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Blockchain technology has actually unlocked a digital, autonomous, distributed ledger that anyone from across the globe can negotiate on. Negotiating on the blockchain includes communicating with wallet addresses. Each cryptocurrency has each wallet and a wallet has an address.

Sometimes a wallet will have more than one receiving address. If you accidentally send one to a wallet address that belongs to a different cryptocurrency, for instance, send out Bitcoin to an Ethereum address, then the funds you send out will be lost forever. If just there was a method to connect 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 organization that protects and maintains your bank account. Considering that there is no central institution, such as a bank, securing 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 complicated.

A raw blockchain wallet uses a cryptographic protocol called secrets. The personal key 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. Anybody with a wallet’s private key can invest the funds in a wallet.

A receiving address is created using your wallet’s public key. There is no limit to how lots of receive addresses you can create for a blockchain wallet.

Now that we have had a look at how a blockchain wallet works, let’s proceed to have a look at

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In the background, the technology from s routes the different currencies to their respective wallets. This even eliminates the requirement for scanning QR codes given that reading them is not 100 percent accurate. Connecting with the Zilliqa Blockchain, their version of DNS is built on the Zilliqa blockchain.

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