Tangem Wallet Deep Dive
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The world of cryptocurrencies has evolved rapidly, with self-custody becoming a significant trend. One of the notable players in this space is Tangem Wallet, which offers a unique approach to crypto storage and transactions.
The Importance of Private Key Backups
In the crypto world, the private key is the gateway to one's assets. Losing access to this key means losing access to the assets. Traditional backup methods, like seed phrases, come with their own set of risks. Tangem Wallet, however, offers a secure private key cloning solution, allowing users to clone their private key to backup Tangem cards, ensuring safety even if one is lost or stolen.
Tangem Cards boast state of the art S3D350A developed in conjunction with Samsung
How Tangem Wallet Backs Up Private Keys
Tangem Wallet's approach to backing up private keys is both innovative and secure. Initially, the wallet doesn't have a private key. During activation, the Tangem chip generates a new private key from a certified hardware random number generator. The backup process ensures the private key is transferred securely to other Tangem cards. This involves mutual authentication between cards and obtaining a shared encryption key for secure transfer.
Tangem's Partnership with Visa
The explosive growth of self-custody has led Tangem to partner with global payments provider Visa. This partnership aims to allow crypto payments at millions of Visa-supported terminals worldwide. With the integration of the Tangem applet, Tangem Pay, users can make payments using their crypto assets directly at these terminals.
How Visa Crypto Payments Work with Tangem
The technical integration between Visa and Tangem is designed to be seamless for the user. The upcoming Tangem applet will enable the Visa payment card to hold the public and private keys of a crypto wallet. Each time the card is used at a payment terminal, it will generate a Visa payment message. Users can approve the payment by entering a specific password, confirming the transfer on the blockchain.
Tangem's Growth and Market Position
Tangem has witnessed a staggering 738% growth in monthly active users for its card-shaped crypto wallets. With its innovative features and partnerships, Tangem aims to challenge established rivals in the crypto wallet space amid some other woes the competition has faced recently including hacks, centralized systems and community backlash. Tangem set’s itself apart among the rest.
Conclusion
Tangem Wallet, with its unique approach to self-custody and its strategic partnership with Visa, is poised to revolutionize the way users interact with their crypto assets. As the crypto ecosystem continues to evolve, solutions like Tangem are leading the way in ensuring security, convenience, and broader adoption.
FAQs
What is Tangem Wallet's approach to private key backups?
Tangem offers a secure private key cloning solution, allowing users to create backups on Tangem cards.
How does the partnership between Tangem and Visa benefit users?
Users can make crypto payments directly at millions of Visa-supported terminals worldwide.
How secure is the private key transfer between Tangem cards?
Tangem uses mutual authentication and a shared encryption key to ensure a secure transfer.
What has been Tangem's growth in the recent past?
Tangem has experienced a 738% growth in monthly active users for its crypto wallets.
How does the Visa crypto payment work with Tangem?
The Tangem applet enables the Visa card to hold crypto wallet keys, generating a payment message at terminals. Users approve payments by entering a transaction-specific password.
Tangem is a card-shaped self-custodial cold wallet that gives you complete control of your private keys. Store, buy, earn, transfer, and swap 6000+ coins and tokens.
https://tangem.com/en/ Use Code PBN for Additional Discounts!
