Cryptocurrency wallets are used for the transaction and storage of the digital currencies like bitcoins. Many of the popular cryptocurrencies have their own official wallet. Some of the wallets store a certain currency while others store more than one. Some wallets store public address, which are like account numbers, to receive a certain type of cryptocurrency. A wallet can be used to move funds with the help of blockchain by the owner of that fund. A wallet is a platform like online banking with blockchain as digital register.
Types of Crypto-Wallets
There are several digital wallets used to store the cryptocurrency. Each type has its own advantages and disadvantages over other. Online, mobile, desktop, hardware and paper wallets are some of the majorly used wallets for the cryptocurrency. Online or web wallet is a least secure wallet but can be used for small amount of cryptocurrency. These wallets provide users with the fast transaction. Mobile wallets are apps for payment by cryptocurrency in various shops where this currency is acceptable. These are more secure than online wallets and provide a feature of a QR code.
Hardware wallets are one of the safest types of cryptocurrency wallets. These store private keys in a CD, USB drive or hard disk. Despite the fact that these wallets are offline, they can still be used online. These are used to store a large amount of cryptocurrency which is not used on daily basis. A paper wallet is an extremely offline wallet, which has printed public or private keys. Transfer of funds is either done by the public address or by entering private key or scanning the QR code on the paper.
Disadvantages Of Cryptocurrency Wallets
With the increase in the types of wallets, they are gaining or losing the advantage over other. Online wallets have a risk of online security, computer virus and interference of the third party. Mobile wallets have a risk of losing data due to the damage or losing of a mobile phone, and mobile viruses. Desktop wallets, when connected to the internet, become less secure.
Social media has become a part of our day to day life. When we get up from the bed, the first thing we do is to check out social media. Facebook, Instagram, YouTube, and all the other social media sites have become an inseparable part of our life. The main reason behind this is that it is free and entertaining. But, they are giving everything out there for free only in return for your precious information. The main drawback of Social media is its privacy. This is where crypto social networks beat them all.
Yes, Blockchain is now not just about the cryptocurrency. Some of the cool Blockchain systems like Ethereum and NEO also give you the ability to start a social network using Blockchain. The best thing about blockchain powered decentralized social network is it’s more privacy, security as well as efficiency. There are various popular examples of Blockchain social network such as Sociall. Sociall is a decentralized social network powered by Blockchain technology. The interface is as beautiful as a bootstrap powered website.
Why Crypto Social Network?
There are many questions regarding Crypto social network like why Crypto Social network is future? There are many reasons for it. Some of them are as below.
Privacy and Security: First of all, you get the best level of privacy and security. Unlike other social networks, the crypto social network does not steal user information. Hence, your data is private.
Control on UGC: An another advantage of a decentralized social networking platform is control over the content. There is no particular unit which controls over the user-generated content. As a result, you will get more control over the content.
Freedom: Some of the biggest drawbacks of the social network are censorship and freedom. Even with the implementation of end-to-end encryption in some of the social networking sites, there is still a problem of metadata getting exchanged. Some crypto social network does not even require to create a user account.
Payments: In the end, it is all about crypto. With this technology, you can implement any kind of transaction features in Blockchain powered social network.
Cryptocurrency in the food industry
In this digital world, cryptocurrency has acquired a place and has become one of the means of payment for many applications like business and travel and personal applications like ordering food, booking hotel, flight booking, etc. There are many projects going on to make cryptocurrency a better means for transactions in the food and agriculture field. Cryptocurrency may increase the efficiency and transparency of the food industry. Many people are getting attracted by cryptocurrency due to its betterment in tracking and monitoring of the food supply. It also provides information about the origin and the health of the supply. This information is provided with the help of blockchain.
Cryptocurrency for food delivery
Cryptocurrency finds a major advantage in supplying food across the globe due to its feature of distributed electronic register. It can reduce the time of tracking remarkably by providing transparency of the shipment. There are many businesses in the food industry like food delivery. Food delivery is one of the fastest growing fields that is attracting businessman along with the customers. Customers prefer a variety of foods like Italian food, Spanish food and many more. These can be easily provided by the help of food delivery services. Many food delivery marketplaces are accepting cryptocurrency like bitcoins as a mode of payment.
Cryptocurrency in agriculture
The farm includes complicated ecosystems that involve many moving parts, careful timing, and financial structure based on the season. When the food leaves the far, it becomes a part of the huge chain of supply including various parties like buyers, sellers, and distributors. Therefore, it is important for these parties to know the location of food. Cryptocurrency provides these steps of supplying and distributing simpler.
Cryptocurrency has no revelation on the major economic places and common stock markets. They are not sure of returns of currencies and commodities. Shipping of food across the countries through cryptocurrency is not always true as many countries have centralized currency. Cryptocurrency rates keep on changing so there is no sure exchange as well.
Cryptocurrency has emerged as a great alternative to regular currency in recent years. Although it doesn’t exist in any physical form, it acts as that medium of exchange which is extremely secure and which adds many levels of security in our transactions. This is the main reason why cryptocurrency has made a considerable place in our life in the modern times. You can use cryptocurrency for food, travelling, education, celebrations and even in gaming world. Video gaming is very popular among the youth nowadays. This virtual world has transformed our dreams into reality and has given us an opportunity to live in these dreams. What could be better if we can earn real money while playing video games? That’s where cryptocurrency makes its entry in video-gaming world.
Video Gaming and Cryptocurrency
These days many cryptocurrency organizations want to evolve into game money with trading capabilities that are reflective of popular video games. Now the burning question is that can cryptocurrency provide an additional advantage to video games or an upcoming obstacle in already thriving entertainment?
Basically crypto won’t bring any changes to the actual gameplay. Crypto will be welcomed more in video gaming world if the token-price makes it possible for the gamer to purchase better in-game items that make the game more entertaining and enjoyable. Game developers lose their profit if gamer sells their unique skin or game items outside of the game. In order to solve this issue game developer and cryptocurrency builders are creating assets so that one may be able to purchase in-game with crypto coins. If you purchase a sword in one game with your sword-coin, a user can use that sword in multiple games. So basically the gamer owns it.
Enjin the platform is creating the Enjin coin with which a gamer can purchase items within the game. It also allows developers and players to create, manage, distribute, and trade in-game items. Enjin developers offer another mind-blowing facility like if a gamer has a high-end character like FPS, the gamer can rent that character to other players for a certain amount of Enjin coins per day.