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Blockchain technology has unlocked a digital, self-governing, distributed ledger that anybody from across the globe can transact on. Transacting on the blockchain includes communicating with wallet addresses. Each cryptocurrency has a wallet and each wallet has an address.
Often a wallet will have more than one getting address. If you accidentally send one to a wallet address that belongs to a various cryptocurrency, for instance, send out Bitcoin to an Ethereum address, then the funds you send will be lost forever. If just there was a way to connect a readable domain name to a wallet address.
What Is A Blockchain Wallet? Domains that so not stop
What makes a blockchain wallet various from a bank account is that there is no main institution that secures and keeps your bank account. Since there is no central institution, such as a bank, protecting your wallet on the blockchain, people on a blockchain network rely on file encryption to protect their funds in the network. With this being the case, the bank account number and password of each blockchain wallet are a bit more intricate.
A raw blockchain wallet uses a cryptographic procedure called keys. Each blockchain wallet has a set of secrets. One secret is a personal secret and the other is a public key. The personal secret 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. Anybody with a wallet’s personal key can invest the funds in a wallet. It is crucial that you do not share your private key with anyone else as you would give them totally free access to your wallet. On the other hand, the public secret is like your bank account number and is used to inform people where to send out money to if they would like to pay you. You can share your public key with anyone that wants to send you money.
When receiving funds from someone, you would generate a receive address and share that with them. A receiving address is created using your wallet’s public secret. Some centralized cryptocurrency wallet companies give you the alternative to produce multiple receive addresses and add notes or payment recommendations for record-keeping. There is no limitation to the number of receive addresses you can produce 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 various currencies to their respective wallets. This even gets rid of the requirement for scanning QR codes considering that reading them is not 100 percent accurate. Connecting with the Zilliqa Blockchain, their version of DNS is built on the Zilliqa blockchain.
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