How Hardware Wallets Strengthen Your Cryptocurrency

Posted By : Chandan

Feb 01, 2018

Cryptocurrency is now a day a very good resource to invest. As this is a virtual asset, there is no real proof of having it apart from its wallet address and private key. Awallet address identifies you in public or private blockchain that you hold something related to this. The private key makes sure that you are the correct owner of that wallet. Keeping these two information to the user or into its account blockchain provides some sort of files in .dat or .json or in database format. If they get lost then it becomes really difficult to restore your wealth and proof that you are the correct owner of the wealth.

 

To some extent, we buy this cryptocurrency from some privately held exchanges which keep your information on your behalf but they charge heavily for that and still, there is always a chance of information theft or misuse. It is always necessary to keep your information to yourself and become the owner of its security when it comes to money or wealth. That's where the concept of the hardware wallet and client wallets comes. Take a look at our cryptocurrency wallet development services

 

Clients Wallet:

 

These are the same cryptocurrency wallets but rather than holding it into servers on the users behalf, it is held in the user side on their devices. Devices can be any like laptop, desktop or mobile. It makes sure that you are responsible for your money and you need to take care of it. It is safe things as you don't have to trust some other third party to keep your information safe. 

 

But as the normal life, we keep up changing our devices or machines to become more futuristic or maybe in some cases, our devices may meet failure or it may lose, so in that case, we need to keep the backup of all our information like wallet addresses and private key. That can be done using creating some secure code via algorithms or processes, but that might take some time because then you have to understand some technology part. So the best solution is to keep your information save in some prebuilt devices which are only meant to keep information, they are called hardware wallets.

 

Hardware Wallets:

 

Hardware Wallets is a special type of device that save your cryptocurrency address and private key in a secure manner. They are only meant to this purpose and easily available in the market. The user can keep it like pen drives or in similar shapes.

 

Advantages:

 

  1. Private keys always kept in the microcontroller area in encrypted form and can not be taken out as plain text.
  2. Very protective of viruses and worms.
  3. The most open software allows it to sync with its system.

 

Risk factor:

 

Till now no proven risk factor has been identified, but the user needs to keep it secure and safe.

 

Types of Hardware Wallets:

 

There are two kinds of hardware wallets are available

 

  • Commercial
  • Not Purchasable

 

Commercial Hardware Wallet Options:

 

  1. Pi Wallet - cold storage
  2. TREZOR The Bitcoin Safe
  3. Ledger HW.1 - USB Smartcard Hardware Wallet
  4. Ledger Nano - USB Smartcard Hardware Wallet
  5. Ledger Unplugged - NFC Smartcard Hardware Wallet
  6. BALLET TREZOR clone
  7. KeepKey: Your Private Bitcoin Vault
  8. Opendime: Bitcoin Credit Stick
  9. CoolWallet: The Ultimate Bitcoin Safe
  10. BlochsTech card: Your user-friendly Bitcoin wallet
  11. BitLox Bitcoin Hardware Wallet
  12. Digital Bitbox
  13. Ledger Nano S - USB Smartcard Hardware Wallet
  14. Swiss Bank in Your Pocket - Hardware wallet

 

Not Purchasable Hardware Wallets:

 

  1. bitcoin card Megion Technologies-Card based wallet
  2. BitSafe - allten/someone42's hardware wallet
  3. Someone42's original prototype

 

Hardware offers some decent benefits that give your wallet control to yourself and it always keeps your wealth information only up to you. Hardware wallets offer some very interesting features depending there price and configuration.

 

We at Oodles have completed some very interesting applications based on client wallets and hardware wallets. We are continuously working towards proving more reliable and flexible applications to end-user. We also provide cryptocurrency exchange development services. Connect with us for more details and about your queries.

 

  

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March 6, 2024 at 01:08 pm

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