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Blockchain technology has unlocked a digital, self-governing, distributed ledger that anybody from around the world can negotiate on. Negotiating on the blockchain includes engaging with wallet addresses. Each cryptocurrency has a wallet and each wallet has an address.
In some cases a wallet will have more than one receiving address. If you mistakenly send one to a wallet address that belongs to a different 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 method to connect a readable domain name to a wallet address.
What Is A Blockchain Wallet? Domains that so not stop
In lots of ways, a blockchain wallet resembles a bank account in the real world. Each wallet has a “bank account number” and a “password”. What makes a blockchain wallet different from a bank account is that there is no main institution that secures and preserves your bank account. A blockchain wallet is entirely your own duty. Because there is no central organization, such as a bank, protecting your wallet on the blockchain, individuals on a blockchain network rely on 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 intricate.
A raw blockchain wallet utilizes a cryptographic procedure called keys. The personal 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 personal secret can spend the funds in a wallet.
A receiving address is created using your wallet’s public secret. There is no limitation to how many get addresses you can produce for a blockchain wallet.
Now that we have taken a look at how a blockchain wallet works, let’s proceed 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 removes the requirement for scanning QR codes since 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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