Crypto Wallets - Where to hold your coins?
Klever wallet app is used by over 3 million people worldwide, and with the Klever Hardware Wallet development progressing rapidly, with pre-sale commencing in Q4, let's talk crypto wallets.
Klever wallet app is used by over 3 million people worldwide, and with the Klever Hardware Wallet development progressing rapidly, with pre-sale commencing in Q4. But what is a crypto wallet?
Safety and efficiency are two key important factors to be considered when you talk about finance and financial education.
Based on statistics, 33 percent of adults worldwide are financially literate. This means that around 3.5 billion adults globally, most of them in developing economies, lack an understanding of basic financial concepts.
This is indeed a challenge as most of the people in the group of the less financially literate are people who often fall for potential scams and scammers online. This includes a higher percentage of older people who are not conversant or knowledgable about the crypto space and young adults who see crypto as a game for gambling. This has led to people losing a lot of their funds to scammers.
Klever has taken it as a responsibility to educate crypto holders globally with the basics of cryptocurrency, which include what wallets to use and how users can benefit from the bidding crypto economy.
What are crypto wallets?
A cryptocurrency wallet is a device, physical medium, software or a service that stores the public and/or private keys for cryptocurrency transactions.
In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information.
This gives the users various options of how to store and use their cryptocurrency which invariably is their funds converted to crypto format.
There are several types of crypto wallets such as the hard wallet, soft wallet, paper wallet and centralized wallets. I would try not to be explicit in the explanation of what these wallets are.
Centralized wallets and exchanges are trading platforms that, in essence, function in the same way that a traditional brokerage account or stock exchange would. Central exchanges are owned and operated by a central third-party that maintains ultimate authority over the exchange, account, wallet, and transactions.
A decentralized software wallet means that the holder of the keys will be sole person who has access to the crypto wallet and they are stored in a software on a mobile device or computer. It allows the holder to use the keys to send or receive cryptocurrency anywhere on the planet. Some people regard a decentralized wallet to be anonymous, but it is not. It is pseudonymous.
A hardware wallet is a type of cryptocurrency wallet where you can store your private keys in a secure physical device. The cryptocurrencies stored in the wallet are kept offline, making it more secure against malicious actors. However, when needed, the coins stored are readily available.
A paper wallet is a piece of paper that contains the private keys that are used to facilitate cryptocurrency transactions. Because they are removed from the internet, at one point paper wallets were considered to be more secure than other forms of cryptocurrency storage.
Although there are several other wallets in development even as we speak, the Klever wallet, a decentralized p2p and self-custody wallet stands out by putting the keys in the hands of the users.
Users can also buy cryptocurrency with a credit or debit card from anywhere in the world and receive your purchased coins in your wallet in just a few minutes, with full security inside the Klever app.
The wallet boasts of a high level encryption technology which helps to prevent theft that can come in form of hacking, mobile SIM number swapping and other techniques used in defrauding users. All the user needs to do is to ensure they never share their private keys or seed phrase to anyone, no matter who they are as this is the only way their wallets can be compromised.
Klever Hardware Wallet
Klever Hardware Wallet is designed with a powerful dual-core microcontroller with all the peripherals needed for such application in a single chip device.
It also embeds security engines to provide faster transactions in blockchain applications, such as 256-bit AES accelerator, true random number generator and public key accelerator.
The brain is a dual-core ARM from STM32 family of microcontrollers.
It is a security-driven device with many countermeasures to enable a safer product against advanced kinds of attacks, including environment modification, power analysis, glitches and even software attacks.
The wallet also features two buttons to confirm and abort transactions and two communication interfaces: USB (through a type-C connector) and Bluetooth. Visual user interface is accomplished through a RGB LED and the Klever Wallet app in order to provide a simple and efficient device.
Here’s a look from Klever CEO on the development stage of Klever Hardware Wallet, set to have pre-sale in the end of this year.
Initial performance tests show impressive results of transactions held in a couple of milliseconds, depending on the blockchain used.
Firmware development is constantly improving and trying to get the maximum performance possible with the top techniques of programming and best usage of hardware accelerators.
Bitcoin (BTC), Ethereum (ETH), Klever (KLV) and all major coins supported by Klever Wallet app will also be supported by Klever Hardware Wallet.