Digital Wallets 101

Digital wallets and the Mula Platform.

Over the last few newsletters, we’ve covered large parts of the Mula platform, including MulaMail, and MulaMessage. In this week's newsletter, we want to start bringing you a bit more into the blockchain world, more specifically, the basics of digital wallets. 

Don’t skip this newsletter thinking it’s just filler - it isn’t. The information you learn in this newsletter directly relates to how you’ll use your Mula account inside the Mula Platform.

What is a digital wallet?

A digital wallet is a piece of software that enables you to receive and send cryptocurrencies, such as Bitcoin, Ethereum, and many others. However, a digital wallet can also be used to store information, commodities, and can be used as proof of a virtual identity. (Did you see this last part? Remember it for later.)

While described as wallets, digital wallets do not actually store cryptocurrency. Rather, the assets are stored as blockchain records and the wallet stores how you access that information. 

How do you access that information? Glad you asked - the wallet stores your private keys (long hexadecimal codes). It’s these keys that allow you to access, move, or spend the cryptocurrency, crypto commodities, information, or virtual identity contained in the wallet. 

The Mula Platform actively integrates a digital wallet solution throughout its suite of products. 

Introducing MulaWallet 

The MulaWallet is an encrypted digital wallet that enables the distributed exchange of digital assets and which stores crucial documents and information. 

As a joint initiative with VSEKUR, the MulaWallet continuously undergoes upgrades and integrates strong passphrase and authentication technology.

Integration with the Mula Platform

The MulaWallet acts as a layer of security and legitimacy of ownership. Unlike other systems, you own your keys; they are not stored in a database. This ensures genuine security and privacy.

In effect, we use the wallet to ensure that you are, in fact, you. 

You might think that this was nice and informational but so what? 

Your MulaWallet will be your sign in for modules of the Mula Platform like MulaMessage. 

When you attempt to sign into MulaMessage, you’ll be asked to create a wallet or restore an existing one - this is where your MulaWallet comes into play.

Shh, you didn’t see this!

So you can see, a digital wallet is so much more than just a mechanism to move cryptocurrencies, especially within the Mula Platform.   

Next week, we’ll be covering a bit more about digital wallets, signing up for them, and how your passphrase is unrecoverable.

Our current flagship product MulaMail is currently in beta testing and will be released for consumers soon.

Signing up for MulaMail reserves your Mula Platform username.

Due to the modular approach of the Mula Platform, you can activate one service without activating the others. 

Register your Mula username today by clicking here.

If you’d like more information regarding the Mula Platform, you are always welcome to check out our website.

And as always, If you don’t have any questions, you might enjoy this delicious octopus recipe.

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