The new and improved ABBC Generation 2 Wallet is a one-of-a-kind innovation that is not only capable of handling up to 5,000 transactions per second but also delivers total security to its users. As an upgrade to previous wallets, the new ABBC Wallet is rebuilt into a non-custodial one.
Custodial wallets are wallet services that do not provide users access to their private keys. Instead, they are stored on their servers. Typically, these wallets are integrated within digital asset exchanges. The custodial cryptocurrency wallet is comparable in its behavior to the concept of a bank. In other words, you don’t always have total control of your money you’ve put inside of it.
Let’s discuss further the difference between a custodial and non-custodial wallet, and how our users can benefit from the newly-released ABBC Wallet.
Custodial Wallets
If you purchase cryptocurrency through an exchange, you could say that you stored your cryptocurrency on your exchange account. In reality, what you are doing is storing it in the custodial wallet provided by that exchange.
This isn’t an entirely bad idea. All you would need to do to access your funds is your login information to the platform. The exchange, or platform, is in charge of keeping your cryptocurrency safe. Responsible custodians are often more attentive and careful in regard to security than a single individual.
That being said, storing your cryptocurrency in a custodial wallet doesn’t give you total control of your funds. If you want to move them or send them, you would have to go through the custodian and hope it complies with your orders/requests.
The more wallets a custodian happens to control, the more likely it’ll be a target for hackers. There aren’t any warranties of these wallets being hack-proof. If the third-party data happens to get hacked, your money would be exposed to a high risk of being stolen.
The main difference between a custodial and non-custodial wallet is the private key. Having access to your private key gives you full control of your funds and therefore making it more secure.
In the case of non-custodial wallets, only the wallet owner holds the private key to their wallet. The users can solely access their wallets and have the freedom to send, receive, and store their cryptocurrencies. This removes a significant part of the security risks relative to custodial wallets.
ABBC’s Non-Custodial Wallet
All in all, custodial wallets are a quick and easy way to store your cryptocurrency, but as we can see, it clearly isn’t the safest. That’s why ABBC developed its new wallet to be non-custodial.
ABBC has absolutely no access to a wallet owner’s private key. Users receive their private key once they register on the ABBC Wallet. Here, you will get a unique mnemonic phrase. Once you enter your mnemonic phrase, you will receive your private key.
We strongly urge our users to write down their mnemonic phrase and keep it someplace safe because this phrase recovers your private key. The private key is the only way to access your wallet and you cannot secure your private key without your mnemonic phrase.
Another feature that ensures the security of users is our ‘backup’ feature. The backup feature is done in case of a lost, stolen, or damaged mobile device. Once you backup your ABBC Wallet and wrote down your mnemonic phrase, you will be able to access your wallet on any of your mobile devices.
The ABBC Wallet 2.0 exhibits a high throughput performance, as well as the ability to support all ERC-20 tokens and transactions. With these upgrades, the safety and security of our users will remain as our top priority.
ABBC Generation 2 Wallet is available for Android and Apple devices!
Download on Android: https://irng.ca/ABBC-Mobile-Gen2
Download on iOS: https://irng.ca/ABBC-Mobile-Gen2-iOS
