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What is bitcny address (bitlocation)?

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What is bitcny address? Why set up an executable key Bitcoin address?The Bitcoin

What is bitcny address (bitlocation)?

What is bitcny address? Why set up an executable key Bitcoin address?

The BitcoinCash team recently proposed a method to connect cryptocurrencies and wallet software to make it easier to use. This allows us to more easily utilize blockchain technology and reduce transaction costs, avoiding situations where users lose their private keys unnecessarily.

To help address this issue, BitCNY has also designed an application called “BitKeys” for managing Bitcoin wallets. The application consists of three parts: accounts, passwords (signatures), public keys, private keys, and mnemonic words (here called fingerprints) similar to other email addresses. These accounts have multiple different private keys and communication channels between them, and they have certain interaction protocols, but they cannot send or receive messages to each other. Therefore, if more people need to use their keys for payment (such as via phone number or SMS), this type of wallet is not always secure because it is usually a closed network system.

However, when sending funds to another network, there may be two options. The first is to make the payment through a mobile phone number, then click on the “accept” (transfer) link and start a transfer to another blockchain. The second is to sign the transaction with the private key, thus having full control over their wallet while maintaining anonymity. The third option is to provide the private key to others without any personal involvement.

In addition to the above two points, some additional tokens can be created. These tokens can be used to pay for transaction fees. For example, if you want to sell your BTC or ETH, you can deposit them into Coinbase or Gemini. Of course, you can also transfer them to your friends.

bitlocation

According to reports, bitlocation is a protocol in the distributed storage network. Like any other decentralized system, this dataset is called “bitlocation”, and it is supported by a public service platform called btLocal. Users can access these nodes under this name. They can achieve this goal by setting up their own server locally and then choose the services or applications they want to use. The bitlocus team will operate an infrastructure based on this functionality to provide secure, scalable, and reliable data points for its specific applications. (cointelegraphcn)

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