Hive-engine soon becoming "Easiest to Use All-Crypto Wallet"

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With my Four (4) years experience on the cryptosphere, I can tell that the greatest bottleneck to entry has been the complexities that occur with managing crypto wallet keys transactions and fees. Certainly, the blockchain technology is a shift from the regular back-end internet technology where users data are stored by the developers and could be retrieved.

As at June 2019, Investopedia quoted Wall Street Journal article that reported that 20% of All BTC is Lost and unrecoverable. Also, in January 2021, New York Times article reported that Tens of billions worth of Bitcoin have been locked by people who forgot their key. bSecurity on the blockchain is very costly as one has to guard his private key. On the other hand, cold wallet which is generally seen as a highly secure way of storing digital assets, however, an owner can lose his access key and that means the wallet may be permanently inaccessible, with the tokens it contains

It is therefore seemingly difficult for the aged class used to login "username" and password to keep their login parameters to access as well as effectively engage their crypto assets. While the hashed crypto wallets are to ensure safety of assets, the ambiguity of access can make the who crypto engagement messy. Sad, many people are locked out of their crypto fortunes as a result of lost or forgotten keys. One can imagine the emotional breakdown for those helplessly watch, as the price has risen while they are unable to cash in on their digital wealth.

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Thanks to Hive blockchain that allows for readable account holders and with security options like hive-keychain which allows a hive user to manage his keys with a readable password that only interact with their device. With the integration of Hive keychain into Hive-engine which allows a Hive user to manage multiple tokens created on Hive-engine.

Hive Engine is a smart contracts side-chain platform for the Hive blockchain. This allows us to do things that are not currently supported by the Hive blockchain, such as creating custom tokens, or literally anything else achievable with a smart contract. On Hive-engine, custom smart contracts can be executed based on data published to the Hive blockchain.

PEGGED TOKENS: The Bridge from Hive to Other Blockchains

Pegged tokens are tokens on Hive Engine that are backed one-to-one by a token on another blockchain or potentially by a real world asset such as USD or gold. In addition to HIVE, Hive Engine now supports pegged tokens for Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE) and plans to add many more in the near future. This means that at any time users can deposit any of the supported tokens and receive the pegged versions which can then be transferred or traded for other Hive Engine tokens on the Hive Engine decentralized market. Users can also withdraw the pegged tokens back out to the real version at any time. source

Today, it's amazing to see hundreds of Hive-engine tokens. Hive engine today also serves as a bridge from Hive to other blockchains like Bitcoin, Ethereum, Litecoin, Binance Smart chain, Steem, Telos, EOS, among others. The simplicity of the hive-engine wallet makes it easier to manage any crypto asset on it especially as the account name is readable.

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It is important that any Hive account hilder can deposit, withdraw and trade pegged tokens like Bitcoin, Ethereum, Litecoin, Binance Smart chain, Steem, Telos, EOS, and others. Guidlines on how to carry out these transactions can be read here.

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For example, If I want to deposit $DOGE into my Hive-engine wallet, I simply login with hive keychain and then click on the deposit menut, select DOGE in the "Deposit Token" dropdown and then copy my dedicated $DOGE wallet address to send the desired amount of tokens.

Please send any amount of DOGE to the following address and you will receive an equal amount of SWAP.DOGE in the @uyobong account once the transaction has received the required number of confirmations on the external chain.

DEPOSIT ADDRESS
DSVt74EBh7SRkgy2WT7UM45sTF5EEu1cyF

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The feeless transactions on Hive and the low 0.25% fee on Hive-engine deposit and withdrawals is far less when compared to the gas fees on Ethereum and fees on other blockchains. As such a crypto holder with smaller units can safely trade his tokens around and move them with less fees. Indeed, it's not out of place to say that Hive-engine soon becoming "Easiest to Use All-Crypto Wallet" as Hive gains mass adoption.

Read more about Hive-engine here.

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3 comments
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agree is lot better than before

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It is definitely much easier to use Hive account credentials via Keychain compared to most other crypto wallets, and the fee less transactions and small H-E deposit fees are also hugely beneficial.

However, the user’s private keys on Hive (and thus Hive-Engine, which uses Hive’s credentialing features) still require the same type of safeguarding as any other wallet.

I’ve had two students this semester who lost their private keys and master passwords, thus completely locking them out of their accounts. Each had to create a new account (and lost whatever was in their original accounts).

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