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Blockchain technology has unlocked a digital, autonomous, distributed ledger that anyone from around the world can negotiate on. Transacting on the blockchain involves connecting with wallet addresses. Each cryptocurrency has a wallet and each wallet has an address.
Often a wallet will have more than one receiving address. If you unintentionally send one to a wallet address that belongs to a various cryptocurrency, for instance, send Bitcoin to an Ethereum address, then the funds you send will be lost forever. If just there was a method to connect a readable domain name to a wallet address.
What Is A Blockchain Wallet? Domains that so not stop
In many methods, a blockchain wallet resembles a bank account in the real world. Each wallet has a “checking account number” and a “password”. What makes a blockchain wallet different from a savings account is that there is no central organization that secures and maintains your bank account. A blockchain wallet is completely your own responsibility. Since there is no central organization, such as a bank, protecting your wallet on the blockchain, individuals on a blockchain network count on encryption to protect their funds in the network. With this holding true, the bank account number and password of each blockchain wallet are a bit more complex.
A raw blockchain wallet utilizes a cryptographic protocol called secrets. The personal secret is sort of like your pin for your blockchain wallet, and it shows 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.
A getting address is generated using your wallet’s public key. There is no limitation to how numerous receive addresses you can create for a blockchain wallet.
Now that we have had a look at how a blockchain wallet works, let’s continue to take 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 because reading them is not 100 percent precise. Connecting with the Zilliqa Blockchain, their variation of DNS is built on the Zilliqa blockchain.
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