What is Multi-chain Wallet? Everything you need to know about Multi-chain wallet
- What is a Multi-chain Wallet?
- Benefits of using a Multi-chain wallet
- How to create a Multi-chain wallet?
- Multi-chain Wallet FAQs
- What coins/tokens can be stored on a Multi-chain wallet?
- Is it safe to use a Multi-chain Wallet?
- Are there transaction fees when using a Multi-chain wallet?
- Is it possible to create multiple multi-chain wallets?
The crypto market is growing and changing rapidly. New ecosystems are constantly being launched, and have made great strides to attract many users. The need to store coins/tokens does not stop on one blockchain anymore, but now becomes the want to experience transactions on dApps in many different blockchains such as BSC, Polygon, BHO Chain, Solana, etc. In this article, BHO Network will provide you with information about Multi-chain wallets and things to know about Multi-chain wallets.
What is a Multi-chain Wallet?
Multi-chain wallet is a cryptocurrency wallet that can integrate multiple wallet addresses from many different blockchains on the same application called wallet software.
Through it, Multi-chain Wallet helps you receive, transfer and store multiple coins and tokens on multiple blockchains in the same wallet, using only a single seed phrase. In particular, the wallet will be owned by you and no one or third party has the right to affect or access your assets, unless you give permission.
There are two very important information about Multi-chain wallet that you must take note of:
- Seed Phrase: There is only one key phrase to manage all wallets on different blockchains.
- Wallet Address: According to the wallet address format of each independent blockchain, each network will have a different wallet address. However, with blockchains built on EVM virtual machines such as Ethereum, BSC, HECO Chain, Polygon and Fantom, the wallet address will be the same.
Benefits of using a Multi-chain wallet
As the number of public blockchains increases, users will often hold multiple digital assets (coins/tokens) on multiple public blockchains at the same time. If each digital asset of a public blockchain requires a Single-Chain wallet to store and trade, it will become cumbersome and difficult to use, as users will need to install multiple Single-chain wallets and manage multiple Seed Phrases. This is equivalent to having too many bank accounts and having to remember many different login accounts.
Therefore, it is necessary to develop a Multi-chain wallet to store and trade multiple coins/tokens on different blockchains. Now, you just need to create a Multi-chain wallet and just remember a Seed Phrase, and you will find it much easier and more convenient to manage coin/token storage wallets of multiple blockchains at the same time.
How to create a Multi-chain wallet?
To start using a Multi-chain wallet, you can learn and create a 3S Wallet from BHO Network.
3S Wallet is a Multi-chain cryptocurrency wallet that supports many networks such as: Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, Optimistic, Arbitrum, Cronos, Solana, and BHO Chain. Not only that, 3S Wallet will continue to support more networks in the future to bring the most convenience to users.
You can easily use the 3S Wallet mobile app, so you can take it with you wherever you go.
Besides, 3S Wallet has also optimized the user experience with simple one-touch design, alongside flexible and easily customizable interface. In addition, you can use personalization features on 3S Wallet such as naming the wallet, changing avatars, storing frequently used wallet contacts, etc.
3S Wallet allows storing more than 3000 coins/tokens. Additionally, 3S Wallet also integrates Moonpay - the world's leading payment gateway that helps you buy and sell more than 80 coins/tokens directly with your bank account or fiat money.
You can see detailed instructions for creating 3S Wallet HERE.
Multi-chain Wallet FAQs
What coins/tokens can be stored on a Multi-chain wallet?
Depending on the Multi-chain wallets from different providers, different amounts of tokens will be supported. 3S Wallet currently supports storage of many popular coins/tokens including: Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, Optimistic, Arbitrum, Cronos, Solana, BHO Chain, etc.
Is it safe to use a Multi-chain Wallet?
Multi-chain wallet is a decentralized wallet. In essence, the coin/token is not stored in a wallet but will exist on a blockchain, and the wallet is a middleware that allows you to interact with the coin/token balance available on that blockchain. Through it, the Multi-chain Wallet only stores the address and allows the holder to send and receive the coin/token elsewhere, or view the existing balance on the wallet.
Therefore, the Multi-chain wallet is completely under the control of the user, and it's safe when the Seed Phrase is securely stored.
Are there transaction fees when using a Multi-chain wallet?
When making transactions from Multi-chain wallets to dApps, or you swap directly in 3S Wallet, you will have to pay the platform transaction fee of the blockchain you use.
Different blockchains will have different transaction fees. For example, when you trade on BNB Chain network, you have to pay fees in BNB, or if you trade on Polygon, you have to pay fees in Matic.
Is it possible to create multiple multi-chain wallets?
You can create many different Multi-chain wallets on the 3S Wallet application. However, you need to remember and secure your login information and Seed Phrase.
Those are the information about the Multi-chain wallet that BHO Network wants to provide to you. Hope to help you understand what a Multi-chain wallet is, its Benefits, and how to create a wallet that can be easily used.
Published on September 07, 2022
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