Wallet

The Safest Way to Send and Receive Bitcoin: Mojito Wallet

2022-06-29

Simplify your Bitcoin transactions with the Mojito wallet.

We are very excited to announce the release of the Mojito wallet.

This wallet has been developed and designed to make performing Bitcoin (BTC) transactions as simple, secure, and private as possible.

So, what is the Mojito wallet and why would you need one to simplify your BTC transactions?

Why do you need a BTC wallet?

Before talking about the Mojito wallet specifically, it is important to address what a BTC wallet is, and why you might need one.

What is a BTC wallet?

A BTC wallet refers to the method of storage you’ll use to keep your assets, specifically BTC safe. There are different kinds of wallets available; including the Mojito wallet.

Each different type of wallet will have different advantages and disadvantages when it comes to security, safety, ease of use and more - so you need to know what to look out for when considering what kind of BTC wallet you’ll be using to store your coins.

How does a BTC wallet work?

A BTC wallet works by saving the cryptographic information needed to access BTC addresses and to fulfill transactions. A wallet is essentially a pair of public and private keys, and in order to access the funds; you need to prove that you have the right to those assets, by providing the private key. This is why it is so important to protect your private keys, as anyone with access to it will be able to spend your coins. It does not matter, however, if someone has access to your public key.

Some wallets, such as the Ledger wallet (a popular type of cold wallet) will allow you to store other kinds of assets, as well as BTC. This is useful when it comes to managing an investment portfolio at a larger scale, as you can keep multiple assets in one place, and access them in the same way you would your other assets and coins.

It’s important to note, if you’re just starting out in crypto, that wallets don’t contain your actual coins. They store the private keys to your coins. Your coins themselves will be stored on the blockchain.

The Mojito wallet allows you to store BTC, and once the Mintlayer token launches, you’ll also be able to store your MLT tokens there, too.

How does it work?

When you’re sending and receiving BTC, cryptographic key pairs are used. That means that private, and the corresponding public keys will be used, depending on whether you’re sending or receiving BTC into your wallet. For example, to receive BTC, you need to use a public key, which is derived from your private keys.

When you create your BTC wallet, you’ll need to create a seed phrase. Mnemonic phrases are used; which is why you’ll often see 24 word phrases used to access or recover your wallet (although most wallets support simpler ways of logging in, by using a username and password combination).

This way of accessing your BTC wallet is called a Hierarchical Deterministic framework, and it has become the standard when it comes to BTC wallets. It’s the framework used in our Mojito wallet, and it allows you to automatically generate fresh public keys.

Fresh public keys might seem like just another hoop, but for users' security and privacy reasons, they are an important standard. Anyone can follow your entire transaction history if you use the same address every single time you initiate a BTC transaction, so by using this framework and generating fresh keys every time you transact, you’re protecting your privacy and security.

It’s all about retaining pseudonymity on the blockchain.

What’s pseudonymity?

While Bitcoin is often associated with anonymity, the truth is that the Bitcoin blockchain is a public ledger of all transactions. Nothing, and no one is truly anonymous on the blockchain.

What you CAN achieve in terms of security and safety, however, is pseudonymity.

Pseudonymity is used in order to protect the identity of users. When a user makes a transaction, their name is not attached to it. Instead, their Bitcoin address is used. This Bitcoin address is a long string of numbers and letters that is unique to each user; as we previously saw (public keys). As a result, it is very difficult to determine who is behind a particular transaction.

This means that while Bitcoin users are pseudonymous, their addresses can be traced back to real-world identities if someone takes the time to do enough digging to find out who an account, or address “really” is.

This can be problematic for privacy-conscious users, as it leaves them vulnerable to identity theft and fraud. However, there are ways to increase pseudonymity. For example, users can create new Bitcoin addresses for each transaction, and they can use a mixer to break the link between their old address and their new address. By taking these precautions, Bitcoin users can help to protect their privacy and keep their identity safe from malicious actors.

The Mojito wallet offers this feature.

Different types of wallets available

There are different types of BTC wallet available today each offering different levels of security and safety, as well as different advantages and disadvantages for the user.

Here are some of the most popular wallets available to choose from:

Mobile wallets

Mobile wallets are a good choice for users wishing to quickly and simply access their assets. They can be used to pay for goods and services online or in real-life, as well as to trade and store crypto in the app.

They are quick to install, convenient to use and can be further protected by installing 2 factor authentication.

Web wallets

Web wallets store your private keys on a server, and your private keys are then controlled by a third party. Users can access their funds at any time when online. It should be noted, however, that the organization running the service can access your keys, meaning they can control your funds.

Though this sounds scary; in practice, the web wallet provider cannot do much with your funds without some serious repercussions and most services will have some form of insurance or backup funds to reimburse users should they be subject to a hack or attack. That said, it isn’t recommended to keep large amounts of funds on these wallets; they should be seen as more of a “transition” wallet, where you send funds to and from hot and cold storage.

Desktop wallets

You can install a desktop wallet onto your computer. When you do this, your private keys will be kept on your hard drive or solid-state drives. Desktop wallets don’t rely on third parties for their data, so are generally considered as quite secure.

That said… your coins are as safe as you are vigilant. Protect your private keys and don’t show off your assets to people. Your assets are your responsibility.

You can choose different desktop wallets according to your needs. Some will have a higher focus on security, others anonymity, convenience etc. it depends on what you are looking for in a wallet, and what you will use it for.

Hardware wallets

Hardware wallets offer users the possibility of storing private keys in a physical device. They are sometimes referred to as “cold wallets”, and seen as one of the safest, and most secure ways to store assets.

The only catch with hardware wallets is that you must take the time to fulfill any transactions, as you’ll often have to verify important information on the wallet screen. This makes hard wallets a less interesting choice when it comes to trading assets, but they can be a perfect solution for holding assets in the long-term, so long as you take care of your mnemonic phrase and make sure to never lose or compromise it.

Paper wallets

Paper wallets are the last type of crypto wallet you can typically find today. They contain a public address for receiving BTC and a private key to transact your coins. They are often printed in the form of QR codes so that you can scan and add them to a software wallet.

The keys are stored offline, which makes them super safe, however, as with all wallets, you need to be very careful about the storage of your private keys. Never disclose this information to anyone, unless you want to compromise your funds.

The Mojito Wallet

Where does the Mojito Wallet fit in all of this?

The Mojito wallet allows you to create multiple Bitcoin wallets in one, simple interface.

Mojito is a MIT licensed cryptocurrency wallet built around the Bitcoin ecosystem.

With the Mojito wallet, you can:

  • Create BTC wallets to store, send and receive BTC
  • Retain full control of your private keys
  • No account creation necessary
  • Ensure that your private key never leaves your phone
  • Create BIP39 compliant seed phrases (mnemonic seed phrases)
  • Restore BTC wallets from seed phrase
  • Create BIP84 addresses
  • Create BIP49 addresses
  • Send and receive BTC from any generated addresses
  • Connect to your own node for increased privacy

What makes Mojito wallet different from other BTC wallets out there?

  • Unlike other wallets, Mojito gives you FULL control over your private keys
  • You can send and receive BTC from any generated addresses
  • You will be able to connect to your own node for increased privacy

User friendliness:

  • The Mojito wallet is available and supported on iOS and Android.
  • Login with FaceID, TouchID or a traditional username and password combination.
  • The Mojito wallet supports RBF, SegWit and the ability to set your own transaction fee.

Security:

  • The Mojito wallet provides a safe, private and secure Bitcoin wallet.
  • Keep control of your private keys and ensure they never leave your phone.

ROADMAP

Future versions of the Mojito wallet will support the following features:

  • Multisig support
  • Lightning Network support
  • Mintlayer support (including tokenization)
  • Using your own entropy for Private Key generation

Conclusion

To conclude, there are different ways of managing and storing your assets nowadays. It is down to you to evaluate your needs based on privacy, ease of use and accessibility of your funds.

The Mojito wallet is a new wallet that has just launched that will allow you to manage your Bitcoin assets easily, whilst retaining full control over your private keys and maintaining your privacy to the highest standard.

The Mojito Wallet is available now on iOS and Android. To stay in touch , follow us on Twitter and join our Telegram group.

Have a question for support? Drop us an email at: support@mintlayer.org