Survey Paper on Decentralized Crypto Wallet Application using Ethereum Ledger

Information Technology

In today’s era where the internet is at the fingertips of almost every person the digital data of the users are saved by big MNCs in their large data warehouses and we can’t trust anyone who is using our data for what purpose and reason also we are not sure whether our data is secure or not, as the current system is centralized all the companies have access to our data and they can change it in the manner they want, despite this many times hackers attack their databases and breach the data, and the solution to this is blockchain technology. "Blockchain" refers to a growing collection of data known as blocks that are connected through encryption. Each node in the blockchain has three main things which are data, its own unique hash, and the hash of the previous node this design of node makes the blockchain database more secure and robust than other databases. A Crypto wallet is a software that contains private and public keys and uses blockchain to send and receive currency. Crypto wallet provides main features as (a) sending, receiving, monitoring & trading coins using a wallet. (b) Ensures the privacy of the user by using a hexadecimal address of the wallet. (c) No third-party involvement during transferring and receiving of funds as the entire system is decentralized. So our idea is to build a robust Digital coin wallet application that does not involve any third-party authorization and is completely decentralized also it is more secure as it works on the Ethereum Distributed ledger. It involves all the functionalities that a wallet contains like storing, transferring, and getting digital currency.

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