Wallet address and delivery networks to different wallets

If you are a Cryptocurrency enthusiast or trader, you may have come across some platforms that offer the opportunity to carry out transactions from one Cryptocurrency to another wallet, offering different types of transactional networks that act as payment gateways for the Cryptographic system.

This feature is sometimes a tool that can have both positive and negative repercussions, but in this article we will explain the processes that surround this shipping network system, since once you have understood this system, it will only bring benefits in your transactions.

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In other articles we have explained that most Cryptocurrencies operate on their own Blockchain network and to a large extent this is a characteristic that differentiates a Cryptocurrency from a token, it is for this reason that we will see what bitcoins operate on the Bitcoin Blockchain and tokens. as Tether can operate on the Ethereum Blockchain thanks to the Ethereum ERC-20 standard.

These associations between tokens and blockchains are largely thanks to the development of smart contracts and Cryptocurrencies that have a powerful programming language embedded in them, managing to create payment gateways or payment subnets within the same Blockchain. They were Cryptocurrencies such as Ethereum, EOS, XRP, TRON, among others that have helped with the development of multiple payment networks.

But there are also other internal developments in a Cryptocurrency that help create more competitive transfer alternatives, such as SegWit or the Lightning Network in Bitcoin, which fulfill an optional function of faster transfers that help the scalability of this Cryptocurrency.


Why are there so many networks and some charge a lower commission than the original ones?

This is due to the scalability problems that older Cryptocurrencies present, and it is that if there is something that makes a Cryptocurrency a competitive currency, it is the capacity of transactions per second or minute. Due to this characteristic, some of the large Cryptocurrencies have lagged behind the most current ones.

If we look at the number of transactions per second of Bitcoin we will find that it can only execute up to 7 transactions per second, while Cryptocurrencies such as Solana can execute up to 50,000 TPS or cardano that can execute up to 1,000 TPS in addition to being able to be anchored to other blockchains thanks to smart contracts and their different layers.

These networks were not created only because of the need for a greater transactional muscle of the different Cryptocurrencies, but there was also an economic factor that was hitting the main currencies; Thanks to the increase in the price of coins such as Bitcoin or Ethereum, their network commissions increased significantly, due to the transactional overload that was occurring in their Blockchains and this due once again to the low scalability of their transactions.

In the case of Cryptocurrencies that allow the creation of smart contracts and Dapps, it was very special since they allow the creation of their own decentralized networks and thus serve as support for the main Blockchain network, as in the case of Ethereum with Optimism and Arbitrum One, which are platforms that allow you to transact tokens that operate on the Ethereum ERC-20 standard at a much lower cost than doing so on the main Ethereum network.

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Problems with the different shipping networks

More than a problem, it is a matter of habit, and it is that this system of multiple shipping networks is in a certain way very recent, although it is true that Cryptocurrency trading is not even 20 years old, but it is something that little by little users must adopt to avoid problems such as the loss of the coins sent by not knowing how to use or manage these features of sending Cryptocurrencies.

The main problem that we can find by not knowing how to manage this feature is that we can lose our sent Cryptocurrencies, we know that it sounds a bit dramatic but it is the truth, that is why you must always be aware of this feature at all times when sending Cryptocurrencies.

 Next we will leave a list with some tips to make shipments correctly:

  • If you are going to send Cryptocurrencies, the first thing you should ask is which network the wallet you are going to send your cryptos works for.
  • If you are going to receive, you must give the person who sends, your wallet address and tell them which is the network in which that wallet works in the Cryptocurrency that they are going to send you.
  • If you are going to send, do not send only by following the network that charges less commission, since if the other wallet does not work through said network, the Cryptocurrencies will be lost.
  • Communication between the parties is vital, since there may be the possibility that both wallets manage multiple networks and thus they can agree to use the best network or the one that charges the lowest commission.
  • When you are going to give an address you must verify by which network it has been generated, since these can change depending on the network that is chosen, a Tether address in the TRON network will be different from a Tether address in the Ethereum network.

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Currently in Ccoins we have 4 Crypto assets available. Bitcoin, which operates under the Bitcoin network, Ethereum which operates directly on the Ethereum ERC-20 network, Tether that operates under the Ethereum ERC-20 network and USD Coin which operates under the Ethereum ERC-20 network. At the moment these are the Cryptocurrencies available with their respective networks, but we do not rule out the possibility of expanding these features in the future.

If you send a Cryptoactive to a wallet that only operates with a particular network and do not take this feature into account, you will lose the coins sent, which is why it is of vital importance to always keep this feature in mind.

Of course yes, every time a user is willing to make a shipment or deposit, our system will always remind the user to be aware of this feature, so they can always keep it in mind until it becomes a habit for our users.

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