![]() It integrates the ShapeShift API, allowing you to exchange funds between different cryptocurrencies, right within the app’s interface. Jaxx is a multi-platform light wallet that supports almost all the popular cryptocurrencies, including Bitcoin, Litecoin, Dash, Ethereum, Zcash and more. Jaxx (Bitcoin, Litecoin, Dash, Ethereum, Zcash, etc.) Additionally, it is also compatible with hardware wallets, such as Trezor or Ledger Wallet. ![]() SPV or Light Client Walletsīelow are some of the well known lightweight or SPV clients, which do not download the entire blockchain, enabling a faster setup and less storage space requirements.Įlectrum has separate clients for Bitcoin, Litecoin and Dash, each of which can be downloaded for free from their respective official websites. LES is used by light clients, which only download block headers as they appear in the blockchain, and fetch other parts on-demand, as required. For example, Ethereum uses a similar concept, known as Light Ethereum Subprotocol ( LES). Note: The term “SPV” was originally associated to the Bitcoin blockchain, though similar techniques are also implemented in other blockchains. This method works flawlessly unless a majority of nodes in the entire network has been compromised. The subsequent blocks added after the parent, further confirm the acceptance of the transaction. Thus, even though a light client can’t verify a specific transaction all by itself, it can prove that the transaction has been accepted by the network, by linking the transaction to its parent block. The Merkle Root helps the SPV wallet to identify the parent block of a particular transaction, while the Merkle Branch allows it to link the transaction to its parent block. The client also requests these nodes for the minimum information (hashing partners) required to calculate the Merkle Branch. To verify a transaction, the light (or SPV) client requests for the Merkle Root of the block (in which the transaction belongs to), from certain full nodes in the blockchain network. SPV wallets just download the block headers of all the blocks included in the blockchain, which is collectively much smaller in size, compared to the full blockchain. ![]() Thus, the root node (called the Merkle Root) of this tree has a reference to all of the transactions contained in the specific block. The list of transaction records included within a block, can be arranged in the form of a Merkle Tree, created from the hash values of those transactions. And wallets which implement this technique are known as SPV (thin-client) wallets. To tackle the issue, a technique known as Simplified Payment Verification (SPV) can speed up the verification process to a large degree. But as the number of transactions grow exponentially, downloading an entire list of transaction records (blockchain) could become inconvenient. This is exactly what a traditional thick-client wallet does. But at the same time, the wallet only downloads a specific portion of the blockchain, thus saving a significant amount of storage space as well as sync time. While using a light client or SPV wallet, your crypto-assets and private keys are stored locally on your device. And though popular wallet services, like CoinBase, implement necessary security measures to keep your accounts secure, they’re also at a greater risk of being targeted in major cyber attacks.Īlternatively, you can also opt for faster, much lightweight software clients, popularly known as light client, thin-client or SPV wallets, which help you to get the best of both worlds. However, by using an online wallet, you’re trusting a third party service to keep your crypto-assets secure. Online wallet services always keep the blockchain synced on their servers, so you get a ready wallet as soon as you’re logged in. ![]() Luckily, you can avoid this scenario by opting for a few specific solutions, such as, an online wallet or a lightweight client. ![]()
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