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What Is Hive Keychain And How To Use It? - A comprehensive guide

 

By Nerly Shammah Mar 24, 2023

 

 

What Is Hive Keychain? 

 

Hive keychain is a wallet extension and mobile application that allows individuals to seamlessly connect, access data and communicate across numerous Web3 applications on the Hive blockchain. 

 

Fully migrated to the Hive ecosystem on April 29, 2023, from its previous form in a hostile chain, Hive keychain has since served as the most user-friendly wallet software for Hivers to flexibly manage their Hive keys and easily sign transactions as they explore numerous DApps in Hive's spectrum of tokenized applications. 

 

 

Understanding hive Keychain

 

Hive blockchain is one of the most secured blockchain networks due to its unique key structure that carefully curates diverse transaction types under specific key authorities. By doing this, the network achieves close to absolute security for its users as though it greatly mitigates the risks involved in a compromised key. 

 

On Hive, there are numerous key types including Active, Posting, and Memo Key. These key types make up the key structures for a basic user, the complete key types can be found in our introductory and comprehensive guide to Hive blockchain. 

 

That said, Hive, being a blockchain that powers not only a monetary economy but also an industry player in the social aspects of the internet, brings a couple of mixes to the game with the ability for users to post "textual content" to the chain like simple comments or full blog posts. In this regard, the "posting key" is used to post textual content to the chain, while the active key serves as signing authority for monetary transactions across the chain. The memo key is simply used when passing across messages that need to be encrypted, so it is typically used to encrypt messages on the Hive blockchain. 

 

Having learned this, where does Hive keychain or simply keychain as most call it come in? 

 

Well, keychain is not your regular crypto wallet where one stores numerous crypto assets but keychain is a multi-key management system and wallet. With keychain, users can safely store and manage their Hive keys as they seamlessly connect and sign transactions across numerous Hive-based applications. 

 

Keychain is one of Hive's most interoperable frameworks that nearly all Hive DApps integrates with to offer its users a seamless experience in exploring its applications, games, tools or social ecosystem. 

 

How To Get And Use Hive Keychain? 

 

Getting and using Hive keychain is relatively simple, all you have to do is get the extension from Chrome web store if you intend using keychain on desktop or get the mobile app from playstore if you intend to use it on android mobile, Hive Keychain also supports iOS devices, get it all by visiting their website.

 

That said, you can either create a Hive account directly on Hive keychain but this should cost about 3 Hive or use free tools to create a Hive account first then simply log in with your Hive keys, either active or posting key. However, to perform monetary transactions on-chain, you'll inevitably have to add your active key and it's a good thing that keychain enables you to add, store and manage your keys safely without a hassle. 

 

Is Hive Keychain Safe? 

 

At the time of writing, over 100,000 on-chain accounts use Hive keychain to process numerous transactions on the Hive blockchain, ranging from blockchain games on the chain to popular social frontends users like LeoFinance, and even decentralized exchanges like Tribaldex.com all have Hive keychain integrated and its numerous users use it to sign transactions on a daily. 

 

Does Hive Keychain Have A Crypto Token? 

 

No, hive keychain currently has no native crypto token, Hive keychain is at the time simply focused on serving as the best software for Hivers to manage Hive keys and perform numerous transactions on-chain. 

 

Can You Store Bitcoin On Hive keychain? 

 

First of all, Hive Keychain is a non-custodial wallet, however, due to the Hive's smart contract level sidechain, Hive Engine, it is possible to store bitcoin on-chain as a Hive-based wrapped version called swap.btc, of which you can easily perform transactions with bitcoin via the keychain extension or mobile application. 

 

Who Is The Founder/CEO Of Hive Keychain? 

 

Stoodkev is the founder and current CEO of Hive keychain working alongside an amazing team of 6 vision-oriented individuals.