Monedero is a decentralized, cloud-based cryptocurrency wallet created by and for Spanish speakers.
The financial application was born with the aim of facilitating use so that anyone can access the world of cryptocurrencies, regardless of their level of technical knowledge.
Monedero takes the best characteristics of centralized (ease of use) and decentralized (security and control of your keys) wallets.
The tool is part of a global company, based in Chile, Argentina and Spain , that produces software to bring cryptocurrencies to the whole world since 2015.
The private keys in your hands
With Monedero,the user controls their private keys and all their information is encrypted on servers.
However, access to all this information is only available to the customer because the access and recovery are carried out with their private key.
Wallet accounts make this recovery process easier, in a way that everyone is used to: email and secure password.
In this way, when a user creates an account in Monedero, a public key and a private key are generated.
The private key is the most important part and should not be shared with anyone.
Whoever has access to the private key has access and control over the funds associated with it.
In Monedero they do not have access to the client’s private key. This key is encrypted with SHA-256, using the password set by the user and is saved and replicated in three different distributed locations, through IPFS.
This process makes it impossible to access the private key without the password that the user creates.
In addition, to add another layer of security, the user is asked to answer three secret questions, which are used to encrypt the password with which the Monedero account was created.
These three responses are also saved and replicated in three different locations.
In this way, if the customer forgets his password, he will be able to recover it using the answer to the security questions. The password is encrypted with the Bcrypt algorithm.
It is important to note that the funds will be lost forever, if the client does not remember the password or the security questions.
More than a wallet
With Monedero you can make exchanges between cryptocurrencies, with the lowest transaction fees in the market.
This process can be done both in the web version of the platform, as well as in its mobile version, available for Android.
The platform has support for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), DASH, 0rx (ZRX), among others.
However, Monedero is continually adding new coins.
Monedero offers users 20% interest on UST deposits (a cryptocurrency worth one US dollar), thanks to its most recent integration with Anchor Protocol, a savings tool developed with blockchain technology that enters the category of decentralized finance (DeFi).
The platform offers stable, low-volatility returns on Terra (Luna) stablecoin deposits.
It is based on a diversified stream of participation rewards from the major PoS blockchains.
Therefore, it can be expected to be much more stable than money market interest rates.
Anchor Protocol establishes a money market through the relationship between a lender, who seeks to earn stable returns on their stablecoins, and a borrower, who wishes to borrow stablecoins on stakeable assets.
To borrow stablecoins, the borrower locks the linked assets as collateral and borrows stablecoins below the LTV ratio defined by the protocol.
The lender achieves a stable return that comes from the diversified flow of participation rewards accumulated in the global pool of collateral that have been converted to stablecoins.
Anchor is structured to provide its depositors with high and stable deposit returns thanks to the rewards of PoS network guarantees; instant withdrawals through combined stablecoin deposit loans and loan settlement protection at risk of undercollateralization.
The benefits of using Wallet
Monedero provides several benefits to its users, along with its high level of security and its new fixed interest offer.
And it is that within the platform users can protect their funds from the high volatility of the Bitcoin, by allowing access to stablecoins, offering dollars in the form of USDC, USDT and TUSD. All backed by regulated companies.
Likewise, it gives the possibility of exchanging more than 100 digital currencies with the most competitive prices, thanks to its exchange partners. All without the need for identification.
The exchanges take place in less than five minutes, in which the user himself maintains custody of all his assets.
In case of problems, Monedero made a support portal available to its customers , where users can find the solution to any problem that may arise.
It is also possible to communicate with the platform’s customer service team, entirely in Spanish, through live chatand email.
In the same way, there is a page of frequently asked questions where you can clarify any kind of doubts you have about Wallet.
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.