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What Is a Wallet as a Service? WaaS Guide
Wallet as a service (WaaS) is an integral part of blockchain and a highly wondered-about subject, especially for those who are interested in the field of cryptology or who want to invest in this field. In fact, it can be called an integrated solution for digital money.
Because of this integrated solution, membership cards, other cards, e-wallets, loyalty cards, and bank cards are gathered under one roof as digital transaction products.
Join us in this blog as we go further in detail about wallet as a service, types of crypto wallets, and how to protect your crypto wallet.
What is a wallet as a service for crypto?
Known as wallet as a service, the WaaS service consists of a set of developer tools that allow companies to integrate their private digital wallets into their applications.
Businesses serving in this field avoid the technical structure of most independent digital wallets, trying to make creating a wallet as easy as creating a username and password.
In this way, users are introduced to the opportunity to use their digital wallets more easily and quickly. Wallet as a service, offered by businesses, works with fully customizable and reliable APIs.
This service provides companies with safe, secure, and easy access to their customers. Instead of dealing with the nuances of blockchain infrastructure, companies can offer their customers more value and innovative products through this service.
It encourages companies to provide a wallet to users who want to make cryptocurrency transactions in their own apps. This, in turn, provides an easier and faster trading experience for users, making it easier for them to head into this area.
Wallet as a service provides users with an opportunity to eliminate the deficiencies in this area and provides the opportunity to control and audit Web3 wallets with Web2 ease of use. Users can easily create, access, and restore their wallets with just a username and password.
These features make it easy for even users who have never used cryptocurrency to start using their Web3 wallet.
WaaS-centric wallets are supported over the MPC (Advanced Multilateral Computing) network. This means more security.
Keys are securely split, encrypted, and distributed across multiple parties without having to be managed by users. In this case, users' assets are kept safe.
Additionally, users have full control over their keys. They can transfer their assets outside of the platform at any time.
With exchange APIs, companies can create native wallets for their applications, thus providing a consistent user experience without redirecting users to a separate website or app.
Businesses active in this space can reliably serve hundreds of millions of users with WaaS, as it has a proven track record of providing scalable and user-friendly gateways.
What are the three types of crypto wallets?
If you use a reliable crypto wallet application, you can spend your assets in the physical world, make transactions such as staking and farming, and use applications called dApps.
In addition, since you host your assets in a reliable environment, the possibility of any negativity happening to them is reduced to a minimum.
You can download these wallets, which are usually free, right away and transfer your assets after you complete the creation process.
There are three types of crypto wallets: hardware wallets, paper wallets, and software wallets. Let’s examine each in detail!
A type of crypto wallet known as a "paper wallet" uses handwritten or printed paper to store your secret key. They are best for people who don't know much about coins and don't use them often. You can use them to store your private keys offline.
Hardware wallets are physical devices that can be linked to or disconnected from the internet and store your private key. They are a safer place to store coins than paper wallets. Users can sign and confirm blockchain transactions by plugging their hardware wallet into a computer.
Software wallets are fast and easy to use. They are always connected to the internet, so users can use DeFi protocols, borrow and give, stake and swap tokens, and trade on decentralized exchanges (DEXs) without any problems.
Software wallets can be divided into three categories: web wallets, mobile wallets, and desktop wallets. Web wallets are web browser extensions. The software that runs a web wallet is saved on your internet browser.
If you want to trade crypto on an exchange, you just need to go to the website for that system and connect your wallet. The protocol sets up the crypto exchange, but the wallet verifies it. A wallet extension for your computer is the fastest and easiest way to use blockchain technology.
In a mobile wallet, your cryptographic keys are kept on your phone. Android and iPhone users can get this wallet app from the Google Play or Apple App Store. On the other hand, desktop wallets work like mobile wallets, but your private key is stored in a desktop app.
How to protect your crypto wallet?
Protecting your crypto wallet is an important parameter for both the sustainability of your products and services and the prevention of security vulnerabilities. In this way, your digital assets will not be put at risk.
First of all, the most important component of protecting your crypto wallets is ensuring the security of your smart devices. For this, you need to use encryption in the form of hard and double authentication. You should not share these passwords with anyone.
At the same time, you should choose reliable options for the cryptocurrency wallet you will use. Take consistent steps when you suspect malware.
Be careful when accessing Wi-Fi networks, as you have sensitive data, and know that not all Wi-Fi networks are innocent. In this way, you will better protect your crypto wallets.
You can also benefit from crypto as a service provider to protect your crypto wallet while benefiting from the wide range of services they offer.
Choose a reliable service provider like CBQ and make crypto exchanges without hesitation or worrying about security risks. Contact us and enjoy fast, secure, and easy wallet as a service, crypto wallet, and blockchain payment solutions!
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