What happens if you lose the key to the cold wallet: you can request access to it from your custodian, that is, the crypto exchange. The administration, of course, will request additional information and verification. Namely: scans of a passport or other identification document, a password phrase for recovery, information about recent transactions, etc. If you are not trying to access someone else’s funds, this procedure will not be extended and problematic.
What happens if you lose the key to a hot wallet? It is impossible to recover it if we are talking about simple methods. …
Which wallet to start depends on the type of exchange on which the asset owner trades. As you know, exchanges are centralized and not. Centralized ones often provide custodial ones. That is, they store the key in their database since, as I said above, they act as a depository for their clients ‘ funds. This means that you need the maximum level of protection. Decentralized-just the same, they provide software that is constantly online.
How a hot wallet works on a crypto exchange is created when the user has registered and made a deposit. This is not only the practice…
To store any number of coins, of course, it is safer and more optimal to download the official wallet.
for BTC — Bitcoin Core;
For Litecoin, this is Litecoin Core;
Ethereum — either the Ethereum wallet or MyEtherWallet will work.
Important to know: official wallets take up a lot of space. Therefore, if you are the owner of several cryptocurrencies, it is better to choose something more straightforward.
In addition to the above — for universal tasks — universal wallets. For example, software Coinomi, Exodus, Atomic Wallet, Ethos have versions for PCs, phones; hardware trezor, and Nano S.
Some of the wallets are designed for coins of only one type. Others can be used for more than one coin; other wallets can be managed independently (not custodial). The latter — such as on some cryptocurrency exchanges — will be custodial.
Each type of wallet is somewhat different, but in general, any of them will work with one or more crypto-currencies. They will be able to store one or more public addresses.
Full Node Wallet, aka a wallet with a full node, hosts a full copy of the blockchain. Private key management is independent.
Custodial: some of them allow…
Wallet functions and about stereotypes
To interact with the blockchain network — to send and receive cryptocurrency — you need a crypto wallet. Storing assets directly on a crypto wallet is an established misconception.
The cryptocurrency itself is not contained in the wallet. It is located in the blockchain of a specific coin, its project. It’s just software that stores a list of addresses for various crypto assets.
According to the type of interaction with the Internet, they can be divided into hot and cold. …
3 things you need to know about UtopiaCoin
1. Onchain liquidation instantly. UtopiaCoin has a four level liquidation algorithm based onchain. It is fully decentralized and has only 10% liquidation fee.
2. UtopiaCoin is a multi-collateral protocol. Japanese Yen, Australian Dollar, Euro and British pound account for more than 40% of the circulation, that is why UtopiaCoin is pegged by them as well.
3. Completely decentralized. Utopia protocol is designed as an on-chain liquidation mechanism which lets it be fully decentralized.
To find more information about the Utopia protocol, visit our website:
The total value locked in DeFi protocols stands at over $70.77 billion (May, 3).
That is more than 130% growth over 3 months! Predictions and expectations for 2021 are extremely varied. We’ve already seen how these predictions can be ruined. But what’s consistent in most of the opinions — the crypto world will continue growing and changing our lives.
To get more information about the Utopia protocol, download the Whitepaper by the link below:
The security of the UC protocol is our #1 priority. That is why we are consantly working on its protection from any kind of attackers.
For example, we have incepted the mechanism that protects the oracles in the system from being controlled by attackers when using third-party oracle services (e.g. Chainlink). Utopia protocol adds the oracle sensitivity factor. If it is 5% in 10 minutes the oracle price cannot be amended more than 5% in 10 minutes. So to get changed at 15% it needs at least 30 minutes.
Such restrictions help ensure sufficient time for global liquidation.
For more information, visit our website:
Bitcoin continues to attract the greatest interest and investment inflow, but in terms of capitalization growth, it is inferior to many other projects that will eventually be able to move it.
In the top cryptocurrencies of 2021, this blockchain rightfully occupies a leading place. Ethereum smart contracts allow you to create algorithms for interaction according to pre-agreed and transparent rules: hold an auction, create a pool with deductions for attracting new participants, lend funds and get a percentage.
The wide application possibilities of smart contracts have made this cryptocurrency the best for creating decentralized applications and exchanges. …
It took people several centuries to accept and shift to banknotes backed by precious metals. The banknotes themselves didn’t hold any intrinsic value like gold and silver coins do. Instead, paper money was backed by precious metals stored in a treasury vault.
After WWII the “gold exchange standard” was introduced. This meant that many countries fixed their national currencies’ exchange rates to the US dollar which was in turn convertible to gold at a fixed rate.
This convertibility was available only to central banks. However, this system ended in 1971. That’s where concepts like the fiat system come in. The…
An on-chain multi-currency stablecoins banking protocol based on multi-chain and multi-collateral.