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Blockchain technology has opened a digital, self-governing, distributed journal that anyone from around the world can transact on. Transacting on the blockchain includes engaging with wallet addresses. Each cryptocurrency has each wallet and a wallet has an address.

Sometimes a wallet will have more than one receiving address. If you inadvertently send one to a wallet address that belongs to a various cryptocurrency, for circumstances, send out Bitcoin to an Ethereum address, then the funds you send will be lost forever. If only there was a way to link an understandable domain name to a wallet address.

What Is A Blockchain Wallet? Domains that so not stop

In numerous ways, a blockchain wallet is similar to a bank account in the real life. Each wallet has a “savings account number” and a “password”. What makes a blockchain wallet various from a bank account is that there is no central organization that protects and keeps your savings account. A blockchain wallet is entirely your own responsibility. Since there is no central organization, such as a bank, protecting your wallet on the blockchain, people on a blockchain network count on encryption to protect their funds in the network. With this being the case, the savings account number and password of each blockchain wallet are a bit more complex.

A raw blockchain wallet uses a cryptographic protocol called keys. Each blockchain wallet has a set of secrets. One key is a personal key and the other is a public secret. The private key 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 spend the funds in a wallet. Therefore, it is important that you don’t share your private key with anybody else as you would give them open door to your wallet. On the other hand, the public secret is like your savings account number and is used to inform people where to send cash to if they wish to pay you. You can share your public secret with anybody that wants to send you money.

When getting funds from someone, you would generate a receive address and share that with them. A receiving address is produced using your wallet’s public key. Some centralized cryptocurrency wallet service providers give you the alternative to produce numerous receive addresses and add notes or payment references for record-keeping. There is no limit 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 take a look at

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In the background, the technology from s routes the different currencies to their particular wallets. This even eliminates the requirement 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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