin Sun. While the decentralization is not absolute, complete decentralisation is a myth and it has been a much discussed topic in the space. It therefore begs a very important question, since it’s claimed to be decentralized, who will be the horses pulling the chariot.
With many stablecoins in the market, one would wonder why launch a new one, there are mostly two options on ground, it’s either the stablecoin markets offer very juicy returns that the Tron blockchain will benefit from the volume as the ‘horses’ also does, or Justin Sun has ran out of ideas.
For the community’s sake, let it be the first.
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