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…In hot wallets, private keys are stored and encrypted in the app itself, which is kept online.Since they are connected to the internet, hot wallets are vulnerable to hackers or malware programmes like any other internet-connected device. Keeping large amounts of cryptocurrency in a hot wallet is a fundamentally poor security practise; risks can be mitigated by using a hot wallet with stronger encryption, or by using devices that store private keys in a secure enclave.Key TakeawayA hot wallet is …
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…Seed Phrase A succinct definition of Seed Phrase Seed PhraseLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYSEED PHRASECopy linkShare on TwitterShare on FacebookShare on LinkedinSeed PhraseA seed phrase, or a recovery phrase, is a series of 12 to 24 randomised words used to unlock a cryptocurrency wallet and its private keys. This string of words is typically generated by a crypto wallet’s software and derived from its private keys, serving as a master password for the digital…
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…They typically have user-friendly interfaces for efficient transactions and interaction with decentralised applications (dapps) or decentralised finance (DeFi) protocols.Desktop wallets are downloadable computer programmes in which private keys are kept only on the owner’s computer and cannot be accessed online, as they are not connected to the internet. This type of wallet is often more secure than web-based wallets because the user is the only one with access to the programme and the stored …
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…By eliminating the need for intermediaries, non-custodial wallets promote the principles of decentralisation and empower individuals to manage their finances by using cryptographic techniques to secure private keys, ensuring that only the wallet owner can access and manage their assets.Non-custodial wallets offer enhanced privacy, as users do not need to disclose personal information to a third party and have complete control over their funds, as they hold the private keys required to initiate t…
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…Furthermore, they streamline the login process by allowing users to log in without entering passwords or undergoing additional two-factor authentication (2FA) steps.The security of these passkeys is paramount, as losing them or having them stolen can result in the permanent loss of access to one’s cryptocurrency or digital assets.Key TakeawayA passkey is a password or private key used to access a cryptocurrency wallet, sign transactions, or interact with blockchain-based applications.Related W…
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…Only corporations that are part of the consortium have access to a consortium blockchain, and the information exchanged remains private amongst them.Key TakeawayA consortium blockchain is privately owned and managed by a group of corporations, where a consortium can share information privately while having the security and immutable benefits of a blockchain.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building dec…
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…They are built to leverage blockchain technology without sacrificing the element of authority in a centralised system.Key TakeawayBlockchain is a decentralised and immutable digital ledger that is distributed across an entire peer-to-peer (P2P) network using cryptography.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications (dapps) on the Solana blockchain.HODLerA ‘HODLer’ is someone…
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…In comparison with a hot wallet, which is connected to the internet, cold wallets are generally considered more secure since they keep a user’s private keys offline.Types of cold wallets include paper wallets, hardware wallets, and sound wallets. Paper wallets are one of the simplest forms of cold storage, as the public and private keys are directly printed or written on them. This is a very safe method in terms of preventing theft; however, the risk lies with the fragility of the paper and re…
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…At that point, no new bitcoins will be created through mining, and miners will be compensated solely with transaction fees for securing the network. How Many Bitcoins Have Been Lost? It’s difficult to determine an exact number for the amount of bitcoins that have been lost because Bitcoin transactions are pseudonymous; there is no central authority tracking ownership or lost coins. However, it’s well known that some bitcoins have been lost over the years due to various reasons, including: …
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…Multi-Signature Wallet A succinct definition of Multi-Signature Wallet Multi-Signature WalletLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYMULTI-SIGNATURE WALLETCopy linkShare on TwitterShare on FacebookShare on LinkedinMulti-Signature WalletA multi-signature (multisig) wallet is a type of digital wallet that requires multiple private keys to authorise a transaction. This adds an extra layer of security by ensuring that no single person or entity has complete control over the …
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