MultiversX wallet

What is MultiversX (EGLD)?

MultiversX represents a cutting-edge blockchain protocol engineered for enhanced horizontal scalability through comprehensive sharding utilization, encompassing Network, Transaction, and State. It stands as a technological ecosystem purposed for the advancement of the new internet, integrating decentralized finance, tangible assets, and the Metaverse. This platform boasts impressive smart contract execution capabilities, managing up to 100,000 transactions per second with a swift latency of 6 seconds and remarkably low transaction fees of $0.002. The EGLD token, also referred to as Electronic Gold, is central to governing and securing the MultiversX ecosystem. As a versatile digital currency, it acts as a store of value, facilitates exchanges between users and validators, and settles transaction fees. Moreover, EGLD empowers developers by enabling smart contract deployment, thus supporting the execution of protocols and decentralized applications. It also serves as a governance token, allowing holders to influence network decisions through staking and validation rewards.

What is a MultiversX (EGLD) wallet?

A MultiversX wallet functions as the storage solution for your private keys, granting you control over your MultiversX address. It does not store EGLD directly; this cryptocurrency exists on the blockchain itself. The essential role of a MultiversX wallet lies in its ability to generate and safeguard private keys, offering an interface to manage your EGLD accounts. In essence, a MultiversX wallet is a utility for securing, transferring, receiving, and administering your EGLD holdings.

How does a MultiversX (EGLD) wallet work?

MultiversX wallets operate through the principles of public and private key pairs, crucial for the administration of blockchain accounts. The private key, which must remain confidential, is your access ticket to a specific EGLD account, while the public key is shareable for receiving EGLD. To initiate any transaction leaving your account, possession of the corresponding private key is a necessity. Tangem Wallet extends its functionality by generating and securely storing these private keys within its chip.

What are the types of MultiversX (EGLD) wallets?

• Exchange MultiversX Wallets: Renowned centralized exchanges like Coinbase, Binance, and Kraken provide opportunities to purchase EGLD using traditional currencies via custodial wallets. However, these platforms entail certain risks, such as potential restrictions on account accessibility.

• Software MultiversX Wallets: These wallets, installable on various devices, handle your private keys and EGLD management but are susceptible to cyber threats like malware. This category includes mobile, desktop, and browser-based wallets.

• Mobile MultiversX Wallets: These are applications specifically developed for managing your EGLD assets via smartphones.

• Desktop MultiversX Wallets: These are installed on personal computers, storing your private keys on hard drives or SSDs locally.

• Hardware MultiversX Wallets: These provide a more secure offline storage solution, as seen with devices like Tangem, effectively shielding against online vulnerabilities.

How to Choose the Best MultiversX (EGLD) Wallet

The optimal wallet for you is determined by your own requirements, focusing on factors like ease of use, reliability, longevity, and security. For robust protection against online threats and to securely manage substantial amounts, opting for a hardware wallet like Tangem is highly advisable.