8 Benefits of a Multi-chain Crypto Wallet
Statista estimates there are more than 70 million blockchain wallets being used. Statistically, the contribution to this growth lies in the astronomical rise in both DeFi and NFT users; DefiLlama puts the peak total volume of both verticals at USD290 billion in early 2022, with Dune Analytics estimating 4 million DeFi users on Ethereum alone.
It is a growing market, but the speed of tech and innovation has outpaced the ease in user experience. With wallets serving as the gateway to DeFi, NFTs and more, therein lacks a multichain wallet that’s easy to use for beginners and veterans. Over the upcoming weeks, we will be creating content to help users understand:
- Benefits of a Multichain wallet
- Using DeFi dApps via RioWallet
- Storing, sending & receiving NFTs via RioWallet
- Improving user experience through fiat to crypto on and off-ramping
An Intro To RioWallet
RioWallet is a non-custodial cryptocurrency wallet used for storing, managing, trading, and swapping multi-chain, multi-source digital assets. Currently, RioWallet’s multi-chain wallet supports 7 blockchains including Bitcoin, Ethereum, Binance Smart Chain, Polkadot, Kusama, OKeX Chain and of course RioChain, with additional support for Polygon & Solana in the coming months.
Acting in principle to a decentralized wallet platform, users are in complete control of assets, no one, including developers has access to your wallet.
It provides a wallet available on the mobile app and web app, with the browser extension releasing in Q2 2022.
What is a Multichain Crypto Wallet?
A Multichain crypto wallet is a cryptocurrency wallet that is connected to multiple blockchain, providing a wallet address for each of them allowing to send and receive transactions on these blockchains from different blockchains on the same application and can be accessed via a mobile app, a web app or a browser extension.
As a digital asset wallet, it supports multiple cryptocurrencies across multiple blockchains. With this type of wallet, you can receive, transfer and store multiple coins/tokens on blockchains in the same wallet while using only a single private key to control.
Multi-Chain wallet has 2 extremely important features to understand:
- Passphrase — There is only one passphrase to manage all wallets on different blockchains. This is a secret key that you need to keep and use to access your wallet. You should never share this private key with anyone else, otherwise, they will have full control over all the assets in your wallet. If you lose it, you will lose access to your wallet and cryptocurrency in it.
- Public Key/Wallet Address — This is the address that you use to send and receive assets from other wallets or exchanges. Each wallet will have a different wallet address depending on the wallet address format of each separate chain, however, chains using the same protocol as Ethereum will have the same address (ie Ethereum, BSC, OKeX, Polygon)
8 benefits of a multi-chain crypto wallet
- One Wallet, 7 Chains — supporting many different chains on the same application, helping users to easily manage their digital assets without having to install too many software/applications. On RioWallet Mobile, users can access Bitcoin, Ethereum, Binance Smart Chain, Polkadot, Kusama, OKeX Chain and of course RioChain.
- Advanced Security — Secured by your passphrase, OAuth and Biometric (FaceID + fingerprint), a best practice multi-chain wallet should have multiple security layers to protect and verify cryptocurrency access and usage.
- Real Time Tracking — View your crypto assets value in real time
- Cross Chain Transfers — In the case of RioWallet, you can send assets from a Bitcoin wallet or Ethereum Wallet to the RioChain through our Generic Asset Bridge. This makes it easy for users to exchange different types of cryptocurrencies with each other, which can be both efficient and fast when converting an ERC-20 token for usage on RioChain through its seamless conversion to an RST-88 token.
- Accessibility — All digital assets are stored in one wallet and can be accessed from any device with an internet connection.
- Ease of Use — With RioDeFi’s user-friendly interface, it is easy to navigate and manage your digital assets on multiple blockchains.
- Privacy — Anonymity when users make transactions online. The technology uses an anonymous address system, which means that all transactions are private between sender and receiver only.
- Speed — RioWallet also offers fast transaction speeds. Users can send and receive payments within minutes of signing up for a MultiChain wallet. This feature makes Multichain one of the most convenient crypto wallets to use.
RioWallet is aiming to be the wallet that will help onboard new users, those new to crypto and those who are looking for a simpler process for holding their assets, as well as the veterans. We understand that holding multiple cryptocurrencies is a utility, and that utility needs easier and greater mobile accessibility to dApps, DeFi and NFTs to unlock its value.
Are multichain wallets safe?
Multichain wallets are safe because they have built-in security features like PIN codes and passphrases that prevent hackers from accessing your funds. In addition, MultiChain technology makes it easy to switch between blockchains, so you can access the coins that you need when you need them. This gives you more flexibility and control over your finances.
Which coins/tokens can I store on a Multi-Chain wallet?
This is determined by the developer of your wallet. With RioWallet, you can store thousands of coins/tokens on 7 popular blockchains: Bitcoin, Ethereum, Binance Smart Chain, Polkadot, Kusama, OKExChain and of course, RioChain.
Can I create multiple Multi-Chain wallets??
Yes, you can create multiple Multi-Chain wallets. This gives you more flexibility and control over your finances. Each wallet can hold a different type of cryptocurrency, so you can store the coins that you need in the right place.