Cryptocurrency Wallet Development has risen to be one of the most demanded services of all time in recent years. Although the security offered by the private and public keys in a crypto wallet is unmatched, it is nigh perfect. The loss of the keys, in consequence, translates to the loss of funds stored in the wallet. Thus the need for keyless wallets overtook the crypto wallet development.
The Issue with traditional crypto wallets.
Private keys generated for crypto wallets are unique and long. Although easily remembered or stored, they bring with them the high probability of misplacing or losing them forever. If lost, the recovery of private keys is the work of miracles. Since the genesis of crypto wallets, the recovery of a lost private key is cited as stories of the legend. The rarity of such scenarios brings a frown upon crypto wallet owners.
What was the Alternative pursued?
A different approach to coin storage tackled wallets’ current concerns with keys to identify and access them. Users began storing their coins in an exchange platform. They were easily accessible than using keys. But by keeping one’s coins in an exchange, they pass their control over to a centralized authority. Further, the coins stored in an exchange platform are subject to potential risks of data breaches and hacks sieged towards them.
Such an alternative solves accessibility. But the crypto users are vulnerable to the potential dangers of hacks. Thus real ownership is lost, as those cryptos are now in the hands of a centralized authority.
So how do we tackle the issue without losing out on the idea of decentralization?
The Answer is – Keyless Crypto Wallet Development
The Keyless Cryptocurrency Wallet Development aims to split the private keys’ ownership between the owner server and the customer’s device. Thus both the wallet device and the server possess one half of the private key to access the wallet. Keys Crypto wallets split the private keys via different mediums based on user preference.
By owning one half of the private key, customers retain real ownership of their crypto funds, thus ensuring decentralized management. Even if the customer’s half of the private key is damaged or lost, customers can recover them from the mnemonic seed held by the wallet owner.
Thus, Keyless Cryptocurrency Wallet Development is the best solution for the current concerns surrounding the loss of private keys and loss of cryptos as its resultant.