As we all know, virtual currency wallet is a key to enter the world of blockchain encryption and a stepping stone for us to enter the currency circle. In fact, now both exchanges and wallets can trade digital assets. Their functions are becoming more and more similar. The difference is that the security of Wallet Storage assets is higher. Because many investors do not trust the exchange, they will prefer decentralized digital wallets. According to statistics, there are nearly hundreds of blockchain wallets around the world, and the industry competition is still very fierce. What is the principle of virtual currency wallets? Now let’s introduce the principle of virtual currency wallet.
What is the principle of virtual currency wallet?
Blockchain wallet refers to a management tool of virtual digital currency products developed by using blockchain technology. It contains the characteristics of digital currency transactions, in short, payment and collection. Payment refers to the ability to transfer the digital assets in the address to other addresses. The premise is to have the private key of the payment address. Holding the private key of the address can dominate the digital assets of the address; Collection refers to the operation that it can generate a valid address conforming to the chain rules, and other addresses can transfer money to this address.
As an essential infrastructure of the blockchain exchange platform, how can the enterprise blockchain wallet ensure the security of enterprise assets and fast access at the same time? Taking Youdun wallet as an example, it can not only help the exchange platform save a lot of development and operation costs, without preparing multiple servers for deployment nodes, a large number of development technicians and operation and maintenance personnel, but also greatly shorten the online cycle, from blockchain wallet access to online use as short as 1 day; Moreover, the wallet adopts a combination of hot and cold wallets, secondary encryption of private key, login SMS verification, device IP authorization, single transaction single day limit, audit and review and other security risk control modes to ensure the absolute security of assets. The safe and convenient operation of the wallet solves the worries of managers, no longer worries about the safety of funds, and more time and energy are put into the market and operation.
Current situation of virtual currency Wallet
In today’s era when users are the king, as long as users have needs and can meet users’ needs, they can become the entrance of traffic. What is the transaction principle of blockchain wallet, as the traffic inlet and value inlet of blockchain industry and digital money market? Taking Youdun wallet as an example, let’s decrypt the implementation principle of blockchain exchange Wallet:
First of all, from the results: Youdun wallet supports creating wallets on the client and supports multiple currencies. At the same time, each currency can have multiple addresses. It supports the client to generate addresses or generate them by calling the API. We only need to keep mnemonics. After importing wallets through mnemonics, we can use wallets to send transactions.
To achieve these:
First of all: deploy multiple sets of all nodes of various public chains on servers in different regions online to prevent unexpected situations such as server exceptions, network exceptions and node upgrades.
Secondly, the independently developed ubda system is used to collect and store the block data and transaction data of each chain.
At the same time, the Youdun team has developed a ukma system to store the address generated through the wallet.
Then analyze and convert the data on the blockchain through the bbcs system, and filter the required data through the ukma system.
After obtaining the required data, send the corresponding data to the corresponding gateway server (BGS system). After saving the data, each gateway server pushes the message to the client and notifies the exchange of the message.
For the sending transaction, it is mainly operated at the client, which completes the construction and signature of the transaction, sends the signed transaction string to the corresponding gateway server, then sends it to the bbcs system through the gateway, and finally broadcasts the transaction to the corresponding public chain node in the bbcs system, so as to complete the whole transaction process of charging and withdrawing money.
We all know that there are many categories of virtual currency wallets. In fact, they can be roughly divided into web wallets and software wallets. You can use them according to your own needs. Generally speaking, one of the most important issues when choosing digital wallets is the security of virtual currency wallets. In short, it is the security of our digital assets. Because the security of digital assets is very important for our investment, we must keep our private key, and we can’t forget our private key. To ensure the security of our assets, we should start from ourselves.
Post time: Apr-01-2022