Good day y'all, it's nice participating in a wonderful contest and today and I'm my entry today I would be telling us;

-A detailed explanation on "My Favourite Blockchain Terminology".
-Why it's important in the Blockchain.
-Whether the existence of Blockchain would be possible without this concept.
-An alternative to this Terminology.
-Any possible way to improve this Terminology.

As we all know, crypto-currency is a digital currency consisting of algorithms which are highly encrypted. Nowadays it's servers as a means of Exchange and anything that serves as a medium of exchange or payment is cherished and therefore the need to store these crypto- currencies gave rise to the concept in the blockchain dictionary which is my main focus to in this entry to discuss with my fellow Steemians. Hence the term "COLD WALLET".

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"My Favourite Blockchain Terminology"

(The Cold Wallet).

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What is a cold Wallet?

Just as money and other assets have value, the need to store it away from reach for future spending arose and this introduced storage mediums like banks, wallets, mortgages, and shares. The same thing is applied to the need to store crypto- currencies. Wallet systems have been adopted for the storage of these digital tokens.

A Cold Wallet is simply defined as a wallet which is used to store your crypto-currency totally offline using detachable hardware devices.

So on that, any wallet that helps you store your currency not as a software that uses the internet data to access it but as a hardware peripheral component of the computer capable of storing data is what is called a Cold Wallet.

Since the digital currency had been adopted in the 21st century, storage of these tokens had always been online only making the rate of hacking and scamming crypto currency owners gone out of control. The need to store it manually and away from these maniacs rose, and the idea of actually storing it as peripheral parts which can be inserted and detached at will have birth to the concept of COLD WALLETS.

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Why Is Cold Wallet Important In The Blockchain.

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We all know that it is one thing to purchase a Crypto-currency and whole other thing to own it to yourself and away from unauthorized access and hackers especially. Some importance of Cold Wallets are as below;

Wallets are the greatest thing that happened to crypto-currency and in terms of storage, cold Wallet has made storage of our valuable tokens highly secured and at the same time offers limitless storage space.

Cold Wallets are what makes storage more secure and reliable as they help users to access their their wallets at will and when I say users I mean only the people that have the the full security details.

For some people that have in mind to store Crypto-currency over time until it gains value in the future would take full advantage of Cold Wallets for example, looking at the value of Bitcoin now and it's value then, one would notice that it's skyrocketed value took place over time.

This would benefit people who had stored it in Cold Wallets and put it in a safe and buried it underground in their backyard even if it was the least 10 Bitcoin. You should also know that these cold Wallets are simply in form of USB and are sold for a value of 100$ and above depending on its storage and durability and can last to 20- 30 years.

Also, Incase you loose your Cold Wallet USB device, your crypto-currency is still safe and accessible. As long as you still have your private owner keys your account can still be recovered.

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Would The Existence Of Blockchain Be Possible Without This Concept Of Cold Wallet.

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Cold Wallet have a storage function that it indeed essential for crypto currency as it gives the user a sense of confidentiality.

This brings us to the question of discussion, “Would Blockchain Existence Be Possible Without This Terminology”. I have a detailed answer to give below.

The answer is Yes!!, It's very much possible for Blockchain to exist without the term “Cold Wallet”. Reasons being that before these Cold Wallets, there was already the existence of storage in the wallets of crypto application softwares even before the cold. Wallets are that uses mere data connection to access and store crypto tokens. This stores our tokens quite alright but at the same time, it's not something we can bank on in terms of security and therefore makes the Cold Wallets more reliable in terms of security.

As a philosopher of thought, I believe that essence supercedes existence so anything that is created and functions properly is a fundamental to any system it works for. On that note I stand to say that Blockchain technology on crypto currency storage was quite okay without Cold Wallets but has become convincingly better and more reliable in terms of storage due to Cold Wallets.

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An Alternative or similarity to this Terminology

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Firstly, from my layman understanding, since Cold Wallets are not hardware storage mediums(ie the ones you can see and touch) wallets that are inserted and detached at will, they can also be termed “Hardware Wallets or Handy Wallets.”

Then coming to their alternative names, there are wallet that are accessed as softwares on your devices, these softwares make use of data connection to access and store digital currencies according to my research are called "Hot Wallets".

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Any possible way to improve this Terminology

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Well, I really think the term Cold Wallet on it own is the improvement of the previous form of storage being the "Hot Wallet."
Cold Wallets were developed sure to the need to store digital currencies away from scammers and unauthorized access. But coming to think of it, there are some minor improvement I think should be made.

These Cold Wallets should make a provision for direct back up of it's Data on the Cloud should incase the owner looses how USB loader, he might still have a chance of private owners keys back and accessing his crypto funds.

These devices are quite scarce as they're not usually sold by all ICT gadget stores. These Cold Wallet USB loaders should be made available to all ICT gadget selling store.

All of USB loaders should be digital and should make use of wifi connection just like apple watches, they all should display the total net worth of token it has been loaded with and how much more it can carry, this can help the user to ascertain the change in price of his total tokens and this should net price should be displayed in dollars. This should be displayed digitally on the body so as to save the user the time to check it on his computer system. This would help to reduce the risk of loosing the device.

It was awesome participating in this contest as it helped me to get to research more and broaden my horizon on my knowledge about my favorite term "Cold Wallet". I hope I get one one of the best positions on this contest

This is my entry on this post,
Have a great day ahead.