【NeoLine Talk】The difference and connection between blockchain wallet and Alipay
We who live in China where mobile payment is developed have rarely seen the trace of cash, and even Alipay’s collection codes are displayed in front of street performers. As one of the most successful third-party payment tools, Alipay has already become a “necessary” for the lives of the Chinese people.
In the field of encrypted assets, the blockchain wallet is based on blockchain technology and plays the role of Alipay in mobile payment. So, what is the relationship between Alipay and blockchain wallets?
In this issue of NeoLine Talk, we will talk about the differences and connections between blockchain wallets and Alipay.
The difference between blockchain wallet and Alipay
1. Different degrees of centralization
Alipay wallet as a third-party payment tool, each payment must be approved by Alipay.
For example, Tom wants to transfer money to his girlfriend Lily on Valentine’s Day. After receiving the request, Alipay first needs to verify that Tom is operating, and then verify whether the balance is sufficient according to the payment order he set. If he needs to transfer money with a bank card, Alipay will issue a payment instruction to the bank. Only when the balance is sufficient can the transfer be completed successfully.
In this transfer process, Alipay acts as an intermediary to confirm the transaction and is a successful representative of the centralized application.
The blockchain wallet is not a real “wallet”, the coins are not stored in the wallet but on the blockchain. A wallet is just an application that stores information such as the public key, private key, and address of digital assets. According to the degree of centralization, the rankings are sequentially lowered and can be divided into centralized wallets, light wallets, and full-node wallets.
Blockchain wallets rely on blockchain technology to ban intermediate institutions through special algorithms and rules to achieve “decentralization”. The essence of the blockchain is a distributed ledger. The nodes distributed independently in each place have an identical ledger, so that no one, organization, or country can easily destroy or tamper with the data.
2. Different equipment
As we all know, Alipay is an application, all operations need to open the Alipay app on the mobile phone to proceed.
The form of the blockchain wallet is ever-changing. It can be operated by the application through the mobile phone of the computer, or it can be a hardware wallet in the form of intelligent storage hardware, or even a small piece of paper with a private key recorded. article. If your memory is outstanding, you can achieve “private key in your heart”, then it doesn’t matter if you don’t have a wallet, because the most important role of the wallet is to help record the private key.
3. Different real name requirements
Before using Alipay for transfers and other operations, you need to verify the identity card information.
The address of the blockchain wallet plays the role of Alipay account for receiving the transferred assets of the other party. For example, if you create a wallet in NeoLine, it will generate a string address starting with A and a QR code address. When receiving transfers from others, you only need to give a string address or a QR code, and neither party needs to know each other’s true identity.
However, if it is the wallet address provided by the trading platform, real-name authentication is required when registering to comply with the relevant regulations.
Link between blockchain wallet and Alipay wallet
1. Financial products
In addition to “Yuebao”, Alipay also has a wide range of financial products for investors to choose from. Most of these products are aimed at assets that users do not plan to circulate in the short term, giving users more investment possibilities.
Similar to Alipay, many blockchain wallets have also launched financial wealth management products with digital assets. For example, Kcash accesses the “Yubibao” product provided by the quantitative fund company Tokenmania; the public trust wallet Brock City has access to Yubibao, the lending and wealth management platform LendChain; Cobo also has a pledge currency mining PoS currency coin service and many more.
2. Entrance of third-party platforms
In addition to the transfer payment function, Alipay can also purchase movie tickets and performance tickets, book hotel accommodations when traveling, and even “Didi Travel” can be completed through Alipay. This is because Alipay has access to third-party services, saving users the step of re-downloading an app, and also bringing more users to third-party platforms.
Blockchain wallets are also the entrance to third-party DApps. NeoLine wallet is connected to NNT, which is used to obtain the latest information of Neo ecology,
Cryptocurrency exchange Swicheo, as well as third-party DApps such as Neoworld, NeoFish, and other blockchain games. While providing more and more colorful functions for wallet users, DApp is given more platforms.
Although more and more merchants now support cryptocurrency payments, blockchain wallets and Alipay have a large gap in ease of use and penetration. It is hoped that with the continuous development of blockchain technology and the continuous popularization of blockchain knowledge, the blockchain world will no longer be out of reach, and merchants that support cryptocurrency payments will no longer only appear in the news but in our around, blockchain wallets can enter the lives of the public.
