A web wallet allows you to store funds safely and conveniently. The only issue: unlike offline wallet; online wallets can be hacked at any moment. Nonetheless, they are a good storage for digital coins as well.
To store Litecoin, the best digital wallet you can refer to is the “Litecoin Wallet- Litevault”. Unlike other online wallets, your private keys are available on LiteVault servers. Your browser encrypts it before sending them to LiteVault.
The software and design of LiteVault wallet are very simplistic. Its main aim is to store Litecoin via Changelly integration with some additional options.
What is LiteVault Wallet?
LiteVault is an online wallet service which uses in-browser cryptography. This same system is used by Blockchain.info– a renowned Bitcoin wallet.
It allows you to send/receive Litecoin via a web browser without downloading the blockchain. You can enable Two-factor authentication via email address.
- Easy to use, convenient with the fast signup process
- It is an entirely open source platform
- Doesn’t store other cryptocurrencies
The team alerts about a vulnerability existing in “Tor browser”. They suggest accessing only via “Tor Hidden Service”. The 2 Factor Authentication is in beta and only available if an email address is given.
A Short Video For You To Understand Better!
The Company behind LiteVault Wallet
LiteVault Wallet is an open-source project. The anonymous UK-based developer- “Someguy123” handles it and has developed many projects like Litecoin Block Explorer. Currently, he is creating code for Litecoin 2.0 exchange and a fresh project named “Coinbet”.
LiteVault was made by Someguy123:
“I Am A Trusted Website Developer Within The Litecoin Community Responsible For Various Services Including The Litecoin Block Explorer, And Administrating Various Official Litecoin Resources Such As The Wiki And IRC.
Pros of Web Wallets
- You can send and receive payments within few minutes
- Offers an additional security feature: 2FA and QR code scanning
Cons of Web Wallets
- More likely vulnerable to attacks such as DDOS, malware, phishing scams and insider hacking
- They are not very reliable to store huge amount of cryptos.
How Does The Online Wallet Works?
When you log in to LiteVault, your browser forwards your identifier to the server. The server returns with an encrypted version of your wallet together with the AES algorithm. Your browser decrypts it using your password (never sent to the server) to load your private keys for signing transactions.
LiteVault Fees
For crypto wallet there are no fees; however, Litecoin charges a small fee for the transactions. If you buy Litecoin from an exchange, they charge somewhere between 0.5-2%.
The Crypto Wallet Special Features
- In-browser Cryptography for safety purpose
- Re-designing the interface to be cleaner and usable
- Crypto wallet added color tags for the convenience of the users (Visually identify an address easily)
- QR code scanning reduces the tedious process to type long address. (Minimizes risk to enter wrong address)
- Private keys are masked behind the “View Private Key” button on the digital wallet’s page
- Message signing via address proves that you are the owner
How to Use LiteVault Wallet?
LiteVault wallet is really simple and easy to use. Let’s begin with the procedure.
- Register an account with LiteVault by signing up
- Enter the details: full name, email-id and other details
- Verify the account and again login
After you create the new wallet, it is sent to the company’s server encrypted with your passphrase.
You can also enable the two-factor authentication for extra security. Make sure you back up your passphrase.
If you want to keep yourself anonymous use the Tor hidden service.
Partners and Integrated Software- LiteVault Review
Help and Support
- LitecoinTalk
Personal Information for Activating Account
- Email Address
Users Only Need Email Address To Enable 2-Factor Authentication.
Languages Supported- LiteVault Review
Functionality
LiteVault wallet has partnered with Changelly; to allow users to purchase Litecoin via credit card or convert Litecoin to other altcoins. (However, you will need a separate wallet to store other coins). Users also have the choice to Import/Export keys or wallets.
Advantages:
- Litecoin allows to store, send and receive Litecoin without downloading the blockchain
- It is completely open-source
- The wallet is encrypted before storing on the server. This provides double security to the wallet.
- Users can enable two-factor authentication
Disadvantages
- The wallet doesnot support multisignature fully, there are some issues
- The wallet is only for Litecoin
- No fiat currencies supported
- Limited functionality
Most Common Customer Complaint
- Display of incorrect transaction list
- Incompatibility with some new multi-signature addresses for sending Litecoin
- Send button is inactive,
- Cannot fit fee of 0.003
LiteVault may support creation of SegWit addresses in the future, if the demand for them exists. And at that time, LiteVault will be upgraded to be able to spend from those SegWit addresses
segregated witness scales bitcoin network to handle greater transaction volumes is gaining traction in its once divided development community.
Thank you for checking out the complete LiteVault review. Make sure you visit our website for more regular updates and various crypto news and trends.
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