A decentralized wallet is a software application or hardware device that grants users complete control over their cryptocurrency private keys and digital assets. Unlike centralized exchange wallets, these wallets do not rely on a third party to custody funds. Users are solely responsible for managing their seed phrases and security. This design principle aligns with the self-custody ethos of blockchain technology.
Context
Decentralized wallets are fundamental to the ethos of digital asset ownership and are frequently discussed in crypto news concerning security and user autonomy. The choice between a decentralized wallet and a custodial service often involves a trade-off between convenience and direct control over assets. Recent events highlighting risks associated with centralized platforms have underscored the importance of self-custody solutions. These wallets represent a core component of individual digital asset management.
The HERE Wallet's seamless integration into Telegram provides a self-custodial on-ramp, significantly lowering Web3 entry barriers for mainstream social users.
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