DeFi Wallet Development
Custody vs Non-custodial wallets
Shortcomings of custodial Wallets:
- It’s a digital wallet that stores the private keys of customers and provides back-up and security support.
- Custodians have control over our funds and security details.
- Lost private keys can be recovered with custodial wallets.
- In the event of a mistake, one can expect assistance from the admin.
- Prone to hack and data breach.
- Belongs to a centralized system.
Benefits of DeFi (non-custodial) Wallets:
- It’s a digital wallet that provides users with ownership over their funds.
- 100% control over their digital assets.
- Private keys will (must) not be shared with anyone.
- In the event of a mistake, users are solely responsible.
- Immune to hack and data breach.
- The core part of a decentralized system.
Examples of DeFi wallets
Web wallets:
Hardware wallets:
The most secure form of crypto wallets. They are physical wallets like pen drives. Hence, hackers cannot access your wallet.
Mobile Light wallets:
Desktop wallet:
How safe are DeFi wallets?
- DeFi wallets’ private keys are not stored elsewhere. Hence, nobody can break through the system.
- Two-factor authentication is mandatory in any DeFi protocol. Hence, the user is alerted over any potential unauthorized access.
- Multi-signature technology requires more than one signature to access a particular account.
- The transaction limits set will not let anyone withdraw all the money at once, even if it’s the owner of the wallet.
- When the majority of funds are stored in cold wallets, the hacking probability is practically zero.
Growth of secure DeFi protocols
Business opportunities in DeFi protocols
Develop DeFi wallets with Osiz Technologies
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