Cryptocurrency wallets are essential for investors and regular users because they enhance quick transactions and ensure security without compromising accessibility. At the same time, digital wallets offer access to blockchain technology, essential for those who want to make the most of the crypto ecosystem.
That’s why many decentralised companies worked to deliver the perfect crypto wallet. However, many projects failed due to exposing users to security risks, which is why many are now using self-custodial wallets to control their assets completely. Whether people buy NFT assets or invest in cryptocurrencies, they need an intuitive and safe wallet.
That’s why TON (The Open Network) is on to something revolutionary. It delivers a digital wallet with gasless fees and support for a varied array of coins. Here’s what it’s about.
TON presents the W5 digital wallet
The decentralised network has only recently entered the crypto world, as it first began as a technology for Telegram, the messaging application. However, it’s now a layer-1 blockchain solution that is indeed used on the platform for rewards or the purchasing of services through the TON cryptocurrency.
Open-source technology has launched many course codes, nodes, and solutions for the crypto environment and has now developed something truly revolutionary for a decentralised network: a smart digital wallet.
The wallet is called W5, a standard created in collaboration with the TON Core Team. The project will allow Tether users to leverage it as a gas fee for UDST transfers and Notcoin (NOT). Although the wallet was initially introduced for the TON blockchain to make transactions seamless, its use cases have now expanded to help users execute more transactions simultaneously.
TON pushes for Web3 adoption
The developers of the TON wallet believe its introduction will contribute to the adoption of Web3 technology as it makes onboarding easier for further improvements. Of course, other decentralised companies also provide groundbreaking tools in crypto, such as Magic Eden’s Ordinals wallet, through which Bitcoin lovers could tap into the world of something similar to NFTs.
As digital wallets become more innovative, users will have a better chance of maximising their profits and exploring new and different crypto markets. This, of course, will lead to further development and implementation of crypto and blockchain-based technologies, bringing the world of Web3 closer.
At the same time, developers are working to create safer and more efficient wallets since the current ones tend to expose users to several risks. For instance, hot wallets that connect to the internet are considerably dangerous for those who are not taking all the measures to protect their assets online. Additionally, cold wallets might be more inconvenient to use.
So, what’s the best type of crypto wallet?
Investors and crypto users might have a hard time choosing between the multitude of wallets and companies providing wallet resources, which is why they should take their time to learn about the technology behind it and ensure the packages come with the safety features available.
Beginners might consider starting with a paper wallet, which is basically a piece of paper on which users print or write their private key. In some cases, the paper can also have a scannable QR code that makes accessing the wallet faster.
Hardware wallets include any physical device that can safely store the private key and does not require an internet connection. Therefore, hackers cannot reach them, and they are easy for anyone who invests in crypto to use.
Finally, crypto users most commonly use software wallets since they’re convenient and fast. However, they’re also risky because they’re connected to the Internet. If investors are not careful, they might expose their own wallet’s information on the Internet, which would give easy access to it.
Wallet users are turning to self-custodial technologies
Despite the benefits of hardware and paper-based wallets, more and more crypto users are turning to wallets that don’t require third parties or devices. This phenomenon has evolved after the latest event that took the crypto world by storm: the FTX collapse. It’s said that FTX clients lost about $8 billion and investors $1.7 billion, but the numbers might be bigger than this. Indeed, $16.3 billion was recovered, but it’s still not enough to make people trust companies like these ever again.
That’s how self-custodial wallets become more popular recently because they allow users to own their own wallets and build up their portfolios. Various wallet providers ensure self-custody features for users as they generate their own private key, meaning they also need to back up their accounts.
You can do anything with a self-custodial wallet, from storing crypto to buying and swapping assets. In addition, you can also transfer, send, and receive crypto.
What are the best practices to protect your digital wallet?
Regardless of the type of wallet you use, security is essential. To protect your assets, you should be able to identify and avoid potential scams in the online environment and back up your account frequently, especially with a self-custodial account.
Like with any regular account, you need strong passwords anywhere. Unique passcodes and complex seed phrases could help minimise the risks you’re exposed to. Remember to use secure Wi-Fi networks and refrain from using public ones, regardless of the urgency of the transaction.
Remember always to monitor your transactions to watch for anything suspicious. Wallet applications usually provide alerts for potential fraud, such as significant spending from your accounts. Still, watch over your transaction history. In some cases, you might be able to decline transactions that don’t seem to sit well with you.
The future of the digital wallet is here
In an attempt to promote decentralisation and Web3 technology, a decentralised layer-1 solution recently delivered a new design for cryptocurrency wallets. The tool provides users with gasless fees and a vast array of supported cryptocurrencies. Still, it also empowers social media users since TON is an exchange medium on the Telegram application. The technology shows how the crypto industry can improve and offer users and investors continuous improvement and adaptation.
