Wallet Crypto Red Review: Open Source Cryptocurrency Wallet with Innovative Crypto Trading Tools

UTC by Benjamin Godfrey · 4 min read
Wallet Crypto Red Review: Open Source Cryptocurrency Wallet with Innovative Crypto Trading Tools
Photo: Depositphotos

Wallet Crypto Red is an Open Source crypto wallet that allows for increased privacy of stored coins, using a set of new technologies.

The popularity of the various cryptocurrencies, Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi) solutions has continued to re-emphasize the growing maturity of blockchain technology. While the world is getting more comfortable with using digital currencies, there are still fundamental challenges that must be gotten right before these nascent asset classes dive into the mainstream.

The emergence of Wallet Crypto Red (WCR) is directly designed to solve the underlying issue of cryptocurrency custody, safety, and interoperability amongst blockchains. The innovative wallet has integrated most of the core functionalities that every regular crypto user needs. These one-of-kind services and product offerings will be discussed in detail shortly. Despite the fact that Wallet Crypto Red is relatively new, its unique technology has the capabilities to position it at the forefront amongst other third-party wallet services available today.

Getting Started: Overview of WCR

Wallet Crypto Red is an Open Source crypto wallet that allows for increased privacy of stored coins, using a set of new technologies. The core products of the protocol include:

  • Top Up
  • Mixer
  • Swap
  • ATM Map

The Top-Up feature is a simple to use the capability of the digital wallet which allows for users to add more to their coin portfolio. Topping up is an easy thing to do and users will need to go through Changelly, a third-party exchange in order to use this service. As a platform with strong advocacy for freedom, WCR allows customers to top up from any exchange or other sources as the case may be.

The Mixer feature is a way to make user’s transactions more obscure or free from any form of prying eyes. To obfuscate the source of the user’s cryptocurrency, the mixer tool will make it difficult to link two wallets together. WCR makes use of Blender.io to obfuscate two wallet addresses in a unique way that is not confusing to the final user.

Just as most Automated Market Maker (AMM) operate, the Wallet Crypto Red platform also allows users to swap one token to another in a simple and efficient way. The wallet brings this service to life through the SWAPSPACE, a token exchange platform designed for convenience. With the choice of a swap partner, the challenge of liquidity and high latency is stumped, a development that offers the WCR users more value across the board.

The growth of crypto around the world, in general, has pushed for a growing number of Bitcoin ATMs to be installed to serve crypto holders in specific locations. The WCR platform offers an ATM map that can help its users navigate the nearest Bitcoin ATM within their region. The ATM Map is also user-friendly and will serve as a handy companion to users of the WCR app which makes the withdrawal effective and efficient for most crypto adept in a privacy-oriented manner.

Promoting Anonymity in Messaging and Coins Supported

Wallet Crypto Red is built to help users leverage the encrypted nature of blockchain to shield inter-person messaging or interactions. This is made possible through the NaCl (pronounced ‘Salt’) tool. The tool makes it possible to either encrypt a message you wish to send out and also to decrypt one being sent to you.

To encrypt you will need to type in the message, and the public key for the person the message is meant for. Conversely, while decrypting a message, you will need to type in the message, the sender’s public key, and your private key to put the tool to use. Messages sent this way are anonymous and are completely safe.

The WCR platform currently supports a number of cryptocurrencies including Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Dash (DASH), and V.SYSTEMS (VSYS). As the platform grows and user demand continues to fill up, more tokens are bound to be integrated in the future depending on the forecasting needs of its users.

Getting Guarantee

The digital currency ecosystem can sometimes be a treacherous path to follow, however, the crop of protocols being rolled out today, including WCR are doing things differently. The platform’s open-source code and platform documentation are easily accessible through the platform’s Github page.

Users who need guarantees can resort to these documentations. However, the design, capabilities, and partnerships that have been forged by the platform thus far are a factor which showcases its readiness to take the crypto custody feature to a whole new level.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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