Important Types Of Cryptocurrency Wallet You Should Know #013

jueco (75)in Tron Fan Club • 10 months ago

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Hello crypto lovers,

I count it all joy to come before you all today to discuss another Important issue in the cryptospace.

Before I proceed, permit me to check on the well-being in every member in this community today.

I believe you are all doing perfectly well and are enjoying your activities in the community.

Today, we shall be examining some types of cryptocurrency wallet we have in the cryptospace, I believe you won't get bored, please follow along.

TOKEN-SPECIFIC WALLET

A token specific wallet can be explained to be a type of cryptocurrency wallet that is created just to accommodate a particular type of cryptocurrency token.

Unlike the traditional type of wallet that is created to manage different species of cryptocurrency token, the token specific wallet is designed just to manage a specific type of token.

For example, if a token specific wallet is designed to accommodate only Ethereum based tokens, this implies that the token was designed to accommodate any ERC-20 standard tokens that operates on ethereum blockchain.

However, there are also token specific wallet for other blockchains network, network such as Tron network, binance smart chain etc

This type of wallet helps to offer specialization to users who deal with a specific type of cryptocurrency token.

They help to grant a quick and easy access to some special features of that token, features such as viewing transaction history, viewing wallet balance etc.

ERC-20 WALLET:

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An ERC 20 wallet can be explained to be a digital wallet that is developed to store, receive, send and manage tokens that makes use of ethereum blockchain ERC-20 standard.

The ERC 20 standard can be explained to be a set of laid down rules and regulations that state how the operation of tokens under ethereum network should be carried out.

ERC 20 wallet gives it's users the opportunity to manage, store, receive and send ERC 20 tokens very securely

Whenever an individual holds tokens that are gotten from an ico, or play a part in any Dapp that operates on ethereum blockchain, a user will then need an ERC 20 wallet to be able to interact properly with the tokens.

Some popular types of ERC 20 wallet include, metamask, MyEtherWallet etc.

It is very important to make use of a wallet that was gotten from a reliable source and also a user should endeavor to keep his private keys very safe so as to prevent unauthorized access to his funds.