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Blockchain technology has actually opened a digital, self-governing, dispersed ledger that anyone from across the globe can negotiate on. Negotiating on the blockchain involves communicating 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 inadvertently send out one to a wallet address that belongs to a different cryptocurrency, for circumstances, 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 an understandable 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 central institution that protects and maintains your bank account. Since there is no central organization, such as a bank, protecting your wallet on the blockchain, individuals on a blockchain network rely on file 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 complicated.
A raw blockchain wallet uses a cryptographic procedure called secrets. The private secret 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 invest the funds in a wallet.
A receiving address is created using your wallet’s public key. There is no limitation to how many receive addresses you can generate 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 respective wallets. This even removes the need for scanning QR codes because reading them is not 100 percent precise. Connecting with the Zilliqa Blockchain, their version of DNS is built on the Zilliqa blockchain.
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