Meta: Crypto wallets are necessary for executing transactions in a blockchain. Learn about what web crypto wallets like MyStakingWallet (MSW) do and their benefits.
The first web wallet solution was introduced by Satoshi Nakamoto when bitcoin was released in 2009. They come in the form of apps that run just like other smartphone apps. Alternatively, cryptocurrency holders can also buy devices that run the wallet application. A web wallet is an online solution and can be accessed from anywhere and anytime.
The software tracks the secret keys used to sign crypto transactions on the distributed ledgers. Note that the keys are the only way to verify ownership of cryptocurrencies. The keys are also required to transfer digital currency.
What Do Crypto Wallets Do?
Wallets are a critical component of the cryptocurrency ecosystem as they hold the keys to your holdings. This means that anyone with access to the keys can control your crypto balance. The wallet does not work like a bank. Instead, it allows you to interact with your crypto balances.
When sending cryptocurrency transactions, it is essential to only send to an address of a wallet of the same type of cryptocurrency.
To send cryptocurrencies, you should have the address of the recipient’s wallet. You need to enter the recipient’s address in the send feature of your wallet. After entering the address, the sender enters the number of coins they wish to transfer and confirms the transaction. Sending cryptocurrencies comes with a fee, which is used to pay miners processing the transactions in the blockchain.
To receive funds, the users need addresses, also known as public keys, from their wallets. The address is generated from the wallet and comes in the form of alphanumeric codes or QR. This address is then shared with the user intending to make the transaction.
Web wallets are located in the cloud hence making their access easy. Users utilizing the web wallets can manage multiple cryptocurrencies, and at the same time, enjoy fast transactions. Web wallets are also ideal for on-the-go traders. Note that in web wallets, data storage is done by third parties. There is, therefore, a need to be vigilant when it comes to cybersecurity.
Metrix Coin Web Wallet- MyStaking Wallet (MSW)
Metrix coin boasts a master node turnkey solution and web wallet, referred to as MyStakingWallet (MSW). The product is very flexible and can be used on the go. The wallet can be to hold funds online securely. Users can also set up masternodes with a click.
It is, however, still important to note that Metrix coin has since stopped using masternodes on the new chain. However, users can still get masternode rewards from their coins through partners that Metrix has collaborated with. Or, users may set up governor nodes.
MSW came as the perfect solution to the tedious process that was previously employed to set up masternodes. In addition, the process was made user-friendly, and today, users leverage MSW to own a virtual private server which they can use to store up to four coins for staking or participate in the masternode network.
Benefits of MyStakingWallet (MSW)
Some of the benefits Metrix coin users enjoy with MSW include:
Users that use the web wallet enjoy control. The same applies when it comes to MSW users. It is a non-custodial wallet, meaning the users have access and control of their keys.
The beauty of MyStakingWallet (MSW) is also that it can be accessed any time of the day. The web wallet, through the virtual private server, allows transactions 24 hours a day. This means the users can stake and receive masternode rewards at any time of the day.
More so, the customer support team is available 24/7 to ensure you get the support you need at all times.
3. More staking
The virtual private servers can run four masternodes and stake the cryptocurrency and, at the same time, stake the given coins.
Web wallets are also suitable for your pockets. Considering their eco-friendly nature, they are a great choice if you are looking to save your energy bills.
In a nutshell, MSW does not offer staking and masternodes. However, you can access them through virtual private servers. Moreover, you can send coins using the wallet or receive them. The web wallet also undergoes regular updates, and the users can get ample support when they need it.
Worth noting is that just like other web applications, using WMS comes with certain risks. The biggest one is the risk of cyber-attack.
Developers have, however, been putting this into consideration when building it. This way, they ensure the users enjoy a secure platform. One of the efforts made by developers geared to make it a secure end-to-end solution is making it a non-custodial wallet.
This means that the team does not hold your keys nor a copy of them. This feature calls for user responsibility for increased security. Users are also encouraged to backup their wallets so that they can access the keys when they forget them.
Users should also desist from sharing the keys with other persons as it is a compromise on security.
Why You Should Invest in Blockchain Through Crypto Wallets
While there are future gains for investing in the crypto market, there is more to enjoy when investing in cryptos through wallets.
While you can leave your crypto keys on an exchange since most of them provide a wallet within the platform, it is best to have them in a personal crypto wallet like MSW. This is especially when you have understood public and private keys and other components of storing your cryptocurrencies.
Choosing the right crypto wallet requires you to assess your goals and risk tolerance, and the nature of their investment. For instance, hot wallets like web wallets will make more sense for users looking to hold their coins in the short term. This way, they can trade as they wish.
Coin holders need to prioritize the security of their accounts. In this case, some of the efforts they can make include ensuring that their wallets run on updated software, employing two-factor authentication to add an extra layer of security, and keeping their keys private.