Transacting using cryptocurrencies presents different problems to people with little knowledge and experience of working with digital wallets. The reason is that some wallets are difficult to navigate or utilize. This is one of the causes of the slower adoption of cryptocurrency.
Portis has created a solution to some problems that ordinary users of cryptocurrencies face. It has devised an easy-to-use wallet that works with different blockchain networks and supports various cryptocurrencies. We can best understand Portis’s innovation if we analyze the problems that ordinary cryptocurrency users experience when dealing with specific wallets on a day-to-day basis.
Problems encountered when using wallets
One of the difficulties users face is the loss of private keys, rendering access to their wallets impossible. The private key may be lost if someone’s device is destroyed beyond repair or stolen. For example, a user may lose a computer or smartphone in which the private key is stored. As you know, losing the private key means that the wallet and its contents cannot be recovered.
The alternative for users to keep their private keys is also risky. When a custodian holds private keys, there is a threat of hacking. If the server is hacked, users lose their cryptocurrencies. On the other hand, if the server is destroyed, the cryptocurrencies cannot be recovered.
The other burden that cryptocurrency users encounter is the installation of the hardware or extension. Hardware wallets require the installation of accompanying software packages before using the DApp. For some people, this installation process creates inconvenience. Using the third party in the process also complicates the situation. Only experienced crypto users are adaptable to the use of different wallets.
New users usually find it challenging to keep their private keys safely, which may lead to their loss. In light of these problems, Portis has come up with timely intervention, providing a user-friendly wallet that is both secure and usable among multiple devices.
For us to best understand the solution presented by Portis, let us look at its brief background. Portis is a platform that offers a multi-blockchain wallet, wholly based on the web. This means users need not install extensions or software packages to use the wallet.
Above all, the wallet does not require the use of a particular web browser. It works well on different browsers. This deviates from other Web 3 wallets, which function with specific browsers.
Solutions provided by Portis
The key solution that has been devised by Portis is the use of end-to-end encryption. This gives great relief to users since they remain the custodians of their private keys. Additionally, as long as they know both their email addresses and passwords, users will recover their wallets even if they lose their devices.
It is important to note that encryption and decryption help to keep private keys secure and accessible. The encryption and decryption of private keys take place in the wallet. Moreover, users are responsible for generating their private keys, which are kept in Portis’ server.
The system ensures that no one else can access private keys, apart from users. This is made possible by the end-to-end encryption and decryption. As you may note, only the email address and the platform password used for encryption and decryption are known only by each user.
What are the main benefits of using Portis?
As you have seen, Portis has many benefits to the users.
First, the platform supports different fiat currencies. The fiat money is used for purchasing the cryptocurrencies. The in-built fiat gateway makes it easy for users to use debit cards and credit cards to buy cryptocurrencies. Some fiat currency usable at the platform include USD, EUR, AUD, HKD, and GBP.
Second, Portis supports multiple blockchain networks, enabling users to transact using different cryptocurrencies. Some popular blockchains supported by Portis are Ethereum, EOS, and Bitcoin. Of course, there are other blockchain networks supported by Portis. And each blockchain network can accommodate different tokens.
There is high security because the private key is only encrypted and decrypted in the Portis iframe by using emails and passwords. As a result, the private key is not even known by Portis nor the DAPP. To add security, users can use 2-Factor Authenticator.
Portis is a highly user-friendly wallet, which supports many blockchain networks and fiat money. It also enables the user to be the sole holder of his/her private key. As a result, new and older cryptocurrency users can use Portis successfully, securely, and easily.