What is hardware wallet

| What is a blockchain wallet

The 'wallet' of the blockchain digital token is basically your bank account.

It allows you to receive and send digital token assets and store them. You can think of your wallet as an interface to a blockchain network, similar to how your online bank account is an interface to a regular currency system.

In the same way, there are private keys and passwords (PIN codes) in the wallet.

In reality, it's not digital currencies that need to be stored and secured, but the private keys that allow you to access them - it's the equivalent of your property ownership.

In short:

An encrypted digital token wallet can be thought of as an application, website or device that manages your private keys for you.

| What is a hardware wallet

Hardware wallet refers to storing the private key of digital token assets separately in a hardware device equipped with a security chip, isolated from the Internet, and ready to use.

| Why you need a hardware wallet

1. The easiest and safest way to store Bitcoin and other digital currencies.

2. For most users, it is easier to backup and protect.

3. Fewer mistakes, even for ordinary users who are not very technically savvy, it is easy to set up to get started.

4. Multiple hardware wallets can be used together for increased security

| What are the common hardware wallet?

At present, the main hardware wallet brands based on chip security on the market are: Legder Nano S, KeyPal, Trezor, etc.

Moreover, hardware wallets have the highest security factor among all wallets, and are relatively least vulnerable to attack.

| How does a hardware wallet work?

A hardware wallet is a programmed physical device based on a security chip design, used to store the user's private key.

Except for personal omissions or subjective reasons, it is currently the most difficult to leak and is adopted by users to protect blockchain digital data.

Token assets are stored in physical devices. The chip software environment of the hardware wallet is offline, and it is currently the most effective asset storage place to prevent being hacked.

When the user opens and creates a wallet, the hardware wallet is responsible for generating the private key (firmware is verified by official signatures, preventing fake wallets from generating private keys known to hackers for users), saving private keys (offline environment, preventing hackers from stealing private keys) , Sign the transaction confirmation, display the transaction content for the user to check and confirm (to prevent hackers from hijacking the replacement address)

The Internet-connected mobile phone or computer client runs the hot wallet software, which can view the wallet balance, transaction records, transfer records, generate unsigned transactions, and broadcast the transactions after signing them;

| Chip hardware wallet:

Most chip hardware wallets have the following features:

1. The wallet generates and stores the private key in the security chip, which cannot be exported, and generally exists in the hardware device in the form of a mnemonic. All transfers, transactions, etc. are performed on the device. Finally, the transaction information of each operation is displayed.

2. There is a screen to display operation transaction information

3. There are one or more physical buttons, higher-end support full touch screen, no button design

4. When trading, you need to manually confirm the operation on the device

5. Supports multiple systems, basically supports Android, iOS, and even supports Windows, MacOS, and Linux computer clients.

6. No other software is allowed to be installed on the device

7. You need to set a PIN code, and the better ones also support fingerprint recognition.

8. Hardware wallets can host multiple cryptocurrencies

9. Allows creation of backups of private keys if the device is damaged, lost or stolen

| How to choose a hardware wallet?

When you want to buy a hardware wallet, you must consider the following features:

a. Security Features - The most important aspect of a wallet is its security implementation.

b. Ease of use - You should be able to easily navigate the device and its functions.

c. Supported Currencies - Verify that the wallet supports storage of all the cryptocurrencies you are interested in.

d. Operating System Compatibility - Check if the device is compatible with the operating system on your computer or smartphone.

e. Backup and restore function - The wallet should have a backup function in case your device is stolen, lost or damaged.

f. Price - put your wallet within the range you can afford, and the best price is of course.