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What is the use of hardware cold wallets (what is a hardware wallet)?

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What is the use of hardware cold wallets? Hardware wallets are secure and conve

What is the use of hardware cold wallets (what is a hardware wallet)?

What is the use of hardware cold wallets? Hardware wallets are secure and convenient hardware storage tools that can store encrypted assets and virtual currencies. In the traditional financial field, users usually need to use digital currency to store their private keys and password information. For emerging market areas that are not familiar with blockchain technology, hardware storage methods can be chosen as preferred security solutions.

There are already many hardware wallet products on the market based on the Ethereum network, such as MetaMask (formerly Facebook) and TrustWallet (supported by Tencent), which provide hardware backup solutions for this type of product. However, these devices have low performance and are prone to damage, resulting in fund security issues.

What is a hardware wallet?

According to coindesk, a hardware wallet is a method used for storing digital assets. Like ordinary electronic devices, hardware wallets allow users to perform transactions and keep them in a secure local place. Because of the nature and characteristics of these cryptocurrencies, they have high security, making them vulnerable to attacks or hacker theft. In order to achieve this, a new technology called “Hardware Transaction Level Constraint” (HTLC), also known as a soft fork, is used to put the private key in the blockchain. A hardware wallet is a technology that can manage private keys.

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