The blockchain is already a new household term, and with the rise of blockchain, the widespread use of encrypted tokens, the frequency of use of blockchain wallets has also increased dramatically. Today, we will focus on the knowledge of blockchain wallets.
What is a blockchain wallet?
When it comes to "wallet",the first thing that comes to mind is the traditional physical wallet, a tool for storing cash and making it easy to carry paper money everyday. So what is the blockchain wallet?
As the name implies, it is also a tool for loading “money”, except that the blockchain wallet is for loading “token”, such as bitcoin (BTC), ethereum (ETH), etc., anyone with a token asset will use the blockchain wallet. Because the blockchain wallet is the most basic tool for storing and managing your own token.
There are also many types of blockchain wallets. In general, wallets can be divided into cold wallets and hot wallets.
The biggest feature of a cold wallet relative to a hot wallet is that it never touches the network, essentially it is a storage tool for private key.
In the token scenario, the user does not need to save his own token, but only needs to keep the password or private key, which is the private key. The transfer needs to be signed with the private key to initiate. The anonymity of the token determines that when the private key is lost you will lose the money. You can no longer prove that the account is yours, so keep the private key carefully.
The private key is actually a string of characters, such as: 5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss
Cold wallets can make this string of characters never touch the network, and after leaving the network hacker, it becomes difficult to be stolen, it is more secure. The specific method includes putting the key into the Android system, and the mobile phone equipped with this system cannot be connected to the network; or the key is stored in the chip, the hacker has to break the chip. Cold wallets include Ledger Nano S, Keepkey, Trezor from abroad; domestic Clodlar, Bepal, Btxon, SealBlock, Wookong, DRsafe, etc. However, it should be noted that the hardware needs to be used in conjunction with networking devices such as computers or mobile phones when transferring money.
After understanding the concept of cold wallets, hot wallets should be easy to understand. As the name suggests, hot wallet is a wallet that the private key touches network. The common form is mobile APP and computer webpage. The whole process of opening an account, generating private key and transferring money is also required to input the private key. Most people, of course, copy and paste. You can see that once someone hacked into your computer, it is very unsafe, so people who have a large number of tokens need to pay attention to this. Popular hot wallets include imToken, Kcash, Bitpie, MetaMask, My Ether Wallet, etc.
In addition to the hot and cold wallet, there is actually a wallet called a managed wallet. Simply put, the electronic wallet helps you keep the private key. The user only needs the account name and password. When the money is transferred, the wallet will retrieve the private key for signature. The advantage is that it is easy to operate, much like the logic of the exchange wallet. These types include Bixin, Cobo, and jxchain.
Hot and cold wallets are not in conflict, they may even be complementary. If you use the current banking system, the hot wallet is a cyber bank and the cold wallet is a USB key.
Understanding of the decentralized blockchain wallet: the private key is owned by the user and the assets are stored on the blockchain. The decentralized wallet is usually called the Onchain wallet. The private key is transferred to the user. If the private key is lost, the wallet will not be able to help the user to recover, and the funds will be lost forever. However, decentralized wallets are hardly subject to concentrated hacker attacks, users also do not have to worry about the inside job of the wallet service provider.
The centralized wallet is easy to understand. The managed wallet mentioned above is a centralized wallet, where users only need to remember their user name and password. This type of wallet is more convenient to use but there is a lack of security.
How do blockchain wallets make money?
Wallet financing seems to be the function of many wallets at present. Wallet financing is related to Alipay's launching Yu Ebao. The corresponding assets of the wallet users are the assets that are not ready for circulation in the short term. For example, Kcash has access to the “OK PiggyBank” product provided by the quantitative fund enterprise Tokenmania; The BlockCity of GXChain has access to “OK PiggyBank” and lending and financing platform LendChain.
This business is logical, but the bottleneck of the expansion is that the financial market is not perfect, the capacity of quantitative fund strategy is limited, and Tark wallet, as a financial superman in the coin circle, has his own unique way of making money, Tark wallet adopts a new model to protect the income of financial investors and the long-term stable development of the entire wallet system.
The biggest difference between Tark Wallet and other blockchain wallets is the difference between decentralization and centralization, the difference between onchain matching transactions and digital matching transactions. Tark Wallet has advanced technology that surpasses the global mainstream blockchain wallet and introduces the top technology innovation of Silicon Valley in the United States to develop multi-person cooperative management function, which greatly reduces the safety factor of user’s token asset risk and creates the world's first truly decentralized blockchain wallet.
Based on the security of user assets, Tark Wallet creates a data framework for deep storage and management of users’ keys, as well as a higher level of security to fully protect the habitat of private keys and builds a global open online payment system. I think Tark Wallet is a wallet app that opens the world of token and physics. It has a unique cross-chain and cross-contract technology combined with its own high-performance public blockchain to provide a strong infrastructure for the token. Tark supports a variety of blockchain assets, including Bitcoin, Ethereum and other main stream tokens for unified storage, management and exchange transactions. Users can not only fully control their digital assets, but also greatly reduce the management burden of the token, greatly improve the convenience and liquidity of user assets’ storage.
What changes will the blockchain wallet have in the future?
In fact, we can see that most of the current blockchain wallets have a single function, such as: im wallet, the main function is "transfer", "collection" , and daily deposits.
With the circulation of encrypted tokens and the daily use of life, the blockchain wallet will be multi-functional. In addition to simple storage, there will be more ecosystems. Yes, future blockchain wallets will be upgraded to blockchain eco-wallets. We can implement more applications on a wallet DAPP, and the encrypted token can exercise more value.
Blockchain wallet + financial management, blockchain wallet + exchange, blockchain wallet + mall, blockchain wallet + entertainment, blockchain wallet +... will form a new trend to meet the needs of more users this year. And the blockchain wallet with this technological innovation and with the manpower and material resources that landed on the ground, so far, there's only Tark Wallet.