Being a crypto holder, it is always about the security that you look at first. If buying crypto is one thing, then safely securing the digital currency in your wallet is the other!
We get it! Crypto has got that craze in the market. It is currently experiencing an unstoppable upward trend. Bitcoin, Ethereum have hit all-time highs more often than ever. And it is obvious that today they are the world of wealth, restructuring the future. Hence, they need safe and secure wallets to store.
Cryptocurrencies are usually stored in wallets (completely digital), which have a private key like the password. So it is always recommended to buy cryptocurrencies from crypto exchange platforms, making it easy to store them in the wallet. Like you can use Coinbase to buy crypto and easily store them in your wallet. Nowadays, we see PayPal and Robinhood offering an option to buy, sell, and store cryptocurrencies.
Well, cryptocurrency wallets are apps that allow users to custody, send and receive digital assets. It will help users to store all the crypto in one place. So you can make easy crypto-based transactions in a fraction of seconds.
The first cryptocurrency, Bitcoin, was introduced by Satoshi Nakamoto. In reality, it is pseudonymous. Bitcoins are popular and most widely used. After the Bitcoins, there’s been a trend in cryptocurrencies. Numerous digital assets were built upon Bitcoin technology.
Bitcoins or cryptocurrencies are decentralized. No single central bank holds authority over them. These can be sent on the peer-to-peer network without having any go-betweens. Of course, they are verified by network nodes through cryptography and recorded on the blockchain, a distributed ledger technology.
Research produced by the University of Cambridge reported that in 2017 there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, and most of them using Bitcoin.
So along with the cryptocurrencies, the need for their wallets arose side by side. So when you want to conduct cryptocurrency transactions, be it purchasing or receiving it from someone, you will need a unique cryptographic address issued by the wallet. Thus, your cryptocurrency will be stored in a crypto wallet. All these transactions are authenticated and recorded on a distributed ledger. Also, you can always spend these crypto coins by scanning a retailer’s QR code or directing a specific amount to the retailer’s public address.
Cryptocurrency wallets should work on a robust security platform because they store all your investments and financial information. We came up with a few key features to help you consider while choosing a cryptocurrency wallet.
Above all these, you should also look at the blockchain infrastructure that is used to build cryptocurrency wallets.
Diamante Network is a safe and secure decentralized blockchain network. It enables one to move assets and settle payments and facilitates real-time value across the Diamante ecosystem. Users will also get access to our native digital asset – DIAM, to conduct digital transactions around the world.
Diamante Net is an open-source network build to empower businesses. It lets businesses and individuals conduct financial transactions using its native digital asset, DIAM. Users can use the Diamante Net-powered applications without relying on a single authority catering to its true pseudonymous architecture.
DIAM, the native digital asset on Diamante Net, forms the medium to access the Diamante ecosystem of decentralized products and services. All financial transactions or any document transfers will see a certain amount of DIAM burnt catering to its anti-spam mechanism onto the network. The utility of DIAM will be seen increasing as various applications would be built on Diamante Net.
Global banks, currency exchanges, payment service providers, corporate houses, and e-commerce merchants accept DIAM.
DIAM has received a no-action letter from the Swiss Financial Market Supervisory Authority, FINMA. DIAM serves as a means of payment within the Diamante Net protocol and therefore qualifies as a payment token with various utility functions.
DIAM settles payments in 2-4 seconds in a 1000+ node environment. It handles 3000 concurrent transactions (transactions per second) and 100+ million transactions a day. At 75,000 transactions per second, the network scalability exceeded the throughput of current payment networks such as Visa, in a test environment, with the implementation of SegWit.