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ChainUP Wallet Solution Explained by HiCoin Co-Founder, MingYuan Wang

2020-04-04 08:31:09 Business


Singapore, March 24, 2020 -- Co-Founder of HiCoin, ChainUP wallet solutions division, Mingyuan Wang, gave detailed insights into their wallet solution. ChainUP is a leading global blockchain technology service provider with well-developed blockchain solutions such as whitelabel crypto exchange, wallet and exchange liquidity solutions, to name a few.

HiCoin is the wallet solution for digital currencies and an asset management solutions provider.

Full-featured Wallet Solution

HiCoin focuses on blockchain wallet technology services and currently has an HD (Hierarchical Deterministic) Wallet as well as Cloud Wallet’s core products. It also has asset custody features - comprehensive payment, wallet with full functional features and other landing solutions, and also the ability to quickly build digital wallets and complete blockchain ecosystems for projects, exchanges, online e-commerce, physical enterprises, traditional users, small and medium blockchain enterprises, etc.

Currently the largest systems provider in the blockchain wallet industry, HiCoin was established two years ago, and has served more than 100 customers. It provides a full-featured wallet that includes digital currency applications such as wealth management, mining, payments, e-commerce, OTC payments, portfolio replication, lending, and other functionalities.

Focused on providing one-stop services for wallet customers, this year, HiCoin will be strengthening the functionality of its full-featured wallet while developing asset alliances and building up wallets as financial centers.

Blockchain Wallet Applications

The main landing applications are usually E-commerce, gaming, tokenization, payments, wealth management, and mining. In the future, there will be more varied possibilities like borrowing and portfolio replication.

“I feel that exchanges are similar to securities companies while wallets are similar to banks,” said Wang. “So using this analogy, China has 100 million shareholders but 1 billion bank users. It should not be prioritized in order of magnitude. For the exchange, there is a high frequency of transactions and it functions satisfactorily as a profit-making mechanism. The wallet is more low-profile - it will gather heat slowly, but that flow of heat will be long-lasting.”

B2B vs B2C

At present, Wang contends that the vast majority of B2C wallets on the market are not profitable, and that most of them are for users in the token gaming industry.

“We hope to be able to tap traditional and financial industries, companies with traffic and products, to use our technology for entry into blockchain, thereby converting more new users,” he said. “There are already many B2C wallet companies in the crypto industry that are beginning to provide technical services.”

HiCoin recently served a homestay platform that hoped to acquire millions of users on the platform. By letting users hold digital currencies, the platform could increase their financial attributes and win more customer loyalty, differentiating themselves from rival platforms.

“We prefer this type of customer where they have a set volume of traffic from their customer base, using the blockchain wallet as a tool,” he said. “For the others, we can innovate blockchain application attempts on enterprise scenarios, since wallets are excellent use-case scenarios. E-commerce, games, payments, and finance all have features that can be combined.”

Developing Wallets that Meet Future Requirements

“A good hardware (like an iPhone) plus a HiCoin decentralized wallet can work together very well,” suggested Wang. “However, a hardware wallet is still necessary to store the private key offline so that the private key never touches the internet. In this capacity, it might be better than a mobile phone that can be connected at any time. To better meet future requirements, I would say wallets like HiCoin which we are developing to function as financial centers, will be the answer.”

As HiCoin mostly serves B2B customers, asset security is of paramount importance. This has constantly led to higher security standards, with HiCoin accumulating a wealth of experience in this area.

In terms of risk control and security, HiCoin wallets have inherited the perfect risk control and security system of parent company ChainUP, which can achieve 100% full risk-control coverage. With 30-over security technology guarantees, ChainUP/Hicoin can provide security auditing; monitoring from different angles (users, businesses and systems); multi-level early-risk warnings; and ensure asset safety. At the same time, they have reached long-term and in-depth strategic cooperations with many domestic and foreign security agencies such as Johnwick, CertiK and Chains Guard.

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