The IC wallet: An encrypted blockchain based cryptocurrency walletJuly 27, 2018
A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin. Most coins have an authorized wallet or a few officially recommended third-party wallets. In order to utilize any cryptocurrency, you will need to use a cryptocurrency wallet. Digital wallets are quite different as compared to your physical wallet. Instead of storing money, digital wallets store private and public keys. Private keys are like your pin number to access your bank account, while public keys are similar to your bank account number. When you send your coins, you’re sending value in the form of a transaction, transferring the ownership of your coin to the recipient. In order for the recipient to spend the newly-transferred coins, his private keys must match the public address that you sent the coins to. Ownership of your private keys delivers you total control over the funds associated with your comparable public keys. That’s why it is critical to make sure you hold your private keys secretly hidden so that only you know your private keys. If any other person gets hold of your private keys, they will have control over your coins.
It is also equally important to have a back-up of your private keys, so as to protect yourself from accidental loss. You’d also lose your funds if you cannot recover your lost private keys. Although you would automatically have a wallet when you open an exchange account (exchange-hosted wallet), you do not have control of the private and public keys. Having control of your keys means having control of your coins. Exchanges work like a bank; it is a third-party service provider that you trust to keep your coins safe. However, there is always a probability of the exchange shutting down or being hacked, resulting in a loss of coins. Given the lack of regulatory frameworks on exchanges and cryptocurrencies as a whole, as well as the infancy of the industry, the best way to keep your coins safe is to have total control of your coins.
IC Wallet will be a blockchain based crypto wallet assigned to working as a custodial for all cryptocurrencies in the Ecosystem. Participants can use the wallet to send, receive, and store cryptocurrencies available in the market with ease and security. The wallets will contain multi signature and cold storage systems to create a secure and reliable environment for all stakeholders. The wallet allows for transfer of tokens from and to the exchange and other wallets. Furthermore, the wallet will be integrated with the IC Digital Bank, allowing users to pay with fiat and settle with crypto and vice versa.
Integrated Wallet & Fund Management
IC wallet is an encrypted blockchain based cryptocurrency wallet. The IC Exchange software is unified with the multi-currency wallet system. Wallet funds are protected via cryptography as well as a multi-signature cold storage which guards market participants’ funds from any external access. All cryptocurrency funds will be automatically managed through the IC Wallet interface. Fiat funds such as Euro or US Dollar can be deposited in the IC Bank and managed manually by the IC Exchange operator or automated through the implementation of payment processing features through the IC Digital Bank interface.
Multiple layers of security prevent any hacking attempt and ensure that funds always remain safe. The first layer is established through utilizing multiple independent servers. The IC Exchange software is bridged with the IC wallet where all crypto funds will be stored. Recordkeeping procedures will be another layer with continuous reconciliation to prevent hacking from occurring, while maintaining compliance with major regulatory bodies. The client’s assets are further protected by using the IC Digital Bank account to store the fiat currency, and the IC Brokerage account to store the traditional assets. The IC Wallet application will also include a custom dashboard that portrays the total value of all the different assets allocated in the IC Bank (fiat account balances), IC Brokerage (Stocks and commodities portfolios), and cryptocurrency balances.
IC Wallet users who trade crypto against crypto can transfer their assets between IC wallets safely and smoothly on the blockchain through a set of procedures that will verify all legal requirements such as, KYC, AML and multi signature. Crypto traders will be able to trade traditional assets with other individuals (P2P) or through IC Brokerage from markets like NYSE, NASDAQ, CME, etc. As IC Wallets and order requests are entered by the user on IC Exchange, the order matching software will match all the buyers and sellers together depending on the best bid and the best ask orders in order to ensure that the execution of the trade occurs with the best available market price and in an efficient timely manner as the IC Exchange will have an IC Liquidity pool as well as API connections to the top exchanges which will be accessible to all investors.
IC Wallet holders who are wishing to exchange any type of crypto to any type of their preferred fiat currency, are able to do so through requesting the order from the IC Exchange’s platform which will release the order and once completed, directly deposit the fiat fund into the users’ IC Bank. As users enter their wallet address and their trading orders if they are trading crypto/traditional asset pairs, the IC Exchange order book will match the best bid and the best ask orders and connect the users together to complete the transaction, once the order is filled the software will complete the swap and deposit the funds and assets in their respective destination.
The IC Digital Bank is fully integrated and cohesive with the IC Wallet, IC Exchange and IC Brokerage to guarantee the quick and safe movement of funds between clients’ bank accounts. Traditional assets are stored in the IC Brokerage account, fiat will be stored in the IC Bank and cryptocurrencies will be stored in the IC Wallet.
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