What is Jaxx?
Jaxx is a crypto wallet with the primary target of simplifying the blockchain network whilst attracting large numbers of users.
To achieve the target, those that work at Jaxx have created a platform which offers access to the world’s biggest cryptocurrencies. This is done by particularly noting the special aspects of the user experience.
The goal is to have a platform with simple usage which can work and synchronise across all of the devices of an individual. It is an online wallet where the users are the ones in control of the private keys. No information is directly stored by Jaxx. It is designed for the novices in mind and is a kind of multi-chain wallet.
It stores a wide variety of coins such as Bitcoin, Ethereum, Dash, Ethereum Classic, DAO, Litecoin, Augur and REP. Ownership of these coins through Jaxx is simplified for users and allows them on multiple platforms with ease.
History and About
The Jaxx wallet software was created by Decentral Inc., a Canadian Blockchain firm. The founder is Anthony Diiorio, who also co-founded Ethereum in 2014.
The founder’s vision for the creation of Jaxx in 2014 was because he saw a potential changes like Netscape for the Internet: that we are moving towards a world of value movement and that people need an easy way to manage their cryptocurrencies and digital lives.
The company’s head office is currently based in Toronto.
How Safe is Jaxx?
Jaxx does not provide security features such as 2-factor identification or multi-signature security. On the one hand, this means that you do not need to provide further information beyond your private key and public address. This can lead to issues but can also be good in the sense that there is fewer data to compromise your account with.
There is a 24 hour customer support network for its users, which is run by email and phone.
Transactios time normally takes on the volume of usage on the network and these can vary throughout the day. At peak times it can take several hours, whilst at others a few minutes so this really depends.
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The reddit forum for Jaxx has had mixed reviews with individuals reporting their currency being missing amongst other things, such as their fund not matching up, or other minor technical glitches. This mixed reception from the community may highlight certain issues which would not be as readily highlighted in other sources. However, there is still functionality within the coin, and there have been several positive reviews.
Weaknesses in their network have been found due to hackers being able to gain access to the backup phrase that users have to remember their wallet or private keys. As a result of this, $400,000 was stolen from users last year in June. This has created a few issues for the firm and has led to a number of disgruntled users.
Does Jaxx Have Fees?
Jaxx can be downloaded to your desktop or mobile devices for no costs. The only fees vaguely associated with using Jaxx are the fees that crypto networks charge for sending and receiving transactions.
To use an example, every standard Ethereum transaction is charged a fee of .000441 ETH. A comparable price also can be applied to bitcoin and the other crypto.
Jaxx does not take those fees. These fees instead go to the network. This implies they are subject to alterations based on what happens in the network.
How to Use Jaxx Securely
Step 1: To receive payments through Jaxx, the sender will need to have your crypto address or your public key.
Step 2:Once the sender has your address, they can send you the funds.
Step 3: To send payments to someone else via Jaxx, you need their crypto address. For example, if you want to send bitcoin to someone, you’ll need their bitcoin address.
Step 4: If you’re using Jaxx via a mobile device, you can the sender’s QR code if you are in ownership of it. The scan feature cannot be done through desktop, so the address will have to be put in manually.
After putting in the address, specify the amount and currency you would like to send over, then press “Send.”