Stabila has its own block explorer that can be accessed round the clock so users can check on transactions and do the usual stuff. Stabila developers went further adding the wallet functionality to the explorer. So if you need a place to store your STB or any other stabila tokens and use it anytime, your choice would probably stop on the native stabila wallet. It handles many stable coins and lets you trade and store your digital tokens.
For those who don't know yet about Stabila but want to get familiar with it please read our previous article: What Is Stabila Coin and How Does Stabila Work?
What Is Stabila Cryptocurrency Wallet?
Some of you may prefer having your balances kept on exchanges and online brokerages, where you can easily convert to fiat or versa. But crypto wallets serve the purpose of keeping your crypto secure.
Stabila crypto wallet helps users store, send and receive cryptocurrencies on its blockchain. The software safely stores users' cryptocurrencies. Additionally, it tracks and records all the transactions. Anyone and anytime can access his Stabila wallet.
There are two elements that make a transaction on any blockchain possible. The first is your wallet address, or the public key, and the second most important element is your private key.
The public key is similar to your bank account number. You can share your bank account to send or receive money. The private key is a password that provides access to your cryptocurrency. The private key is like your account password. So keep it secret.
Whenever you want to transact cryptocurrency, you direct your transaction to or from the address issued by your Stabila wallet for crypto.
Your crypto lives on the blockchain and your crypto wallet keeps the information related to your public keys. The private keys represent you are the owner as any transaction is possible only if you have the private key.
How do you create a crypto wallet with Stabila?
While on Stabila block explorer press the register button and you will be prompted to onboard. The most important thing here is the user ticks terms of use where it states:
"Users understand that the Company does not provide the following services:
- store users' wallet passwords (i.e. passwords that a user set when creating an account/importing a wallet), private keys, recovery phrases, or key stores;
- recover users' wallet passwords, private keys, recovery phrases, or key stores;
- freezes a wallet;
- reports a lost wallet;
- restores a wallet;
- rollback transactions."
After you complete the form, you will be served with an activation link sent to your email address. Go to your email and press the activation link. You are set and can log in to your account.
On your first login, you will be prompted to create your first address.
So, let's create our first address by pressing the plus next to the wallet icon. A small window will pop up and ask you to attribute a name or alias to your address. All transactional operations in the wallet will ask for your password.
Please keep it safe and do not reveal it to anyone. You will not be able to recover it in case of loss. You can change your password only if you know your current.
Congratulations! You have created your first address.
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You can create as many addresses as you may need.
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One address can store as many assets as you wish.
Finally, you have your first address. See the image below. The address is marked with a green rectangle and the STB balance of your wallet as well. From now on you can share the address so people can transfer assets to you.
The plus icon in the balance section lets you choose what other digital assets you would like to be on view in your account. The arrow icon is the sending function and the exchange icon will open the exchange window where you can exchange a token for another.
OracleUSD on the right is Stabila Oracle Smart Contract. It keeps and updates the exchange rates, so users are always informed of the prices of assets and tokens.
Stabila Web Wallet
Stabila web wallet facilitates access to cryptos from anywhere – any browser or mobile device, etc. The private keys are stored online. The keys are encrypted so the user's security is a priority.
For users with large holdings, the advice is to move assets to cold wallets/cold storage.
While the Stabila ecosystem has come up with its own crypto wallet, traders who wish to invest in multiple cryptocurrencies shall look for crypto wallets that are compatible. Stabila wallet transactions are instant, encrypted, inexpensive, and decentralized providing the highest security.
Is Stabila a hosted wallet?
The easiest and most popular crypto wallet is the hosted wallet. When buying cryptocurrencies using different applications, your balance is held in a hosted environment.
Basically, a 3rd party keeps your digital assets. A bank is an example. This way you are less exposed to risks like losing your private keys.
Once your Stabila wallet is set up, you’ll want to add funds to it. Stabila wallet has an embedded crypto exchange that allows users to exchange one asset for another.
The most popular token is the stable coin USDM. It is pegged to the US dollar at a 1:1 ratio. Usually, users buy USDM for fiat. When USDM is available they can exchange it for other tokens or cryptocurrencies.
Understand Stabila Blockchain and Cryptos
Stabila Blockchain is a promising open source technology that makes digital assets work. The blockchain is a chain of blocks where the blocks contain digital information. The data is open and can be accessed anytime from anywhere.
Your Stabila wallet will contain a unique blockchain address typically starting with S.
Example: STLVNoCTta35zincn5h8RiMQHaimJqPFC0.
This means that your Stabila address is not the same as your BTC or ETH address.
There are more than 14 blockchains in the world represented by a particular crypto coin. So are the fees for transacting digital assets. Stabila, is known for transactions just under $0.2.
Many users have switched from Ethereum and Bitcoin to Stabila because of transaction fees. So Stabila emphasizes keeping these fees minimal.
Stabila Wallet Security
Security is paramount in Stabila Native Wallet. That’s why you should ensure that your wallet is MFA protected.
The developers ensured IP whitelisting as well. It makes the wallet among the safest crypto wallets today. However, at times I find all these security prompts in Stabila wallet annoying.
Keep, and store your crypto safe. Do not give access to your wallet to strangers. The learning curve may be unsafe for those new users who neglect security in cryptocurrency.
However, don’t be afraid to start small. Thousands of users find Stabila the best crypto wallet to store less than $200 worth of stabila until they get the hang of crypto.