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Blockchain technology has opened a digital, autonomous, dispersed journal that anyone from across the globe can transact on. Transacting on the blockchain includes engaging with wallet addresses. Each cryptocurrency has a wallet and each wallet has an address.
Sometimes a wallet will have more than one getting address. If you unintentionally send one to a wallet address that belongs to a different cryptocurrency, for instance, send Bitcoin to an Ethereum address, then the funds you send will be lost forever. If only 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 different from a bank account is that there is no main organization that secures and maintains your bank account. Because 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 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 uses a cryptographic procedure called secrets. Each blockchain wallet has a pair of keys. One key is a personal key 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. Anyone with a wallet’s private key can spend the funds in a wallet. It is crucial that you don’t share your personal secret with anybody else as you would approve them complimentary access to your wallet. On the other hand, the general public key resembles your bank account number and is used to inform individuals where to send money to if they wish to pay you. You can share your public secret with anybody that wishes to send you cash.
A getting address is created using your wallet’s public key. There is no limitation to how many get addresses you can generate 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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Then, in the background, the technology from s routes the various currencies to their respective wallets. This even eliminates the need for scanning QR codes considering that reading them is not one hundred percent accurate. Connecting with the Zilliqa Blockchain, their version of DNS is built on the Zilliqa blockchain.
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