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- Blockchain wallet is a digital wallet that is developed by Blockchain, a software decentralized company.
- The design of the Blockchain wallet is such that it has prioritized security followed with usability.
- What makes these wallets distinctive is the additional features they offer to secure users’ money.
Blockchain wallet is a digital wallet that is developed by Blockchain, a software decentralized company. It is developed to allow users, manage Ether and Bitcoin. The blockchain wallet ensures secure transactions through a built-in user interface. They keep a record of the transactions that occur relative to the cryptocurrency and stores in the Blockchain network.
Working of the blockchain wallets
The Blockchain wallets generate a unique ID or key for every transaction. It first performs the validation of the transaction. Following which, it enables the users to buy or sell the cryptocurrencies.
There are two keys namely the public key and the private key. Anyone on the network can share the public key. Whereas, the private key cannot be shared. When a user sends a currency, the public key must match the private key of the received user. Firstly, the transactions made are stored in the blockchain network. Following this, the wallets are updated after each successful transaction.
Security levels of the Blockchain Wallets
The design of the Blockchain wallet is such that it has prioritized security followed with usability. What makes these wallets distinctive is the additional features they offer to secure users’ money. Blockchain wallets have categorized security levels for easy visualization and additional security options. Blockchain wallet features 3 levels of security in general.
Level 1: The first level of security mainly involves 3 processes. They are verification of the email addresses, creating a recovery phrase followed by the creation of a password hint. Email address verification lets the confirmation of payments or warns against suspicious activities. Whereas, a recovery phrase replaces a lost password. And lastly, a password hint is to help remember what the password is. It helps in easy access when one loses his/her account.
Level 2: This level is designed to carry out two-step verification and linking the phone number. Two-step verification generates a code each time there is a log-in attempt. On the other hand, linking the cell number helps receive a one-time password in cases when others try logging in. Its design helps keep unauthorized users from accessing one’s wallet.
Level 3: This level involves the blocking of Tor requests. Hackers use Tor for suspicious activities. The design of this level helps in the identification of Tor addresses and blocks them from accessing one’s account.
The security it offers surely makes it the most trustworthy and popular wallet for investments and to store the cryptocurrencies. It is to simplify the crypto exchange processes to users.
