Now we are done with understanding what the various wallet types are, let’s delve into what a Multichain wallet… Like the name says, multi which means multiple. A multichain wallet is basically a type of wallet that can be found in most of the wallet types – used to store multiple crypto assets.
It basically means any wallet that supports the storage of multiple crypto assets like bitcoin, ethereum, litecoin, tron, etc all in one wallet interface. This is great for storing multiple crypto assets all in one place rather than having multiple wallets to store various assets. There are two types of multichain wallet – the custodial wallets and non-custodial wallets.
Custodial wallets are mainly wallets on centralized exchanges or wallets where your keys are held by third party… you don’t have control of your keys and thereby put your trust on the exchange to keep your assets safe.
Non-custodial wallets are more secure and function like the other types of wallets I mentioned above. Non-custodial wallets give you full control of your assets by providing you with private keys of all your assets.
Some Non-custodial wallets provide you with a single seed phrase that contain all your private keys of all your assets… giving you full control of your keys and assets. A typical example of a Non-custodial wallet is Trust Wallet on mobile or Atomic Wallet on mobile and computer. Most hardware wallets are non-custodial wallets as well.
I will be focusing mainly on non-custodial wallets because it is the most secure type of multichain wallet. I will be utilizing two of my favourite multichain wallets for demonstration. I will be making use of trust wallet and atomic wallet for android.
Trust Wallet and Atomic Wallet for Mobile
These for me are two amazing multichain wallets because of their simplicity and ease of use while being highly effective and efficient. One thing I really like about these wallets is the layout and user interface. They are easy wallets to use in my opinion. Navigation is super smooth and things are well placed and easy to find.
Atomic wallet supports a wide range of cryptocurrencies, supporting over 300 cryptocurrencies. Trust wallet supports 40 blockchains and over 160k assets. This is amazing because a lot of the popular cryptocurrencies are supported, making it a safe place to store your multiple crypto assets.
Having a non-custodial wallet gives you full ownership and control of your tokens and it is also the most secured. Remember this:
Excellent post buddy
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You are right bro... With a non-custodial wallet, users have full control of their assets
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Your post was upvoted and resteemed on @crypto.defrag
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None custodial wallets offer great advantage as they allow a users to take control of their assets its much safe and secure as it gives users users sense of ownership importantly one must guard their private keys very well to avoid lossing funds to hackers.
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That is true... Having full control and ownership of your crypto assets is extremely important
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