What Wallet for Standard Protocol (STND)?
It's now easier than ever to buy, sell and trade Standard Protocol (STND). Once you own STND, the next step is to make sure they are stored in a safe place. You may be wondering how to store Standard Protocol?
The STND is a digital currency stored in an electronic wallet that can be accessed using a private key. However, you don't need to do this directly. A wallet application automatically employs a private key to sign outgoing transactions and also generates wallet addresses for you using that key.
A Standard Protocol wallet is a digital wallet that allows you to send and receive Standard Protocol. It's like having a physical wallet. So what's the point of a Standard Protocol wallet? Rather than holding physical money, the wallet saves the cryptographic information needed to access Standard Protocol addresses and send transactions. Other cryptocurrencies may be stored in some Standard Protocol wallets.
The device containing your wallet Standard Protocol stores the private key, not the coins themselves. Your coins are stored on the Standard Protocol blockchain, and your private key is needed to authorize transfers of those coins to another person's wallet.
All about Standard Protocol wallets
To send and receive Standard Protocol, cryptographic key pairs are used. A key pair consists of a private key and a corresponding public key. Sending Standard Protocol requires the use of private keys that must remain secret. Receiving Standard Protocol requires public keys that can be shared with anyone. Public keys are created by deriving a private key.
A seed is generated when you create your wallet Standard Protocol. Mnemonic phrases are used to display the seed as a succession of words. This seed will be used to generate each Standard Protocol key that you will need to transmit and receive Standard Protocol.
This design is called a deterministic hierarchical (HD) framework, an industry-standard for creating and administering Standard Protocol keys. When you want to accept Standard Protocol, most wallets automatically generate new public keys.
The issue of reusing public keys or addresses is no longer an issue.
Anyone could easily track your entire payment history if you use the same public key every time you receive Standard Protocol. Treating keys as one-time-use tokens greatly increases a user's privacy. A user can always restore their wallet as long as they know their recovery seed, which is often a list of 12 or 24 words initialized with their wallet.
So how much does a Standard Protocol} wallet cost? If you are just storing Standard Protocol in the wallet, using a Standard Protocol wallet costs nothing. However, if you try to make a transaction, the owner of the exchange or device that hosts your wallet will charge you different fees depending on what you are trying to do.
What wallet to use for the token Standard Protocol (STND)?
Online wallet (Binance)
Binance is a 100% free digital wallet for storing cryptocurrencies, and thus your Standard Protocol (STND), available for both iOS and Android devices, and on the internet.
Like mobile wallets, e-wallets (Binance) allow their users to access their Standard Protocol balances, and the rest of their funds on the go from any device connected to the internet.
Hardware wallet (Ledger Nano)
This price also includes free shipping to most countries.
Differences between a Cold Wallet and a Hot Wallet
A hot wallet is a wallet connected to the Internet. This makes it very easy to use it to make regular transactions on an exchange, or to temporarily store your Standard Protocol or other cryptocurrencies after they are bought or before they are sold. This also makes them vulnerable to hacking, theft, or, in the case of direct storage on an exchange, total loss of access to the cryptocurrencies in the event of a temporary exchange failure or outbound fraud..