search
Only on Eduzaurus

Hoard: A Better Way To Manage Your Digital Assets

Download essay Need help with essay?
Need help with writing assignment?
72
writers online
to help you with essay
Download PDF

The joy that comes with making new discoveries that will shape your life for the better is out of this world. That scenario was what many found embodied in cryptographic currencies. The fancy of having reduced costs in transactions and no party to mediate in transaction disputes seemed tantalizing. What many investors failed to understand at the onset was that Bitcoin was merely foot-soldier of more currencies to come. With their coming and haven reached over 2,000 variations, cryptographic currencies demand separate wallets for their storage. This was something many didn’t expect and Hoard is here to solve the issue. What is Hoard?Hoard can be likened to its literal meaning – restricting the use of items.

Mention had been made that digital currencies are over 2,000 and each of these has different wallets and though not all have chains of their own, they forge partnership with existing blockchains. The lot now fell on these currencies to forge their way around the crypto sphere in terms of their trading. Hoard does not want to delegate itself to conventional practice of solving blockchain problems but is instead working towards scalable crypto transactions. Simply put, the platform wants to simplify crypto trades for newbies and technologically-savvy investors.

Essay due? We'll write it for you!

Any subject

Min. 3-hour delivery

Pay if satisfied

Get your price

Crypto Management

With the torrent of cryptos and disparities existing in their wallets, Hoard offered to render help by allowing you manage your funds from one dashboard. This is introduction to the Hoard App – a mobile application that is available for Android and iOS devices and currently available on the Play and App Stores. The app is one out of many solutions by Hoard. Through this channel, you can easily manage your digital currencies and other assets from one point. The idea is to collate all assets under one platform thereby ensuring seamless trades. The app which also doubles as a wallet accepts multiple currencies and traditional KYC is not required. Also, you can manage private keys to all your assets. The other side of the coin is that the platform allows you exercise full control with additional support of account merger thereby removing the need to remember your different wallet addresses. Where can it be used?

Hoard Cannot Function without Smaug Protocol

Discrepancies also lie on blockchains because Ethereum cannot function alongside Bitcoin and the scenario also extends to other blockchains. There is no interoperability and if this feature was to be there, problems in the blockchain would have been reduced. To this end, Hoard promises to make chain networks interoperable. The first step towards this is having the Hoard token after which you get to connect your accounts through the app. The scenario here is that crypto transactions would be seamless. Imagine a case where you get to make some purchase online using Ethereum even when funds are sent to the seller’s BTC account. With the Smaug protocol, you’re allowed to make interoperable transactions across chains and also sell off some of your cryptos and get equivalent purchasing power of another blockchain. Smaug protocol also instituted trustless payments that allow users have real-time transactions as opposed to lagged throughput of previous chain networks. Perhaps the greatest upside that the protocol poses is return to the pathway of decentralization where emphasis is not placed on specific chains.

Disclaimer

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers. You can order our professional work here.

We use cookies to offer you the best experience. By continuing to use this website, you consent to our Cookies policy.

background

Want to get a custom essay from scratch?

Do not miss your deadline waiting for inspiration!

Our writers will handle essay of any difficulty in no time.