Non-custodial wallets are in line with the principles of blockchain technology and cryptocurrencies, which are based on decentralization. The demand for crypto has increased because of its decentralized nature, allowing users to control and manage their money – especially how they use it.
A non-custodial wallet is a crypto wallet that is controlled by the holder and not a centralized third party. Crypto enthusiasts manage their wallets and their crypto holdings inside. This defeats the risk of them losing their tokens because a centralized body was attacked or the centralized authority decided to freeze their assets.
iOWN wallet ticks every box that is expected in a non-custodial crypto wallet. Users can use it the way they deem fit, making changes to their holdings where necessary.
Benefits of Non-custodial Wallets like iOWN Wallet
Custodial wallets are the opposite of their non-custodial counterparts. This type of crypto wallet is controlled by a centralized body, which may be an exchange or bank. In this case, the private keys are not held by the user, buttressing the saying, ‘Not your private keys, not your cryptocurrencies.’
History is filled with stories of people losing their funds in a custodial wallet when their crypto exchange is attacked. There are also cases of crypto enthusiasts being locked out of their crypto wallets for varying reasons.
Using a non-custodial wallet such as the intuitive iOWN wallet comes with benefits that will be discussed below.
• Control of funds
The core purpose that non-custodial wallets were created for is to offer users access to their funds. Crypto enthusiasts can seamlessly monitor and manage their crypto holdings without the interference of a centralized authority. People do not have to relinquish control of their funding to a third party.
• Asset safety
As a non-custodial wallet, assets in the iOWN wallet are purely owned by the user. The details of the wallet and the tokens in them are held solely by the holder of the private keys. This means that a security breach on a centralized authority will not affect the cryptocurrencies that are stored in the wallet.
• No KYC process
Exchanges or centralized wallets force their users to undergo a KYC process. The KYC process means that people have to submit their private details, proof of identity, and proof of residency. Non-custodial wallets like iOWN wallet do not request their users to pass through any Know Your Customer processes. Crypto enthusiasts can use the wallet anonymously .
• Immediate withdrawals and deposits
In a typical custodial wallet, crypto enthusiasts may face some restrictions in depositing or withdrawing tokens. Sometimes, they may have a cap on the number of tokens that can be sent or removed from an exchange wallet. In other cases, the deposit or withdrawal process may not be instant.
iOWN wallet solves the aforementioned issues, as users enjoy fast deposit and withdrawal times with no restrictions.