Make Optimal Use of Your Crypto Coins and/or Tokens with Modern Browser Wallets

For newcomers to the blockchain world, the entire concept of cryptocurrency may still be a bit of a new idea to wrap your mind around. Because everything is digital, without a physical representation of the currency, it can be confusing how the coin is stored and how holders access and use their tokens. But the truth is, it’s not really all that different from storing traditional money in banks and wallets.

The key is that you want your cryptocurrency to be safe and secure from hackers, but also in a place where you can easily access and use your own tokens. Luckily, there are many options for safe storage of cryptocurrency which, fittingly, are often referred to as wallets.

One of the unique differences between cryptocurrency and traditional money is that each token that exists has a public key that is accessible by anyone. What each user keeps in their wallet is their private key that shows proof of ownership of that particular coin. It is absolutely necessary to both keep track of and protect your personal key. Without it, you have no claim to that currency.

So what exactly are browser wallets and how do they work?

Different Types of Wallets

Most crypto wallets are either considered hot or cold. Think of these sort of like checking and savings accounts.

A cold wallet might be used to store large amounts of coin that you have no intention of using or trading in the near future. Cold wallet storage is kept offline, away from hackers, and requires a physical storage location. In these situations, most users store their keys on either a portable drive or an actual physical piece of paper that is then stored in a bank account, safe, or other secure location.

A hot wallet is a place to secure the keys to your tokens securely, while also being able to access your funds quickly. Think of this like a checking account or debit card. Hot wallets are stored on your computer, mobile device, or a web-based online service. These storage options are appealing because of the ease of use for spending or transferring cryptocurrency quickly and simply.

Why Are Browser Wallets So Popular?

As we mentioned, many blockchain enthusiasts are attracted to web or browser wallets for their ease of use. But new users may still be confused about what browser wallets are, how they work, and how they can be used.

Browser wallets are software cryptocurrency wallets that run on browsers and are used to interact with different blockchains. These wallets provide a secure way to store, send, and receive tokens quickly and efficiently.

One of the most appealing features of web wallets is the ability to connect to decentralized protocols and apps (Dapps). Decentralized applications are digital applications or programs that exist and run on a blockchain or P2P network of computers instead of a single computer, and are outside the control of a single authority.

Dapps can be anything from trading platforms, shopping carts, games, and much much more. While many users are still new to understanding the concept of Dapps, the opportunities that come from using decentralized platforms are endless. Dapps can be used to play games and trade and acquire unique digital items, create more efficient ways to track and store data, have more transparency in the use of charitable funds, and the list goes on and on.

How Does a Browser Wallet Connect to a Dapp?

Connecting to Dapps with a browser wallet is a totally different experience than accessing a traditional app or website. Dapps do not require the user to set up an account and share their email address, password, or any personal information. Often connecting a browser wallet to a Dapp is a simple as hitting “connect” and then approving the connection.

Aside from ease of use, connecting to a Dapp with a browser wallet is appealing because of the advantages of privacy and security. As people become wary with sharing personal information with websites, the popularity of browser wallets continues to rise.

How Is SENTR3 Using Browser Wallets?

SENTR3 is currently integrated with Metamask, one of the most popular browser wallets that just surpassed 5 million users this year.

We use Metamask to allow our system to securely check user wallet balance and grant access to our chat rooms. This is crucial to our ability to ensure we only allow community members who are truly invested to participate in our rooms.

Browser wallets like Metamask allow users to connect and interact with decentralized applications in a way that was previously impossible. Without Metamask, it would have been very complex, time-consuming, and costly for us to replicate this system.

Next Step: Multi-Wallet Connectivity

One of the limitations of many browser wallets is that they only support specific blockchains and a limited range of wallets.

While Metamask has been crucial to the development of SENTR3, it is unfortunately very limited in the currency it can support.

Our long-term vision at SENTR3 is to be Blockchain agnostic and to have a dedicated chat room for any exciting project no matter what blockchain it was built on.

An additional problem with many browser wallets is that they can often only support one wallet at a time. Many of our users store their tokens on several wallets and do not want to transfer all their currency to one wallet just to meet our minimum requirements. We want to allow our users to connect several wallets to SENTR3.

Taking all of this into consideration, we’ve decided to try something new. After an extensive due diligence process to evaluate which solution would best fit our vision and our users’ needs, we’re excited to announce that we are now building our own multi-wallet module.

Building our own multi-wallet module will open up a new world of possibilities as it will allow for multi-wallet and multi-chain connectivity. This way users don’t need to transfer their token to 1 wallet in order to meet the minimum requirement to access a room. With this new module, they can connect multiple wallets through and the multi-wallet module will act as an aggregator to calculate their overall balance for a given token.

Building our own module is also appealing to us long-term because of the extensive list of blockchains we’ll want to be able to quickly add support for. As we continue to add projects, we do not want to be limited by the blockchain it was built on. These efforts will enable us to list any project on our platform, regardless of blockchain.

Now we’re about 3 months away from having the module fully built and working, we’re excited to see what opportunities and projects will see immediate value in our community management offering.

SENTR3 is changing the way people talk about and interact with blockchain users all over the world. We’re anticipating great developments on the horizon and we hope you’re excited to join us.

Are you ready to learn more?

Visit sentr3.com today!