Universal Multi Assets Wallet
Cryptocurrency wallet is an application that stores private keys and public addresses and is used to manage storing, sending or receiving cryptocurrency. In some cases, the cryptocurrency wallet only handles one coin, but becomes uncomfortable when you need to manage lots of coins and tokens. You have to install several applications, save multiple passwords and keys on your device
Some cryptocurrency
wallets provide the ability to manage different assets in one place. In most
cases, the wallet encrypts your private key on the device, is it a cold USB
wallet like Trezor and a safe wallet like Atom. The Atom wallet stores the
user's private key on the device. Only you have access to your private key at
any time. They are always stored just by your side. It requires you to keep
your back-up phrases in safe phrases and never send them to anyone
How are your funds managed on the Wallet Cryptocurrency?
Funds are stored on the blockchain. The Atom wallet is the
interface, the door for all your crypto assets. You manage it from Atom but the
operations and funds are stored on the blockchain. And only you have access to
them And how to manage money right on the blockchain? After you see your key
and address, you can manage crypto. On the first screen, you see the balance
and the entire list of coins + tokens. Say you want to send your BTC to another
address. When choosing a number and clicking send, you enter your password to sign
your transaction
- Funds are stored on the blockchain. The Atom wallet is the interface, the door for all your crypto assets. You manage it from Atom but the operations and funds are stored on the blockchain. And only you have access to them And how to manage money right on the blockchain? After you see your key and address, you can manage crypto. On the first screen, you see the balance and the entire list of coins + tokens. Say you want to send your BTC to another address. When choosing a number and clicking send, you enter your password to sign your transaction
Fund protection is one of the top priorities in the
cryptocurrency wallet. That's why atomicwallet uses 12 word mnemonic seeds.
Mnemonic seeds stored in the keystore are safe and fully encrypted. Only with a
master password, you can get access to seeds. This also requires some special
user efforts to prevent losses. Users are strongly advised to use an HD wallet
for security reasons. First of all, an HD wallet can be backed up using only
the phrase seeds. He can also recover addresses and funds attached to them. How
do mnemonics reveal access to addresses and private keys?
All your funds are stored on the blockchain. To get
access to them, you need to use your private key. Mneonic Seed contains all
private keys, basically HD wallets describe the seeds of mnemonics and can give
them to users as a set of private keys and public addresses: BTC, ETH, XRP, XMR
and others
On blockchain it looks like that
How do you see your balances in the wallet?
You see your cryptocurrency wallet balance, because the Atom Wallet is connected to block explorers. It's like a transaction book with the entire history of blockchain. When block explorer synchronizes your address, the balance will be automatically updated in the cryptocurrency wallet. Atom asks for your balance explorer block. If block explorer answers your relevant balance appears in the wallet interface, and you get automatic updates indicated in USD). Note: In some cases, it may take several minutes because the network is overloaded. Your USD balance is calculated according to the relevant Coinmarketcap rate
Custodial vs Non custodial Wallets
Decentralization is the key idea of the blockchain technology. Despite game-changing and disruptive features, blockchain still has some hurdles related to security issues.
Almost every crypto enthusiast has the fear of losing their private keys, because they give a full access to the funds. Once lost, the keys cannot be restored and you will no longer control the savings, so you won’t be able to restore access to the wallet. Such wallets are called non-custodial.
On the other hand, if your private keys are stored by some wallet or third-party servers, no one makes warranty of the hack-proof. This is the hidden peril of every wallet service that doesn’t provide you with private keys. These wallets are called custodial.
If someone stores your keys,you DO NOT have a full control over your funds. When the third-party data is getting hacked, your money becomes exposed to a high risk to be stolen
What are non-custodial wallets?
Non-containment wallet gives you complete control of your
funds and in many cases provides a solution without a server. The key is stored
encrypted on the user's device and never leaves it. Your money is under your
control, but there are also weaknesses. If you lose the seed of your mnemonic,
you will never be able to restore access to your funds
For example, if you brake your PC, get stolen, or if you
delete an application, you will be able to restore access with just your seed
phrase
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