Wallet Account Types
The Venom network supports three different wallet accounts which are described in the following.
A wallet account is a smart contract specifically designed to allow users to interact with the Venom network and to perform actions with the network's native currency.
With the help of a wallet account, users can send, receive, store, and stake $VENOM tokens as well as interact with smart contracts within the network.
The following describes the flow of a user transferring funds from their own wallet to another wallet account:
- User defines the number of tokens they want to send.
- Receiver address is specified by the user.
- User sends signed external message to initial wallet account.
- Wallet account verifies sender.
- If sender is successfully verified, transaction fee is deducted from the user's balance.
- Funds are then transferred to the receiving wallet account.
Default wallet
The default wallet is the simplest type of wallet account in the network. It is created automatically when a user creates a new network address. With the help of the default wallet account, users can send, receive, store, and stake $VENOM tokens as well as call other contracts.
A multi-signature wallet provides increased security features because it can be controlled by multiple users. Whenever a transaction is initiated, it needs to be signed by a specified amount of parties before it can be executed. Organizations (such as DAOs) and other groups of individuals may wish to use multi-signature wallets to ensure a higher level of security and accountability.