Coin98 Wallet — The Ultimate DeFi Gateway: A Deep Dive

A Complete deep-dive into the problems Coin98 Wallet is solving, its various features, use-cases, and a complete guide on how a user can get started

The Crypto world is booming and so is its hype around the masses! But there’s a problem faced by the masses: It has become overwhelming for masses who want all things in one place in a simple & sleek way, and not in a complex & nerdy way.

Well, the vision of today’s project, we are going to deep-dive is simple! Become “The Ultimate DeFi Gateway”! They mean it literally.

Coin98 is a full DeFi product suite, with two core of its platform: An Exchange & yes, you guessed it right and our focus of today’s article — The Coin98 Wallet It’s a leading multi-chain wallet, that allows users to store, send, swap, and access a wide variety of DeFi services on 30+ blockchains such as Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, and Terra at ease. It already has 1M+ users, 8M+ wallet addresses, and 500M+ trading volume!

In this article, we will talk more about the Coin98 wallet, starting with a quick understanding of wallets, then specifically to the Coin98 wallet, its features, and what’s their future!

Ready? Here you go

To begin with, let’s understand the concept of wallets in a simple and clear way!

Wallet 101: 

Wallets in a nutshell

• If you have the access to your private key of the wallet it is a Non-custodial wallet
• Wallets store keys, encrypt, sign information, facilitate transactions on a blockchain
• Different forms:
• Hot wallet (connected to the internet, mostly software wallets)
• Cold wallets (stores your keys offline, safer)

Don’t worry, we will explain all of this detail, below

Like your traditional cash notes, you cannot fold your Bitcoin, Ethereum, or any other crypto token and put them into your pockets. (Sounds silly, isn’t it?) So, how do you safeguard your digital assets? You can do so with the help of cryptocurrency pockets i.e. Crypto Wallets.

A crypto wallet is an application allowing users to generate and manage private & public keys. Though, the funds will still remain on the blockchain.

Let’s simplify it, even more. If we take a web 2.0 example — wallets are like packets that hold your private keys (random number generated while creating your wallet) which are password protected which you will need to access your crypto tokens residing on the blockchain. A public key is then generated from the private key using a cryptographic algorithm requirement.

The private keys (encrypted as seed phrase) are utilized by the owner to access and send cryptocurrency and are private to the owner, whereas the public key (public address) is to be shared with any third party to receive cryptocurrency. The private key and public key pair (known as an address) are neither known by the blockchain nor anyone else. The blockchain ledger records the transaction of the public address when cryptocurrency is sent to it.

Transparent, isn’t it?

Other than storing the keys, the wallets can also

• encrypt & sign information. For example, by signing, you can execute a smart contract (Logic written in code to be executed on a Blockchain)
• approve a cryptocurrency transaction.

Now as you know the fundamentals of Wallet, Let’s move to the common terminologies, types, and functionalities, you will get to see around wallets.

Custodial & Non-custodial wallets

We all have heard the words, Custodial Wallets, and Non-custodial Wallets being thrown at us randomly, but what the hell is the difference between them?

In a Non-custodial wallet,

• you are the only person in charge of your assets, no third party is there to have access to your information or tokens, full-on decentralization in the air. So these are secure as the private keys are yours. And yes, With great power comes great responsibilities!
• Here the responsibility is completely yours. So, you have to manage your wallet wisely and smartly by remembering the password, storing the seed phrase in a secure piece of paper or digital notes. The Best and worst part is: there is nothing called a ‘forgot password’, If you do forget there is no going back Also, do ensure that there is no malware on your computer. If you follow these precautionary measures your funds are in great hands i.e Yours!