The various types of wallets available on TokenPocket and their differences
Hi guys and welcome to another lovely day on the crypto sphere and today’s writeup we shall be discussing the various types of wallets currently available on TokenPocket and their differences, this should create a better view for users who are a little confused about which to use after downloading TokenPocket.
TokenPocket is a multi-chain wallet that allows users to easily store and manage their crypto-asset on the go or simply from the comfort of their home.
Over the years it has seen several changes with some staying temporarily and others permanently.
With each update targeting certain users and consumers to give them the best features of today’s crypto world and this brings us to our today’s discussion.
At the moment, TokenPocket is made up of 3 different types of wallets that can be easily accessible by any user with just a click of a button and they are,
- Decentralized wallet (Noncustodial)
- Cloud wallet (Centralized)
- HD wallet
Decentralized wallet (Noncustodial)
Just as the name sounds, it is controlled by the user alone and TokenPocket has no control over such an account. This is the default wallet users are directed to after downloading TokenPocket wallet from Playstore or Appstore depending on your device.
When creating this wallet, users are given private keys or mnemonic phrase word which acts as a backup, with this you can easily restore your account and its funds back without any issue.
Not controlled by TokenPocket, this means if for any reason the user forgot to back-up the private key or mnemonic phrase word, all access to such account will be lost if that device was formatted or discarded.
In short, your key your fund.
Cloud wallet (Centralized)
While many prefer to stay control over their funds, the same can not be said about others, or probably the concept of private key might be too much to take in, and hence this wallet is available for such users.
On cloud wallet, users funds are stored in the cloud and you are required to create an account by either signing up with an email or phone number, the concept of private key or mnemonic is not required and you only need to remember your email or phone number when accessing this.
Cloud wallet just like the decentralized is safe and user’s funds are stored safely, if you are familiar with crypto exchange services then this is nothing new, but instead of trading, you are simply storing.
HD wallet can also be referred to as a decentralized wallet but instead of creating individual wallets like BTC, ETH, EOS, and others, on HD wallet you can easily create one single wallet which houses all and it is backed up by a single 12 phrase word.
This is rather popular on newer wallets as users don’t need to keep a long list of several wallets private keys, with HD wallet you only need to worry about one and you are safe.
This brings us to the end of today’s section and remember to always back-up your wallet be it Decentralized, HD, or Cloud wallet to avoid loss of funds.
Until some other time, stay safe and mask-on.
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