Digital asset management is a crucial aspect for traders and investors in the cryptocurrency ecosystem that shouldn’t be taken for granted, especially with the rise in malicious activities known to be prominent in the space. As the cryptocurrency and blockchain world evolves, maintaining security interaction and improving efficiency are essential for better assets management.
To achieve this goal, advanced tools are needed. GridPlus hardware devices, Rabby Wallet, and Ethereum Name Service (ENS) subdomains are tools known to have positively impacted user interactions in Web3. This article explores why these tools are essential and how they can further improve digital asset management.
What is the GridPlus Hardware Wallet?
The GridPlus Hardware Wallet, or the GridPlus Lattice1, is a cryptocurrency hardware wallet designed to provide high security for managing and storing digital assets. The Lattice1 is a hardware wallet similar to popular cryptocurrency hardware wallets, including Ledger and Trezor, that are siloed from the internet, which provides an added layer of security for their platform.
The GridPlus Lattice1 is inherently different from other hardware wallets, with the introduction of a more innovative approach using SafeCards. This allows you to create multiple cold wallets with your Lattice1 account or as a backup for your private key (or seed phrase). For the latter, the seed phrase, which is crucial for your crypto assets’ security, is stored on the card and never exposed externally. These smart cards can replace the traditional and less secure method of storing seed phrases on paper.
Two key features of the Lattice1 include a touchscreen option for interaction and a multi-wallet management system.
How do You Set up The GridPlus Device?
Setting up the GridPlus is straightforward. After unboxing, you plug in the device, connect it to the internet via Wi-Fi or an Ethernet cable, and follow the on-screen instructions. The setup process includes connecting to Wi-Fi (if preferred over a wired connection) and going through device setup, which can be facilitated by scanning a QR code.
How to Send Money Assets Into Your Lattice1 Account
Once you have set up your wallet on the GridPlus cold wallet, and importantly, set up a pin and passphrase for the account, initiate a transaction by first installing the necessary GridPlus Wallet application on your mobile device or desktop to interact with your hardware wallet. Next, connect the mobile app to your Lattice1 wallet via Bluetooth or USB.
Then, find your wallet address for the cryptocurrency you want to fund, ensuring the correct network is selected. Finally, initiate the transaction from another wallet or exchange by providing the address to send funds, and authorize and confirm.
The transaction time may vary depending on network conditions and required confirmations.
Why is Rabby Wallet The Preferred Web3 Wallet?
Rabby Wallet is a browser-based multi-chain Web3 wallet supporting over 141 chains, including Ethereum, Polygon, and over 10,000 cryptocurrencies. It gives users a simpler and better way to interact in decentralized finance (DeFi) and use decentralized applications (dApps). One of the critical strengths of Rabby Wallet is the distinct user experience it provides as a browser-based wallet, allowing users to interact easily.
Rabby Wallet stands out due to its superior usability and security compared to other Web3 wallets like MetaMask. It offers a more intuitive user experience and integrates smoothly with various hardware devices, including GridPlus. It was founded by DeBank, a DeFi portfolio tracker, which is integrated into its platform.
How to Set up The Rabby Wallet
To set up your Rabby Wallet, you first need to install it on a desired browser such as Chrome, Firefox, or others. After you have installed the wallet, you can choose to either create a new wallet or import an existing one.
If you decide to create a new one, ensure you keep your private key safe. From there, you can use your wallet to interact as you deem worthy — whether interacting with dApps, receiving cryptocurrency, or sending it out.
How to Transfer Crypto Assets Via Rabby Wallet
Sending cryptocurrency using your Rabby Wallet is straightforward and should be done after you have installed and set up your wallet.
First, ensure the token you want to send is available in your wallet. If it is, copy the public address of the token from the wallet or cryptocurrency exchange you’ll be sending to and ensure the network matches, for example, the Ethereum network for ERC-20 tokens.
Initiate the transaction by indicating how much of the token you’d be sending out to the provided wallet address, and then proceed to confirm your transaction. This process is typically fast.
How to Receive Crypto in Your Rabby Wallet
To receive crypto in your Rabby Wallet, you must copy the wallet address of the token you want to fund to your Rabby Wallet. Then, paste it under the ‘address to withdraw to’ section provided on the wallet or cryptocurrency exchange you’re using while ensuring the network matches. Once all this is in check, you can confirm the transaction and wait a while to verify it.
How do ENS Subdomains Improve Security And Branding?
ENS, representing the Ethereum Naming Service, shares similarities with the existing Internet DNS (Domain Name System), but its infrastructure is decentralized and entirely operates on the Ethereum Blockchain. In essence, ENS provides a decentralized way to address resources on and off the Ethereum blockchain using simple, human-readable names.
This not only enhances security by reducing the risks associated with complex addresses but also improves brand-ability by allowing companies and individuals to associate their blockchain presence with easily recognizable names.
ENS subdomains are extensions of registered ENS domains, enabling further customization and organization under a primary ENS domain.
For example, if someone owns the domain grail.eth, they can create subdomains like skyborne.grail.eth or john.grail.eth.
These subdomains can be linked to separate ERC20 wallet addresses, which offers several advantages:
- Better Security: By attaching each subdomain to a different wallet address, you categorize your assets. This means if one address is compromised, the others remain secure.
- Proper Organization: Managing collections and handling transactions becomes more straightforward when assets are distributed across different subdomains.
- Ease of Branding: Subdomains leverage the recognition of your primary ENS domain, improving your visibility and brand continuity in the web3 space.
For instance, owning skyborne.grail.eth not only promotes brand consistency but also ensures that transactions are recognized as part of the grail.eth entity, albeit with improved security through separate addresses.
To improve the interactivity of the ENS subdomain and provide more use cases, the concept of the ENS Name Wrapper was introduced. Let’s go over that in detail.
What is The ENS Name Wrapper?
As previously stated, the purpose of the ENS Name Wrapper is to enhance customization and add more usefulness to the ENS domain. With an ENS Name Wrapper, you convert ENS names into non-fungible tokens (ERC721), which endow you with all the characteristics of NFTs, including ownership, control, and transferability.
When you wrap your ENS domain, you transfer control to the Name Wrapper contract, issuing an ERC1155 NFT to your wallet as proof of ownership. The contract retains control of the domain’s settings, enhancing security while you hold the token that signifies ownership. The benefits of doing this include improved security, enhanced permission systems, interoperability, and streamlined ownership and transfer processes.
How do You Wrap Your ENS Domains?
To wrap your ENS domain, navigate to app.ens.domains, connect your wallet, and select ‘My Names.’ Choose the domain you want to wrap, click ‘More,’ scroll down to find the ‘Wrap Name’ option, and follow the on-screen instructions to complete the process. This will entail confirming transaction fees and executing the wrap on the blockchain.
How do You Grant Access to Allow Others to Mint Subdomains of Your Parent Domain?
If you want others to mint subdomains from your parent domain, head over to ens.vision, connect your wallet, and select the domain you wish to configure. Afterward, set your subdomain configurations to either charge a fee or allow minting for free. Confirm the necessary transactions to approve the ENS storefront contract and set your configurations.
Conclusion: Combining GridPlus, Rabby Wallet, and ENS Subdomains for Optimal Web3 Interaction and Digital Management
The benefits of combining these three tools—GridPlus, Rabby Wallet, and ENS subdomains—are immense when securing and managing your digital assets. From providing secure storage and easy management of assets through GridPlus smartcards and Rabby Wallet’s seamless integration to promoting brand presence and security through personalized ENS subdomains, the advantages are manifold.
By adopting these tools, users and brands can significantly improve their digital asset management capabilities. Whether you are managing NFT collections or engaging in regular cryptocurrency transactions, these tools are designed to meet the rigorous demands of modern digital asset management.
