Important Types Of Cryptocurrency Wallet You Should Know #009
Hello crypto lovers,
I believe you are all doing perfectly fine today and are enjoying your activities in the community as usual.
Today is another beautiful day and I decided to come discuss some important things with my friends here in this community.
Scanning through my blog, I noticed that it has been a while since I last discussed about types of cryptocurrency wallet that we have.
Today, we shall be examining some other types of cryptocurrency wallet, ones different from what we have discussed.
- OPEN SOURCE WALLET:
An open-source wallet can be explained to be a digital wallet application whose source code can be accessed and modified by the public.
An open-source wallet is designed all for the purpose of storing and managing cryptocurrencies.
An open source wallet is a transparent wallet and it guarantees transparency by giving developers and everyone to view its source code and audit it, thereby guaranteeing security of the wallet.
The transparency provided by an open source wallet enables security and developer to debug the wallet and detect any vulnerability of the wallet, hereby providing room for the rapid growth and development of the wallet.
It is also good to note that an automatic security cannot be guaranteed on an open source wallet, if the source code of the wallet is not properly verified, it will make the wallet vulnerable to hackers.
Since the source code of an open source wallet is publicly available, a third party security auditor can decide to debug the wallet and review it's code to detect further vulnerabilities which can then guarantee security.
- CLOSE SOURCE WALLET:
A close source wallet unlike an open source wallet is a type of wallet application designed in a way that it's source code is not make available to the public.
In simple terms, a close source wallet is a type of wallet whose programming instructions are not made available to the public, rather they are kept very private.
A closed source wallet is most often designed by individuals and private companies, and they choose not to reveal their source code to the public for various reasons.
Probably to have an advantage in the market, or to secure the funds in their wallet.
Users of a closed source wallet are given the chance to interact with the software very much but they are not allowed to modify nor audit the code of the wallet.
CONCLUSION
There are different types of cryptocurrency wallet and it is important to know the types of wallet so as to discern which to make use of.
Please follow along as we shall continue our discussions later.
Thank you, friend!
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