Crypto Terms:
Letter M
What is Multi-Coin Wallet?
Meaning:
Multi-Coin Wallet -
A multi-coin or multi-chain wallet is one that allows users to store several crypto assets from different blockchain networks.
Let's find out Multi-Coin Wallet meaning, definition in crypto, what is Multi-Coin Wallet, and all other detailed facts.
Crypto wallets are very important for users if they wish to keep their assets off of exchanges in a safe manner.
For individuals who are new to the crypto sector, certain wallets can store a single crypto asset or a group of only a few crypto assets running on a single blockchain network. For example, many wallets presently only support currencies or tokens that operate on the Ethereum network.
As a result, these cannot be considered real multi-coin wallets. A multi-coin wallet (also known as a multi-chain wallet) is essential for people who want to spread their assets that reside on several blockchain technologies.
AtomicDex is an illustration of a multi-coin wallet, with the extra advantage of possessing a built-in decentralized exchange that provides blockchain interoperability.
Moreover, a multi-coin wallet is, like the name implies, a wallet that can hold more than one cryptocurrency. Using a single wallet to hold a user's currencies simplifies trading on decentralized exchanges and gives an easy method to stay on top of their whole portfolio.
The ability to keep hundreds of thousands of crypto assets in one place and gain passive rewards by staking or even gaining active rewards are some of the extra benefits of a multi-coin wallet.
These also have integrations that allow users to directly engage with several DeFi protocols.
cryptography that allows to compile the data of multiple parties and compute it while <strong>maintaining the anonymity of each participant’s data<\/strong>.<\/p>\n<p>MPCs allow conducting joint analysis of specific data and keeping said data unknown.<\/p>\n<p>When it comes to the crypto sector, MPC is applied in the blockchain as a means to maintain each participant’s personal and sensitive data hidden while successfully completing the transaction.<\/p>\n<p>Let’s have a look at an example. When stakeholders want to be aware of the average salary within the company, MPC is one of the most optimal methods to calculate it. By using multi-party computation, the company will preserve the private salary of each party.<\/p>\n<p>MPC makes use of the additive secret sharing method - dividing a specific secret into shares and then distributing these shares to a group of participants. <\/p>\n<p>MPCs are also utilized within the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-public-key/">public key<\/strong><\/a> cryptography and encryption.<\/p>\n<p>For instance, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-defi/">DeFi enables multiple parties to distribute and manage fragments of a public key. It’s a way of adding another layer of security.<\/p>\n<p>When it comes to the MPC method, the mentioned keys are also divided. However, every key fragment must be present in order to be granted access. <\/p>\n<p>Cryptocurrency transactions can be verified by each party generating a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-digital-signature/">digital signature<\/strong><\/a> by utilizing <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/strong><\/a>. Once it’s established that each party of the MPC group is legitimate, every participant would be granted one of the generated signatures thus guaranteeing that the operation is secure.<\/p>","definition":"is a research method that allows for maintaining data anonymity.","status":"published","meta_title":"What is Multi-Party Computation (MPC)? Definition & Meaning | Crypto Wiki","meta_description":"Multi-Party Computation (MPC) meaning: Multi-Party Computation (MPC) - is a research method that allows for maintaining data anonymity.","meta_keywords":null}"
:prev-section="{"id":529,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Mt._Gox","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-10-06T13:26:02.000000Z","slug":"what-is-mt-gox","title":"What is Mt. Gox?","section":"M","keyword":"Mt. Gox","content":"<p>First revealed in July of 2010, Mt. Gox was a cryptocurrency exchange specifically created for buying and selling <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin. Unfortunately, it closed four years after when a major hack took place.<\/p>\n<p>Prior to the event, it swiftly became <strong>the world's largest platform for buying and selling Bitcoin. <\/strong>According to statistics, this platform processed more than 70% of Bitcoin transactions over three years.<\/p>\n<p>To specify, it was February of 2014, when the crucial turn took place. The organization unveiled that <strong>approximately 850,000 BTC had been taken by hackers.<\/strong> The problematic thing was that 750,000 BTC belonged to clients. At that moment, the stoled amount would have been valued at about $450 million, and today, even at many billions.<\/p>\n<p>This episode was significant in the cryptocurrency industry because it demonstrated that a big portion of Bitcoin's total supply had vanished for good. It also prompted significantly more monitoring of Bitcoin exchanges and fostered the growth of decentralized alternatives in which investors have complete control over their funds on all occasions.<\/p>\n<p>Approximately a month after the website was shut down, about 200,000 BTC was found in an old wallet. Attempts to locate the rest missing cryptocurrencies have proved futile. <strong>According to projections, 127,000 credits have filed claims for compensation.<\/strong><\/p>\n<p>Also, a Japanese court has been entrusted with compensating victims, although it is quite probable that they will simply receive a portion of what they lost.<\/p>","definition":"a cryptocurrency exchange for buying and selling Bitcoin that closed after a major hack in 2014.","status":"published","meta_title":"What is Mt. Gox? Definition & Meaning | Crypto Wiki","meta_description":"Mt. Gox meaning: Mt. Gox - was a cryptocurrency exchange for buying and selling Bitcoin.","meta_keywords":null}"
:model="{"id":530,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-09-12T15:16:10.000000Z","slug":"what-is-multi-coin-wallet","title":"What is Multi-Coin Wallet?","section":"M","keyword":"Multi-Coin Wallet","content":"<p><strong>Crypto wallets are very important for users if they wish to keep their assets off of exchanges in a safe manner.<\/strong><\/p>\n<p>For individuals who are new to the crypto sector, certain wallets can store a single crypto asset or a group of only a few crypto assets running on a single blockchain network. For example, many <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallets presently only support currencies or tokens that operate on the <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum network.<\/p>\n<p>As a result, these cannot be considered real multi-coin wallets. A multi-coin wallet (also known as a multi-chain wallet) is essential for people who want to spread their assets that reside on several blockchain technologies.<\/p>\n<p><strong>AtomicDex<\/strong> is an illustration of a multi-coin wallet, with the extra advantage of possessing a built-in decentralized exchange that provides blockchain interoperability.<\/p>\n<p>Moreover, a multi-coin wallet is, like the name implies, a wallet that can hold more than one cryptocurrency. Using a single wallet to hold a user's currencies simplifies trading on decentralized exchanges and gives an easy method to stay on top of their whole portfolio.<\/p>\n<p><strong>The ability to keep hundreds of thousands of crypto assets in one place and gain passive rewards by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-staking/">staking or even gaining active rewards are some of the extra benefits of a multi-coin wallet.<\/strong><\/p>\n<p>These also have integrations that allow users to directly engage with several <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-defi/">DeFi protocols.<\/strong><\/p>","definition":"A multi-coin or multi-chain wallet is one that allows users to store several crypto assets from different blockchain networks.","status":"published","meta_title":"What is Multi-Coin Wallet? Definition & Meaning | Crypto Wiki","meta_description":"Multi-Coin Wallet meaning: Multi-Coin Wallet - A multi-coin or multi-chain wallet is one that allows users to store several crypto assets from different blockchain networks.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="M"
current-section="what-is-multi-coin-wallet">
