Home > Posts > Cryptocurrency > What Is The Blockchain Wallet

What Is The Blockchain Wallet

The Blockchain Wallet is a digital wallet that allows users to manage their cryptocurrencies such as bitcoin, it was provided by a software company called blockchain. The Blockchain wallet has many types with different secure system and usage, we will introduce them in this articles.

Software wallet
They come in different forms like An application installed locally on a computer or telephone. When using a web wallet the private keys are managed by a trusted third party.

Hardware wallet They are considered secure because the private keys never leave the physical wallet. Hardware wallets have models that require the user to physically press or touch the wallet in order to sign a transaction, the destination address and the number of coins. The private keys remain safe inside the hardware wallet. Without the private key, a signed transaction cannot be altered successfully. 

Watch-only wallet With the watch-only wallet, someone can keep track of all transactions. Only the public key is needed. Thus the private key can be kept safe in another location.

Multisignature wallet With the multi-signature wallet, multiple users have to sign with their private key for a transaction out of that wallet public key address.

Brain wallet With the brain wallet, someone remembers the information to regenerate the private and public key, like a mnemonic sentence.

Hot wallets Hot wallets are used in the context of cryptocurrency wallets. They are connected to the internet  With a hot wallet, cryptocurrency can be spent at any time. The short version of software wallets where the device is turned on or the wallet software is running is considered hot wallets.

Cold wallets cold wallets are not connected to the internet. A cold wallet has to be connected to the internet first. As long as something is connected to the internet, it is vulnerable to an attack. The process of storing cryptocurrencies in cold wallets is deep cold storage that was never connected to the Internet or any kind of network. the private keys associated with this system are generated offline.

Blockchain Wallet has three levels of security

Security is designed to prevent users from losing account access. It allows users to verify their email address, create a 12-word backup recovery phrase that can be used if a password is forgotten, and set up a password hint, Blockchain does not store the password.

Security is designed to prevent others from gaining unauthorized access to the wallet and includes linking a phone number to the account to receive a one-time password when the account is logged into, and creating two-step authorization.

 Security allows users to block Tor requests.

The final security element is that the hashes also serve as the links in the blockchain: each block includes the previous block’s unique hash. So if you want to change an entry in the ledger retroactively, you have to calculate a new hash not only for the block it’s in but also for every subsequent block. And you have to do this faster than the other nodes can add new blocks to the chain. So unless you have computers that are more powerful than the rest of the nodes combined and even then, success isn’t guaranteed, any blocks you add will conflict with existing ones, and the other nodes will automatically reject your alterations. This is what makes the blockchain tamperproof, or immutable.

error: Content is protected !!