OWNR Wallet blog background

Developing a non-custodial wallet: what’s the difference?

OWNR Wallet is a non-custodial wallet, which means we do not have access to your keys. What does it mean from the viewpoint of development though? We’ve asked our CTO, Sergey Burmisov, to shed some light on it. We’ll discuss why the majority of cryptowallets are built custodial and why a non-custodial wallet would be heavier in stores. But first here’s a brief overview of why the keys matter.  

Why are the keys so important?

Your public key is presented by your address in the blockchain network. Anyone can send you crypto using this address. However, knowing the address is not enough to manage the funds on it. In order to send the funds to another address, you’ll need to sign the transaction with the private key. This makes the keys, and the private key in particular, the main object of any cryptocurrency system, from the standpoint of development.

The need to match each public key with its private key and store all these pieces of information is now eliminated with the help of the seed phrase (or mnemonic phrase). If you have access to the seed phrase, you can manage the funds.

Keep reading

What Directional Liquidity Pooling Gives to DeFi

What Directional Liquidity Pooling Gives to DeFi

28 November 2022

A directional liquidity pool is a good opportunity for liquidity providers to increase liquidity on exchanges by pooling their funds.
Read more
Smart Contrast-enabled Insurance Promise Many New Opportunities

Smart Contrast-enabled Insurance Promise Many New Opportunities

28 November 2022

With the advent and development of blockchain comes a new insurance world in which smart contracts replace insurance documents, blockchain "oracles" displace claims adjusters, and decentralized autonomous organizations (DAOs) take the place of traditional insurance organizations.
Read more
South Koreans may soon Allow their Citizens to Use Blockchain-based Digital ID

South Koreans may soon Allow their Citizens to Use Blockchain-based Digital ID

25 November 2022

According to an Oct. 17 Bloomberg report, in the future digital ID cards will be integrated into mobile devices in the form of an app that works similarly to physical resident registration cards.
Read more