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Blockchain technology has opened a digital, autonomous, dispersed journal that anybody from across the globe can negotiate on. Transacting on the blockchain includes engaging with wallet addresses. Each cryptocurrency has a wallet and each wallet has an address.
In some cases a wallet will have more than one receiving address. If you accidentally send one to a wallet address that belongs to a different cryptocurrency, for instance, send out Bitcoin to an Ethereum address, then the funds you send out will be lost permanently. If only there was a method to link a legible domain name to a wallet address.
What Is A Blockchain Wallet? Domains that so not stop
What makes a blockchain wallet different from a bank account is that there is no main institution that protects and keeps your bank account. Considering that there is no main institution, such as a bank, securing your wallet on the blockchain, individuals on a blockchain network rely on encryption to secure their funds in the network. With this being the case, the bank account number and password of each blockchain wallet are a bit more complex.
A raw blockchain wallet uses a cryptographic procedure called keys. Each blockchain wallet has a pair of keys. One secret is a private secret and the other is a public secret. The personal key is sort of like your pin for your blockchain wallet, and it proves that you are the owner of the funds in your wallet on the blockchain. Anyone with a wallet’s private key can invest the funds in a wallet. Therefore, it is important that you don’t share your private secret with anybody else as you would grant them free access to your wallet. On the other hand, the general public key is like your checking account number and is used to inform individuals where to send cash to if they want to pay you. You can share your public key with anybody that wants to send you money.
When receiving funds from somebody, you would produce a get address and share that with them. A receiving address is generated using your wallet’s public key. Some centralized cryptocurrency wallet service providers provide you the choice to generate multiple receive addresses and add notes or payment referrals for record-keeping. There is no limitation to the number of receive addresses you can generate for a blockchain wallet.
Now that we have taken a look at how a blockchain wallet works, let’s continue to have a look at
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In the background, the technology from s routes the different currencies to their respective wallets. This even removes the requirement for scanning QR codes considering that reading them is not one hundred percent accurate. Connecting with the Zilliqa Blockchain, their version of DNS is built on the Zilliqa blockchain.
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