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2021-11-16 09:53:47
WHAT IS MULTI-CHAIN?

I. What is multi-chain?

Multi-chain is a term that means "cross-platform". More specifically in the crypto market, if a project is deployed on a multi-chain, it means that the project is being deployed on at least two chains, which can be Ethereum, Binance Smart Chain, Solana, Polkadot, Avalanche or other blockchains.

To put it simply, Multi-chain is a feature that allows the same e-wallet application to integrate a variety of wallet addresses from many different blockchains. Following that is the integration of D-apps of many different chains that only need to install a cryptocurrency wallet once. Users will experience the convenience of interacting with D-app and wallet through transactions without logging in, opening and closing many confusing and confusing apps.

When implementing the Multi-chain mechanism on projects, not only users but also projects will enjoy the following benefits: Access to a new ecosystem of users. Overcoming the main chain's shortcomings (congestion, slow speed). Take advantage of many different chains (cheap fees, fast speeds). Popularize your token on other ecosystems (especially stable coin projects). Users in smaller ecosystems can access areas that their ecosystem has not implemented (Insurance, Index token,...).

 

II. Important information in the Multi-chain wallet

Passphrase: A passphrase is a string of 12-24 characters that is used to encrypt login information to an account. If you lose access to your wallet, they can be imported into any BIP32 compatible wallet to get your assets back. There is only one passphrase to manage all wallets on different blockchains. And multi-chain wallets do not have a Private Key.

Wallet Address: Each wallet will have a different wallet address depending on the wallet address format in each separate blockchain. A wallet address is a place where other people can send cryptocurrency to, which can be seen as a bank account number. Simply put, like your home address or email address, for example, if you want someone to deliver goods to your home, you have to give them the correct address.

Instructions to create a Multi-chain wallet with Neko Wallet

You can create a Multi-Chain wallet through Neko Wallet and immediately have a wallet on all current Blockchains. All these wallets use the same Passphrase, so it will be extremely easy and convenient for users.

Since Neko Wallet is a non-custodial wallet, the user is in complete control of the assets, no one has access to your wallet including the developer. Users can completely rest assured when storing coins/tokens in Neko Wallet.

See also: Instructions for using Neko wallet

 

III. Is it safe to store crypto assets on a Multi-Chain wallet?

Neko Wallet is a type of non-custodial wallet, which means full control of assets belongs to the user. No one can access your wallet without your password (Passphrase). For some multi-chain wallets, the use of email during registration just adds an extra layer of security to the application, saving transaction history and user settings. In addition, it also saves you time to work again after each login. This email exists independently and is completely unrelated to your wallet resources.

 

IV. Is there a fee to transfer crypto on a Multi-Chain wallet?

The transfer of cryptocurrency from the Multi-Chain wallet will cost the blockchain platform for the miners or validators to confirm the transaction. The number of fees to be paid for each transaction will depend on different blockchains and are paid in different coins. For example, when sending money from Ethereum wallet, the fee will be paid in ETH, BSC wallet will be in BNB or Polygon wallet will be paid in MATIC.

 

V. Is it possible to create multiple Multi-Chain wallets?

Because it is a decentralized wallet, users can create as many Multi-Chain wallets as they like. Each wallet will have different wallet addresses and passwords (Passphrase), so users need to save this important information. To easily manage multiple multi-chain wallets at the same time, it is recommended that you give the wallets easy-to-remember names.

 

VI. What tokens can the Multi-Chain Wallet store?

Depending on the wallet provider, the number of cryptocurrencies supported to be stored on the wallet also varies. With Neko Wallet, users can store a lot of coins/tokens on the most popular blockchains such as Bitcoin, Ethereum, Binance Smart Chain, Solana,...

 

If there are any questions, please feel free to join our community for further discussions about Crypto/Neko Wallet with our team and other members!