What is Qtum Qnekt

Qnekt Web3 wallet is a browser wallet based on the Qtum blockchain and enables users to control their assets while maintaining custody. Users can send, store, and trade QTUM and QRC tokens via Qnekt through various browser extensions or mobile apps (mobile apps currently not available) with Web3-based websites and decentralized applications (DApps).

The need for browser wallets

Browser wallets are extremely easy to use. Their primary feature is allowing you to interact with DeFi and NFT ecosystems with ease. Being able to plug into Web3 directly is one of the most prominent use cases for crypto wallets, especially web wallets.

Now, why is this use case so crucial?

The very ethos of Web3 is that it gives content creators direct access to their audience. Nowadays, creators earn revenue from the platforms they are using. The problem here is that these platforms eat up a large chunk of the revenue, leaving very little for the creators. The wallets play an essential role in creating the creator economy that will be at the heart and soul of Web3.

How does Qnekt work?

Qnekt allows users to store and manage private keys, broadcast transactions, send, receive, and securely connect to DApps or Web3-compatible websites. DApps and websites can connect, authenticate, and integrate other smart-contract capabilities with Qnekt wallet allowing websites to send action prompts, signature requests, or transaction requests to the user. In addition, users can fully control which wallets and sites Qnekt can connect with.

As with any wallet, users can control their wallet using a 12-word seed phrase. Users must not reveal this phrase to anyone or risk losing control of their keys. The Qtum foundation cannot help anyone recover their private key, password, or seed phrase. If a user loses this information, the wallet will not be able to be recovered. Each user needs to ensure they do not lose this information by making multiple backups and storing them safely.

NOTE: Qnekt, like other crypto wallets, does not store your coins. Your coins will always remain on the blockchain. The wallet merely creates a new public and private key that’s stored locally in your computer. This key pair is then used to interact with your coins.

In closing

Qtum will play a crucial role in Web3. Currently, we have a healthy decentralized application ecosystem brewing on our platform. The Qnekt wallet will allow you to access and interact with this ecosystem.

What is Qtum Qnekt was originally published in Qtum on Medium, where people are continuing the conversation by highlighting and responding to this story.