Cryptocurrencies are safely stored in a variety of wallets around worldwide in the current digital era. Whether through hardware or software, custody or non-custody, every sort of wallet has a unique set of advantages and potential disadvantages.
OMNIA, a blockchain-based infrastructure provider for safeguarding systems, have described the problems associated with crypto wallets and the advantages consumers can expect when converting their wallet’s RPC endpoint to OMNIA.
Before getting started, OMNIA described the many different kinds of wallets. A hardware wallet is a physical device you carry around, whereas a software wallet monitors your financial transactions via blockchain interfaces and is saved on a device or in the cloud.
When working with wallets, you may have run into terms such as custodial and non-custodial. Non-custodial wallets like Ledger, BlockWallet, or Metamask are decentralised, and customers own the private keys. These wallets provide the greatest privacy and control, despite the strain it places on the user to maintain their funds securely. In contrast, a custodial wallet, though uncommon to some, is a digital wallet that stores the customer’s private keys and provides a straightforward user interface for crypto storage. This kind of wallet can offer security against harmful hackers and backup for your accounts in case of emergency.
Wallets process an immense amount of data, including account balances, transaction histories, fees, and other blockchain information. When making transactions on the chain, they also broadcast user data. However, wallets often connect to nodes via a default node provider, which distributes resources among all users and has a number of disadvantages. These include sluggish transaction processing times, possibly additional transaction fees, and attack susceptibility, as seen by the infamous Infura outage in November 2020.
In order to mitigate these risks, OMNIA developed a dashboard that enables the creation of secure endpoints that can be configured using your wallet. Through the use of sophisticated mixnets and privacy relayers, this not only provides a secure and private chain connection but also protects your communications from hostile assaults.
Created by a team with strong academic backgrounds and years of industry experience in the blockchain and cybersecurity industries, OMNIA offers an unequalled level of security for your cryptocurrency wallets. In a recent update, OMNIA integrated front running protection for Ethereum mainnet, to protect against sandwich bots that take advantage of transaction slippage.