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Blockchain technology has actually unlocked a digital, autonomous, distributed journal that anyone from across the globe can negotiate on. Transacting on the blockchain involves engaging with wallet addresses. Each cryptocurrency has a wallet and each wallet has an address.
Sometimes a wallet will have more than one receiving address. If you mistakenly send out 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 out will be lost permanently. If only there was a way to link 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 protects and keeps your bank account. Because there is no main institution, such as a bank, securing your wallet on the blockchain, individuals on a blockchain network rely on file 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 protocol called keys. 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. Anybody with a wallet’s private key can invest 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 produce for a blockchain wallet.
Now that we have had 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 particular wallets. This even removes the need for scanning QR codes since reading them is not one hundred percent accurate. Getting in touch with the Zilliqa Blockchain, their variation of DNS is built on the Zilliqa blockchain.
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