Blockchain technology has always been the core of the cryptocurrency world, and cryptocurrency wallets are your key to exploring this world! Today we will not only understand Ton Chain, a unique blockchain system, but also delve into different types of cryptocurrency wallets, especially decentralized exchange (DEX) wallets and centralized exchange (CEX) wallets, for novice users It’s also easy to choose a wallet that suits you.
The Origin of Ton Chain: The Relationship between Ton and Telegram
Ton Chain, whose full name is “The Open Network”, is an idea originated from the Telegram team. As early as 2018, the Durov brothers, the founders of Telegram, launched this ambitious plan with the goal of creating a fast, secure and decentralized blockchain platform. The earliest idea was to allow Telegram users to easily conduct cryptocurrency transactions within the app. However, the development of Ton has experienced twists and turns due to legal challenges. It was not until 2020 that the community took over and relaunched it, and quickly developed into a multi-functional blockchain platform that supports smart contracts, NFTs and decentralized applications (dApps).
One of Ton’s major features is its “immediacy” and “low handling fees.” It utilizes innovative “blockchain sharding technology” to ensure that the network can scale and handle large volumes of transactions without the congestion issues of traditional blockchains. In addition, it also provides users with gasless (fee-free) transactions, which allows users to trade with USDT or Notcoin without holding Toncoin to pay handling fees.
Ton Chain Features Introduction
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Sharding technology: This is a technology that Ton Chain is proud of. Through sharding technology, the entire network is divided into multiple small fragments. Each fragment is responsible for different transactions, which greatly improves the efficiency and scalability of the network. Compared with traditional blockchains, Ton Chain can process more transactions per second, solving the congestion problem common in blockchains.
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Extremely low handling fees: Ton Chain is famous for its ultra-low or even zero handling fees, especially when using USDT or other tokens, users do not need to pay additional Toncoin as transaction fees. This makes Ton Chain very attractive for users who trade on a daily basis.
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Decentralization: The design principle of Ton Chain is to allow users to have full control over their assets. Users have their own private keys, which means that whether it is transactions or storage, they do not rely on any third party at all, truly achieving decentralization.
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Diversity of application ecosystem: Ton Chain is not just for transactions, it also supports a variety of application scenarios, including smart contracts, NFT transactions, and DeFi (decentralized finance) applications, making it a versatile blockchain ecosystem. Coupled with Telegram’s huge user base, Ton Chain’s user base has huge potential to expand.
Why do you need a cryptocurrency wallet?
So, in the world of blockchain, why do we need a cryptocurrency wallet? Simply put, a cryptocurrency wallet is a tool for us to manage and store cryptocurrency assets, just like a bank account in your daily life. It helps us deposit, withdraw and trade cryptocurrencies safely. There is also the ability to manage permissions in decentralized applications, allowing you to interact directly with dApps. Here are the main features of a cryptocurrency wallet:
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Asset storage: This is the most basic function of the wallet. Users can store various cryptocurrencies in the wallet. These assets include mainstream tokens such as Toncoin and USDT. Wallets usually protect assets in the form of private keys. The private key is like a password to enter the assets. Only the person with the private key can control these assets.
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Transactions and Payments: The wallet allows users to send or receive cryptocurrencies anytime and anywhere. Whether you are purchasing goods, paying for services, or simply transferring money between friends, wallets provide instant and secure transactions.
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Managing decentralized applications (dApps): Many decentralized applications require authorization and interaction through wallets, including participating in DeFi protocols, purchasing NFT, etc. The wallet has become the entrance for users to enter the blockchain application ecosystem, allowing them to easily participate in various decentralized services.
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Private Key Management: Private keys are the most important security element of cryptocurrency. When using a decentralized wallet, users have their own private keys, which means they have absolute control over their assets without relying on any third party.
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Subscription service management: Some wallets support users to pay for subscription services through cryptocurrency, such as continuous payment for certain blockchain applications without the need to pay manually each time.
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Gain and financial management tools: Many wallets now also support staking functionality, which allows users to earn additional income by staking their tokens on the blockchain, which is especially important for investors who want to hold cryptocurrencies for the long term.
Hundreds of Cryptocurrency Wallets: Differences between DEX and CEX Wallets
When choosing the right wallet, it is crucial to understand the difference between decentralized exchange (DEX) and centralized exchange (CEX) wallets. Both wallets have their own advantages, here are their main differences:
- Private key management:
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DEX wallet: Users manage their own private keys, which means that the control of private keys and assets is completely in the hands of the user. Since there is no third-party escrow, this type of wallet is more secure, but if the private key is lost, the assets cannot be recovered.
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CEX Wallet: Private keys are managed by the exchange, which is more convenient for users who are not familiar with technology. If a user forgets their password or private key, the exchange can provide retrieval services, but this also means that they need to fully trust the exchange’s security measures.
- Decentralization and control:
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DEX Wallet: Completely decentralized, users are able to interact directly with the blockchain without any third-party intermediaries to complete transactions or operations, which means users have absolute control over their assets.
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CEX wallet: Relying on the centralized control of the exchange, the simple operation interface and one-click trading function provided by the exchange are suitable for novices, but this means that the exchange controls the user’s assets to some extent.
- Transaction fee:
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DEX wallet: Usually the fees are lower, especially when users conduct decentralized transactions. The fees are transparent and controllable, and there are no additional withdrawal fees.
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CEX wallets: Exchanges charge transaction fees, and there are often additional fees when withdrawing to other platforms, and these fees may rise as trading volume increases.
- Trading objects and liquidity:
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DEX wallet: Because it is a peer-to-peer transaction, the liquidity may sometimes be inferior to that of a centralized exchange, but DEX provides wider access to decentralized applications and is suitable for users who need to trade freely and participate in DeFi.
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CEX wallet: Since the exchange provides a powerful trading engine and liquidity pool, users can quickly trade with other buyers or sellers, and have more trading pairs to choose from, which is suitable for users with greater daily trading needs.
DEX wallets are the best choice when users need full control over their assets, prioritize security, and want to interact with decentralized applications (dApps). And if users want simplicity and ease of use, the ability to trade quickly and rely on the security of the exchange, then the CEX wallet will be more suitable. You can choose the corresponding wallet according to your needs to experience the blockchain!
4 common Ton Web3 wallets
There are many excellent wallets to choose from in the Ton Chain ecosystem. Whether you prefer a decentralized wallet or a centralized wallet, you can choose the appropriate tool according to your needs. The following are common web3 wallets:
1. Tonkeeper ( official website )
Tonkeeper is a popular decentralized wallet designed specifically for Ton Chain users. Its highlight is that it provides fee-free transactions. Users can use USDT or Notcoin to pay without holding Toncoin to pay for fees. Tonkeeper also supports multi-factor authentication and private key management to ensure users’ assets are safe and secure.
2. MyTonWallet ( official website )
MyTonWallet is an open source wallet that supports all functions of Ton Chain, including NFT transactions and Staking functions. It provides a simple user interface, allows users to conduct asset management and decentralized transactions within the wallet, and supports multiple accounts
3. Wallet.TG ( official website )
Wallet.TG is a wallet designed specifically for Telegram users. It combines Ton Chain’s technology to allow users to conduct cryptocurrency transactions and management within the Telegram application. This wallet provides two modes: centralized and decentralized, suitable for novices and advanced users. Its centralized model allows users to quickly conduct transactions through a simple interface, while its decentralized model allows users to fully control their private keys and assets.
4. OKX Wallet ( official website )
OKX Wallet is a versatile CEX wallet that supports multiple cryptocurrency transactions and management and is compatible with Ton Chain. OKX provides a simple and easy-to-use interface, combined with its large liquidity pool, to meet the needs of daily high-frequency trading. OKX Wallet is an ideal choice for users who want to get started quickly.
5. Binance Web3 Wallet ( Official Website )
Binance Web3 Wallet is a professional wallet provided by the Binance platform that supports Ton Chain and other major blockchains. The wallet allows users to participate in DeFi protocols, NFT markets, and has the strong security and liquidity provided by Binance.
Wallet Features Continue to Innovate: Recent Updates in 2024
Ton Chain’s ecosystem launched a series of major updates in 2024 that greatly improved the user experience and wallet functionality.
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W5 smart wallet standard: The W5 wallet standard launched by Tonkeeper in cooperation with the Ton core team allows users to conduct fee-free transactions and supports USDT and Notcoin payment methods. W5 also introduces the multi-send function, allowing users to process multiple transactions at one time, improving transaction efficiency.
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Tonkeeper Battery: This is an offline account function that allows users to store transaction fees in advance, and automatically deduct the balance in the Battery when a transaction is required, without paying additional Toncoin.
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Account recovery and security improvement: The new version of the wallet has been optimized for user account recovery and continues the recovery phrase function of the V4 wallet. Users can easily recover all account information on new devices. In terms of security, Tonkeeper has introduced measures such as two-factor authentication (2FA) to ensure the security of user assets.
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Multi-account support: MyTonWallet recently updated its multi-account support feature, allowing users to manage multiple blockchain accounts in the same wallet and providing a simple interface for asset switching and management.
Cryptocurrency Wallet: The Key to Leading You Through Web3
Cryptocurrency wallets play an indispensable role in the operation of the blockchain world. It is the entrance for users to enter the blockchain ecosystem. From the safe storage of assets to the convenient management of transactions to the participation of decentralized applications, every Every step requires the support of a wallet. Whether you wish to retain full control of your assets or pursue a streamlined trading experience, choosing the right wallet is key to entering this space.
When choosing a DEX or CEX wallet, it is crucial to understand their differences. DEX wallets (such as Tonkeeper, MyTonWallet) are suitable for users who value asset security and decentralized control. This type of wallet provides complete private key management, leaving the user responsible for the security of all assets. CEX wallets (such as OKX Wallet, Binance Web3 Wallet) are more suitable for beginners or users who want to simplify the cryptocurrency trading process. These wallets have private keys hosted by the exchange, providing additional convenience and security support.
The importance of a wallet is not only that it is a tool for storing digital assets, but it is also the foundation of the entire blockchain ecosystem. Wallets give users the ability to conduct transactions, manage decentralized applications, and keep their digital assets safe. In the future, with the further development of blockchain technology, wallets will play a more important role, not only in asset management, but also as a “bridge” to various blockchain applications, promoting decentralized applications and smart contracts. popularity. This also means that choosing a suitable wallet will determine how you participate in and enjoy the ever-evolving blockchain world.
Ultimately, whether you choose a DEX or CEX wallet, the important thing is to make a decision based on your needs and risk appetite. Users who want to safely control their assets should choose DEX wallets, while users who want easy operation can choose CEX wallets as the first step into the blockchain world. Wallets are not only the umbrella for digital assets, but also the key to the future blockchain ecosystem.
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About LayerPixel：
LayerPixel is an all-in-one DeFi protocol designed specifically for the TON blockchain and seamlessly integrated with Telegram Mini Apps. Leveraging a modular architecture, LayerPixel overcomes the asynchronous limitations of TON while harnessing its sharding benefits.
At the core of the LayerPixel ecosystem are several innovative components:
- PixelWallet - An SMC wallet with Account Abstraction (AA) features, enabling users to interact with dApps and the LayerPixel ecosystem with ease.
- PixelSwap - The first modular DEX on TON, supporting advanced trading models like weighted pools and LBP.
- Pixacle - A decentralized oracle solution delivering fast and accurate price data to dApps and smart contracts.
LayerPixel’s future plans include becoming a cross-chain solution to power DeFi experiences across all Telegram Mini Apps. By providing an all-in-one platform, LayerPixel aims to make blockchain-powered finance accessible to everyone within the TON ecosystem.
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