Blockchain wallet is a digital wallet that is generated by Blockchain, a software decentralized company. It is developed to provide users, manage Ether, and Bitcoin. The blockchain wallet assures secure transactions by a built-in user interface. They keep a record of the transactions that happen relative to the cryptocurrency and stores in the Blockchain network.

Working of the blockchain wallets

The Blockchain wallets create a unique ID or key for every transaction. It first presents the validation of the transaction. Following this, it allows the users to sell or buy the cryptocurrencies.

There are two keys, namely the private key and the public key. Anyone on the network can receive the public key. Whereas, the private key cannot be bestowed. When a user sends a currency, the public key must meet the private key of the received user. Firstly, the transactions made are received in the blockchain network. Following this, the wallets are refreshed after each successful transaction. 

Security levels of the Blockchain Wallets

The intention of the Blockchain wallet is so that it has prioritized security followed with usability. What make these wallets distinguishing is the additional features they provide to secure users’ money. Blockchain wallets have classified security levels for easy visualization and additional security options. The blockchain wallet features three levels of security in general.

Level 1: The first level of security necessarily includes 3 processes. They are verification of the email addresses, building a recovery phrase accompanied by the production of a password hint. Email address verification makes the confirmation of payments or cautions against suspicious activities. Whereas, a recovery phrase substitutes a lost password. And finally, password information is to help identify what the password is. It helps in secure access when one loses his/her account. 

Level 2: This level is intended to convey out two-step verification and to link the phone number. Two-step verification creates a code each time there is a log-in attempt. On the other hand, connecting the cell number aids obtain a one-time password in cases when others try logging in. Its purpose assists keep unauthorized users from accessing one’s wallet.

Level 3: This level includes the blocking of Tor requests. Hackers utilize Tor for suspicious activities. The purpose of this level aids in the description of Tor addresses and blocks them from obtaining one’s account.

The security it provides undoubtedly makes it the most reliable and popular wallet for investments and to collect the cryptocurrencies. It is to clarify the crypto exchange processes to users.