Public blockchains have been developing explosively in the last few years. As the result, the storage demand on multiple blockchains skyrockets according to the number of coins or tokens on the market. However, how to take advantage of the singlechain wallet and multichain wallet is still a mystery to plenty of individuals. Today, DePocket will share some experiences!
What is a singlechain wallet?
A singlechain wallet, also known as the main chain wallet, is developed and designed for one specific blockchain that typically includes individuals who play a variety of functions, such as developers, traders, miners, Dapp users, and so on. The wallet activities revolve mostly around this blockchain, and the main chain wallet plays a role as an entry point for all types of users, allowing for easy storage and circulation.
For example, Bitcoin Core, the official bitcoin wallet that only supports bitcoin storage and transaction, or imToken1.0 and Meet.One, that is only used for Etherum and EOS assets respectively.
What is a multichain wallet?
In contrast with the singlechain wallet, the multichain wallet is able to store and process transactions on multiple blockchains. As the number of public chains increases, many users simultaneously own multiple public chain digital assets. If each digital asset on the public network chooses one wallet to store and distribute, it means to store multiple assets. Obviously, it is very burdensome for users to install and use multiple corresponding singlechain wallets simultaneously, so people have developed multichain wallets that are implemented using wallets to store and trade various digital assets
Multichain wallets are more difficult to develop than singlechain wallets because they simultaneously support multiple digital assets on a public chain. This is because the technical solutions used in different public chains are often different. From a technology implementation point of view, multichain wallets are usually implemented through a development interface. MetaMask is a particular example. This wallet supports many blockchains like Etherum, Binance Smart Chain, Avalanche, Polygon, and so on. Therefore, users only need to use one wallet to store digital assets on multiple blockchains.
A singlechain wallet can only store and send cryptographic assets to a specific main chain. To some extent, this is the entrance to the ecosystem of public networks.
Multichain wallets can store, send and receive assets on multiple public chains, providing users with great convenience in public chain asset management and reducing the burden on users for multichain management.
The choice between singlechain wallets and multichain wallets largely depends on our identities and needs. If you are a full-time public chain developer and maintainer, an experienced full-time miner, or the main network application, the demand for singlechain wallets will be higher. Thus you can use singlechain wallets. On the other hand, if you are a multi-encrypted digital currency user, own digital assets in multiple chains, or keep updating on digital currency information, a multichain wallet will be a better choice.
Singlechain and multichain wallet both have their own pros and cons, so there are always two kinds of this wallet existing on the market. Depending on the individual needs, users can choose the appropriate type of wallet.