The place to collect your digital assets

place-to-collet-your-digital-assets

Where to store digital assets? What kind of place to choose? Is it free? Where to find it? How to use it? What it really is? This article is a short guide of wallets available to FuturoCoin.

Every cryptocurrency owner needs a place to deposit his/her coins. The crypto industry came with the idea of digital wallets. This article will shed some light on that solution.

Core wallets

From the very beginning, crypto inventors wanted to create a straightforward wallet where crypto investors could store their coins. The simplest way to achieve that was to pack the whole network in the development. Cryptocurrencies are kept on a digital record known as the blockchain.

A core wallet is exactly that. It contains the entire blockchain as opposed to other solutions where some trust must to third parties must be engaged. It means that to get the core wallet on your computer, you have to download a huge amount of data. So, you need to reserve the space on your hardware to own the whole history of the network. The blockchain is maintained by at least thousands of people all over the world. The digital record is growing day by day. For instance, the FuturoCoin’s core wallet requires roughly 350 MB on your computer.

Lightweight (electrum) wallets

Most of the wallets require to bring the whole blockchain on the computer. However, not everyone wants to give up his/her hardware space to a wallet. Electrum came with the idea of creating a lighter and even more minimalistic wallet. Crypto owners don’t have to store the entire blockchain history. Instead, they can download only a small part of blockchain and the rest left on servers run by others.

With the largest cryptocurrencies, downloading the blockchain can take a few days or even a week. Electrum wallet does not require the whole data. It gets information from external servers; thanks to that it is very safe. Imagine if somebody hacks one of the servers (it’s tough to do, but possible). The program still has other services, from which it can take the data. FTO offers a lightweight wallet written in Python, which provides simplicity of use low requirements and fast installation.

To sum up, the lightweight wallet is safe, quick, and the most efficient of all wallets.

Paper wallets

‘Paper’ may sound strange in the context of the world’s most advanced and digitized industry. However, crypto also means the most secure and anonymous.

A paper wallet is designed for people who have a habit of storing their secret data, e.g. passwords on paper. Actual paper. What does that really mean?

It’s pretty simple. Every user of that solution gets two keys: a private one and a public one. A public key can be imagine as a bank account – everyone can see this number but only owner can transfer the money inside. A private key is only for the crypto owner. It is created via the process of randomisation. The program forms usually the 32-bytes number, which is almost impossible to hack (it is much, much more probable to win three times in the lottery on the same day during a cyclone than to break that key). A currency holder can print that code and store it in a safe.

A paper wallet is the most analog solution. On our website, you can download the paper wallet.

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