After investing in cryptocurrency, having a crypto wallet becomes important for transactions and trading. But safekeeping these digital wallets can be a risky task, especially at a time when hackers are constantly inventing new ways to loot digital assets.
To make this protection part easier, a lot of crypto investors opt for custodial wallets that take the responsibility of safe-keeping cryptocurrencies and sometimes even provide passive income. Let’s learn about custodial wallets and how lockyourcrypto.com can ensure protection from cyber attacks.
Custodial Wallets
The crypto industry uses two types of wallets called custodial wallets and Non-custodial wallets. With non-custodial wallets, investors are responsible for protecting their private keys, which provide access to their crypto funds. Some investors may need a backup system such as a cold wallet to store their private keys offline in case of a memory slip. These physical wallets can be stolen or destroyed and are vulnerable to hacking when connected to a crypto vault.
But with Custodial-wallet, a third party will take over the responsibility of protecting your digital assets. In other words, a third party will hold and manage the private keys that give access to your funds. Even if you forget your custodial wallet password, you can still access your account and funds with the help of customer support.
The custodial wallets use multilayered security that minimizes unauthorized access to your private key. Some custodial wallet services offer insurance policies to the users in case of theft and cyber breach.
These features make custodial wallets a safer place to store your crypto funds compared to non-custodial wallets.
Lockyourcrypto.com Keeps Polygon And Cardano Safe
Cardano is a decentralized blockchain platform that was founded in 2015 and launched in 2017. The platform operates on the proof of stake protocol that aims to reduce energy expenditure and carbon footprint. With a multi-asset ledger and verifiable smart contracts, Cardano aims to be the best dApps development platform. Ada is the native currency of Cardano which is given to users as a reward for participating in the stake pool.
Polygon cryptocurrency is built on the Ethereum blockchain which aims to address the limitations of the Ethereum blockchain and enables other blockchains to connect and scale. It uses proof of stake protocol to efficiently operate the platforms. MATIC is the native currency of the Polygon platform that is used to govern and secure the network. The platform is known for offering fast transaction processes and less transaction fees.
Both Cardano and Polygon are recording a significant rise in its price over the past seven days. Cardano saw an increase of 8%, and polygon witnessed a 17% up in their price. Since both currencies are highly volatile in nature, the investors may find it difficult to control their weak hands from selling their shares early and be disappointed with their decision after the price rises.
Lockyourcrypto.com offers an effective solution to this problem along with a digital fortress to keep your crypto funds safe from cyber criminals.
The users can log into Lockyourcrypto.com and transfer their funds to the vault. The platform provides an option to choose a time frame for the funds to be locked in. During this period the users will not be allowed to withdraw and transfer the deposited amount. This feature will help the users with Paper hands to control themselves during market volatility.
Lockyourcrypto.com uses high encryption and multilayered security to protect funds and user privacy. The simple design of the platform makes it easy to access even for people with less technological knowledge. The smart contracts of the Lockyourcrypto.com platform are audited by renowned blockchain security companies Such as Soken and Splidity Finance. It makes Lockyourcrypto.com more credible compared to other competitive platforms in the industry.
Check it out at the links below:
Website: www.Lockyourcrypto.com
Twitter: https://twitter.com/_Lockyourcrypto
