Hardware wallet & Software wallet
A wallet in cryptocurrency is a digital wallet that allows you to send and receive crypto assets, such as Bitcoin, Ethereum, etc. The wallet gives everyone access to the blockchain anywhere in the world.
You can access and transact your coins with public and private keys. However, crypto wallets have integrated various technologies, such as code scanning, resulting in simplification, automation and better UX.
Coin wallets, unlike traditional wallets, do not technically store your cryptocurrency. Your assets are stored on the blockchain ledger but can only be accessed with a private key. Your keys validate your ownership of your digital currency and allow you to conduct transactions. You lose access to your money if you lose your private keys. So, it is critical to keep your wallet secure one way or another.
Hardware wallet
Keeping your private keys and removing them from your device make hardware wallets the most common and secure form of wallet. These devices are similar to USBs, and recent hard wallets have a variety of functionality.
Connecting the hardware wallet to your computer or smartphone may conduct bitcoin transactions. In addition, most can instantly sign cryptocurrency transactions without requiring you to enter the key, preventing a hacker from logging your keystrokes or recording your screen.
Because hardware wallets do not have an active connection until they are plugged in, they are termed cold wallets. In addition, some modern hardware wallets provide Bluetooth connectivity with your device. Bluetooth is a wireless signal when activated and bears a risk of being accessed by unauthorized parties.
Usage of hardware wallet in Oasys
Since it's made with geth fork, You can use all hardware wallet that supports ethereum. We have tried Ledger is fully functional on Oasys, other wallet that supports ethereum, and metamask having no issue for using our chain.
| Type | Hardware wallet |
|---|---|
| Delegator | O |
| Validator Owner(Hub Layer) | O |
| Validator Operator(Hub Layer) | X |
| Builder(Verse Layer) | O |
| Sequencer(Verse Layer) | X |
| Proposer(Verse Layer) | X |
Please note that some account types are not compatible with hardware wallets, as the private key needs to be accessed directly by the tool utilizing the target account.
Refer to your wallet's instructions for exporting your private key.
Software Wallets
A software wallet is also an ordinary or online wallet that stores keys in an app or other software. This enables transferring, receiving, and utilizing cryptocurrency as simple as using any online banking system, payment system, or brokerage.
Soft wallets provided by a significant exchange can be a simple and safe method to get started with crypto and offer a good blend of security and convenience. However, because your sensitive information is online, your safety against hackers is only as good as the security of your wallet provider. Adding more measures like two-factor authentication allows you to reinforce the security of your assets.