What is a multi-chain wallet? What are the additional advantages over single-chain wallets?

What is a multi-chain wallet? What are the additional advantages over single-chain wallets?

We are going to introduce today another dimension to classify wallets.In terms of whether or not they support multiple chains of crypto assets, wallets can be divided into.Single-chain wallets and multi-chain wallets.

 01 
Single Chain Wallet

Single-chain wallets are wallets that can only store, send and receive Coins or Tokens from one public chain.Examples include Bitcoin Core, the official Bitcoin wallet that only supports bitcoin storage, sending and receiving, imToken 1.0, which only supports ethereum, and Meet.One, which only supports EOS assets.

What is a multi-chain wallet? What are the additional advantages over single-chain wallets? -dexnav navigation website

Single-chain wallets are often referred to as main-chain wallets.These types of wallets are generally developed for a particular platform-based public chain. For example, imToken version 1.0 is an ethereum single-chain wallet, so they only support ETH and tokens that use the same standard as ERC-20.

For platform-based public chains, their main chain Coins usually have certain usage functions. Take Ether for example, there are various roles on the Ether platform such as miners and DApp users, whose activities are mostly centered around ETH.The main chain wallet serves as a portal for all kinds of users to store and circulate.

Platform-based public chains generally have abundant DApps, and the corresponding main chain wallet can generally not only meet the demand for main chain asset storage, but also serve as a portal for DApps on that public chain. From this perspective, theWallet is also one of the criteria to measure the availability and ease of use of platform-based public chains.

 02 
Multi-Chain Wallet

Multi-chain wallets, simply put, are wallets that can support Tokens from multiple main chain platforms.Some common multi-chain wallets are: Bitpat, imToken2.0, Cobo Wallet, etc.

What is a multi-chain wallet? What are the additional advantages over single-chain wallets? -dexnavnav.com1

Currently in the cryptocurrency market, there are more and more kinds of public chains, and many circle users hold crypto assets of multiple public chains, and it would be very troublesome to configure the main chain wallet for each public chain asset. The emergence of multi-chain wallets is a good solution to this problem.It is convenient to manage crypto assets of multiple public chains with only one wallet. It provides great convenience for users and reduces the burden of managing assets on multiple chains.

For example, when you own Bitcoin, Ether, and EOS at the same time, you can put them in a multi-chain wallet that supports all three types of assets.

The emergence of multi-chain wallets satisfies the need for users to manage multi-chain crypto assets with one wallet, but there is no mature solution to the problem of asset exchange between different public chains within multi-chain wallets.Providing the exchange of assets between different public chains within a multi-chain wallet may be a major trend in wallet development.

 03 
To sum up

Single-chain wallet can only store, send and receive crypto assets on one main chain, and to a certain extent, it is the entrance to the public chain ecology. Multi-chain wallets can store, send and receive assets on multiple public chains, which provides great convenience for users to manage assets on each public chain and reduces their burden of managing assets on multiple chains.

With the growth of the blockchain industry, there are more and more cryptocurrency wallets on the market.What are the main factors you will consider when choosing a wallet?Welcome to share your insights in the comments section.