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Blockchain technology has actually unlocked a digital, autonomous, dispersed ledger that anybody from around the world can negotiate on. Transacting on the blockchain involves communicating 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 unintentionally send out one to a wallet address that belongs to a various cryptocurrency, for circumstances, send out Bitcoin to an Ethereum address, then the funds you send out will be lost forever. 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 different from a bank account is that there is no central institution that protects and maintains your bank account. Considering that there is no central institution, 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 complex.
A raw blockchain wallet uses a cryptographic protocol called secrets. Each blockchain wallet has a pair of keys. One key is a private key and the other is a public secret. The private 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 key can spend the funds in a wallet. For that reason, it is very important that you don’t share your private key with anyone else as you would give them free access to your wallet. On the other hand, the public secret is like your savings account number and is used to tell individuals where to send out money to if they wish to pay you. You can share your public secret with anyone that wants to send you money.
A receiving address is produced using your wallet’s public secret. There is no limit to how numerous receive addresses you can create for a blockchain wallet.
Now that we have actually taken a look at how a blockchain wallet works, let’s proceed to have a look at
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Then, in the background, the technology from s routes the different currencies to their respective wallets. This even removes the need for scanning QR codes considering that reading them is not one hundred percent accurate. Getting in touch with the Zilliqa Blockchain, their version of DNS is built on the Zilliqa blockchain.
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