In traditional banking you have an online account. You log in using a username and password and then you visit your main accounts section. In the accounts section you have an account number which is usually represented by 10-15 digits. Traditional bank accounts depend on a central authority to manage large databases of transactions. One database could essentially manage thousands of users. All transactions must be approved by a central authority before they are final. These central databases attract hackers and can be easily compromised.
Galaxycoin is based on blockchain so transaction management is very different. Account security is higher because transactions can be done directly from peer to peer without the need for a central bank or central authority. Traditional banking also does not offer clients the ability to hold precious metals. Galaxycoin allows users to trade assets anonymously.
Clients can choose whether to identify themselves when sharing their account numbers. Identity is managed using advanced encryption. Blockchain technology is referred to as decentralized internet which uses a distributed database across many nodes. Every client has a copy of the main database and each account is isolated and contains specific encrypted digital signature information. Every client account contains a copy of all transaction history making it very difficult for hackers to compromise blockchain banking.
You actually do not need to log into your account which makes things even more simple than traditional banking. Users can view transactions and account balances without a password. You only need to know your account address. When you want to send assets you will use your password to sign and broadcast your Galaxycoin blockchain transaction.
GALAXYCOIN ACCOUNT NUMBER
A Galaxycoin wallet account number is used to receive and send crypto digital assets or galaxycoin. Wallet account numbers are represented by letters and numbers and are usually 30-40 characters long. New wallet accounts will contain one main receiving address which is also referred to as a public key. Public key addresses are used to send or receive assets and can be shared with anyone. Wallet owners can post their receiving address on a website or text the address to a friend. 3D bar codes are used to represent wallet account addresses in order to facilitate faster transactions using mobile devices.
Distributed database technology becomes more safe when more people are connected. The faster the network grows the stronger each and every transaction becomes. To keep it simple every transaction is stored in every single wallet. To bring down a network which is completely decentralized is more effort than its worth. The chances of affecting the whole network is slim to none. Most hacking is done on a per user level by spending unauthorized funds and hackers usually get into accounts because of weak passwords.
We do not have control over individual accounts because this is a decentralized system. All transactions are final so if you feel you have been hacked then the best thing you can do is contact us to help you move your remaining assets to a new account as soon as possible. If someone is moving your assets they probably got access to your private key. We are doing things to mitigate these risks which is why we require personal information when making a purchase. Galaxycoin.io provides a managed anonymous precious metal trading platform.