In today’s digital age, cryptocurrencies are securely housed across the globe in various types of wallets. Whether through software or hardware, custodial or non-custodial, each wallet type offers unique benefits and potential drawbacks.
OMNIA, a blockchain infrastructure provider to protect systems, has outlined the troubles of crypto wallets and the benefits customers can expect when switching their wallet’s RPC endpoint to OMNIA.
Before diving in, OMNIA outlined the different types of wallet. A software wallet, stored on a device or the cloud, tracks your financial dealings using blockchain interfaces, while a hardware wallet is a physical device you carry with you.
You might have come across the terms custodial and non-custodial while dealing with wallets. Non-custodial wallets, such as Ledger, BlockWallet, or Metamask, are decentralised, and the private keys belong to the customer. Despite the responsibility it puts on the customer to manage their funds securely, these wallets provide maximum privacy and control.
Conversely, a custodial wallet, while unusual to some, is a digital wallet storing the customer’s private keys and offering a simple interface for crypto storage. This type of wallet can potentially offer protection against malicious hacks and provide backup for your accounts in times of trouble.
Wallets process a significant amount of information from account balances, transaction history, transaction fees, to other blockchain data. They also relay user data when conducting transactions on the chain. However, wallets traditionally connect to a node using a default node provider, which spreads resources amongst all users, resulting in several drawbacks. These include slow transaction processing time, potential extra transaction fees, and vulnerability to attacks, as demonstrated by the notorious November 2020 Infura outage.
Recognising these risks, OMNIA has introduced an innovative solution with its dashboard allowing the generation of secure endpoints, configurable with your wallet. This not only ensures a secure and private chain connection but also shields your traffic from malicious attacks by routing it through advanced mixnets and privacy relayers.
Further, OMNIA recently completed an upgrade, integrating frontrunning protection for Ethereum mainnet, a strategy to guard against sandwich bots exploiting transaction slippage. OMNIA achieves this by forwarding your transactions to private mempools, keeping them hidden from prying bots.
Founded by a team with deep academic roots and extensive industry experience in the cybersecurity and blockchain sectors, OMNIA prioritises security and privacy above all else, offering an unmatched layer of protection for your cryptocurrency wallets.
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