Q&A with Guarda Wallet: Custodial vs. Non-custodial Wallet: Which Is Better?
When it comes to storing your cryptocurrency, there are many types of wallets, but the two main categories are custodial and non-custodial wallets. So, which is better? We asked Paul Sokolov, CEO of Guarda Wallet — a popular non-custodial wallet provider — to weigh in on the topic.
According to Paul, non-custodial wallets are better. ‘They offer greater security and peace of mind, knowing that only you can access your funds. Plus, they’re often more user-friendly than custodial wallets,’ said Paul. ‘So, if you’re looking for the best option, non-custodial wallets are the way to go.’
What Are Some Reasons Why a Non-custodial Wallet Is Better Than a Custodial One?
There are many reasons why a non-custodial wallet is better than a custodial wallet.
- Custodial wallets are more vulnerable to hacks and security breaches as they centralize the storage of private keys. Therefore, your private keys could be compromised if the custodian is hacked and funds get lost. Non-custodial wallets, on the other hand, distribute the storage of private keys and allow you to control your funds, making them a more secure option.
- A third party hosts custodial wallets. This third party has control over private keys in the wallet. Hence they also have control over the funds in the wallet. Additionally, in the case of restrictions set by the wallet for one reason or another, users may lose access to their funds. Non-custodial wallets, on the other hand, are wallets where the user holds private keys. They give users more control over their funds, as they are not reliant on a third party for security.
- A custodial wallet is not easy to create and requires a long KYC/AML process to verify your identity. This is in contrast to the non-custodial wallet, which is easy to set up without lengthy identity checks.
What Type of Wallet Is Guarda, and What Are Its Features?
Guarda is a non-custodial wallet. It offers a variety of features to users. Some of these include: – Support for a variety of cryptocurrencies: Guarda Wallet supports over 60 different blockchains, including popular ones such as Bitcoin, Ethereum, Dogecoin, Litecoin, Tether, USD Coin, and many others.
- An easy-to-use interface: Guarda Wallet is easy for even novice users to navigate through tabs and make transactions.
- An enhanced security: The wallet prioritizes anonymity while taking advantage of security. The wallet recovery data is encrypted with the user’s password and stored by users.
- A wide range of supported platforms: Guarda Wallet is available on desktop, mobile, web browser, and browser extensions.
- A community-driven ecosystem: Guarda Wallet prides itself on offering products and services needed by users. The team even asks users what they want to see on the platform via social media or our website.
How Does Guarda Wallet Leverage Its Non-custodial Features?
Guarda Wallet strives to provide its users with the highest levels of security and privacy by leveraging its non-custodial aspect. This means users’ data are never stored on central servers and are only accessible via the user’s device. Since Guarda does not store the data, users should write their passwords. Therefore, their funds are safe if a user’s device is lost or stolen.
In addition, Guarda Wallet employs cutting-edge security features such as backup files and multi-signature technology to enhance security. The backup should be downloaded and stored safely on your device because you can use it to recover your wallet if you forget your password.
When You First Started Working On Guarda, What Was Your Vision? How Has It Changed Since the Beginning?
It was 5 years ago, hard to remember. Guarda was an Ethereum wallet first, and now it is an ecosystem of blockchain-related products. The vision has remained the same, but we’ve significantly grown along the way. I was always interested in blockchain, privacy, and custody-free solutions. And Guarda has been adhering to the main principle of blockchain — decentralization — throughout these 5 years.
Guarda started as a single-currency platform and became a multi-currency wallet. Over the years, we have added many features and services to the ecosystem, including multi-sig, token generator, support for more platforms, staking, etc. We’re also constantly expanding our team to continue providing the best possible service to our users.
What Is Your Process Like for Implementing a New Product Into Your Ecosystem?
When Guarda Wallet launches a new product, integrating it into the existing ecosystem begins long before it is released.
First, we research through our community’s reviews or comments and the crypto space trends. Our team then assesses how the new product will fit into our existing lineup and what it will bring to the table.
We then start to work on designing the product and building it out. After that, there is a routine — running a lot of tests.
Once the product is ready for launch, we start to reach out to our partners and clients to let them know about the new addition. We also begin working on marketing materials and preparing for the launch. On the day of the launch, we ensure everything is ready to go and release the product to the world. After that, we maintain the product and ensure it satisfies our clients.
What Is the Most Exciting Project You Are Currently Working on That You Would Like to Share?
We are working on a new mobile version of the Guarda Wallet app! The beta version will also be released soon, so please participate in our beta tests.
What Are the Future Plans of Guarda Wallet?
At Guarda, we are constantly working on new features and improvements for our wallet. We have a lot of exciting plans for the future, and we want to give our users the best possible experience. We are always looking for ways to improve Guarda Wallet, and we can’t wait to show our users what we have in store.
Thank you for your continued support!
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