What Makes DexToro Decentralized?

Smart Wallet is a proprietary product built by DexToro that utilizes smart contract wallet technology.

What Makes DexToro Decentralized?

Smart Wallet is a proprietary product built by DexToro that utilizes smart contract wallet technology.

smart contract wallet is a decentralized application (DApp) built on a blockchain that enables users to manage their digital assets using smart contract technology. These contracts are self-executing, programmable scripts that automatically enforce the terms and conditions of an agreement. This functionality offers users higher control and security than traditional wallets, as smart contracts enable unique features like multi-sig, access controls, and customizable transaction logic.

How Do Smart Contract Wallets Work?

Funds in smart wallets are accessed and controlled through smart contract code, which allows almost unlimited functionality, gives users more control over their assets, and spurs greater confidence in DeFi.

The Ethereum platform supports two types of accounts: Externally Owned Accounts (EOAs), which are accessed using a private key or seed phrase, and Contract Accounts, which are controlled by smart contract code.

Some of the key benefits of using a smart contract wallet include the following:

  1. Enhanced security: Smart contract wallets utilize blockchain technology and encryption protocols to protect users’ assets from theft or unauthorized access. For example, a user’s private key is securely stored and encrypted within the wallet, making it extremely difficult for hackers to access the user’s funds.
  2. Customizable features: Smart contracts enable advanced functionality, such as multi-sig transactions, spending limits, and programmable rules, which can be tailored to users’ needs. For instance, a user can set a daily spending limit to mitigate the risk of excessive or unauthorized transactions.
  3. Decentralization: Unlike traditional wallets that rely on a centralized authority, smart contract wallets leverage the power of decentralization, reducing the risk of single points of failure and censorship. This can be exemplified by a decentralized exchange (DEX) wallet that allows users to trade tokens directly from their wallets without needing a centralized exchange’s approval or intervention.
  4. Transparency and auditability: All transactions and smart contract codes are recorded on the blockchain, accessible and verifiable by anyone, fostering trust and confidence in the system. For example, if a user suspects fraudulent activity, they can quickly verify their transaction history on the blockchain to confirm the accuracy of their wallet’s records.
Put simply, smart contract wallets are where it’s at. They solve both problems inherent in web3 today; users stay in control of their funds while benefiting from higher security measures than they receive from regular EOA wallets like Metamask and even higher security than storing your funds at a traditional bank.

Why DexToro utilizes smart wallet

A smart contract wallet or (DexToro Smart Wallet) can help DexToro in several ways:

Security: A smart contract wallet can offer a higher level of security than a traditional wallet. A smart contract wallet is programmed to execute transactions automatically according to pre-defined rules, making it resistant to hacking or other security breaches.

Advanced orders: Smart contract wallets can help DexToro to provide advanced orders like limit orders, stop loss orders, SL, TP, and more. The possibilities are endless.

Transparency: The use of smart contract wallets can increase transparency in decentralized exchanges, as all transactions are recorded on the blockchain and can be easily audited. This can help build trust among users and increase confidence in the platform.

Overall, a smart contract wallet can help improve the security, efficiency, and transparency of DexToro, leading to a better user experience and increased adoption of not just DexToro but the entire decentralized trading industry.

Managing smart wallet

Create Smart wallet

Users need to create a Smart Wallet to start trading on DexToro. Head over to DexToro to create one.

Note: You will need to deposit sUSD ($50 or more) and go about finding your first trade and execute the trade (the popup to create your Smart Wallet will appear) once complete, the trade will now activate.

Click on Create Account and complete the transaction. The Smart Wallet is created, and you are ready to begin trading on DexToro.

Add funds to the Smart Wallet

To add funds to the Smart Wallet, the user must have sUSD. If not, Swap it directly on DexToro.

Click on Get sUSD and a Bridge & Swap module will pop up.

After completing the transaction, the amount will be credited to the Smart wallet and reflected in the sUSD balance instantly.

About DexToro

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