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Blockchain technology has unlocked a digital, self-governing, distributed ledger that anyone from across the globe can negotiate on. Transacting on the blockchain includes communicating with wallet addresses. Each cryptocurrency has each wallet and a wallet has an address.
In some cases 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 circumstances, send Bitcoin to an Ethereum address, then the funds you send out will be lost permanently. If only there was a way 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 various from a bank account is that there is no main organization that protects and preserves your bank account. Since there is no main institution, such as a bank, protecting your wallet on the blockchain, individuals on a blockchain network rely on 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 complex.
A raw blockchain wallet uses a cryptographic protocol called keys. 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. Anyone with a wallet’s personal secret can spend the funds in a wallet.
A receiving address is generated using your wallet’s public secret. There is no limitation to how many receive addresses you can create for a blockchain wallet.
Now that we have taken a look at how a blockchain wallet works, let’s continue to take a look at
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Then, in the background, the technology from s routes the different currencies to their respective wallets. This even eliminates the need for scanning QR codes because reading them is not one hundred percent accurate. Connecting with the Zilliqa Blockchain, their variation of DNS is built on the Zilliqa blockchain.
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