Sending transactions to cryptocurrency wallets can be scary and confusing for newcomers to the scene, so numerous projects have been working hard to make it less daunting. To help its clients feel more comfortable, Wirex has teamed up with Stellar to create Federation addresses, meaning you no longer have to type out and verify huge strings of random characters when sending Stellar based tokens to your Wirex account.
How do Federation Addresses Work?
A Federation address from Wirex works by creating an alter ego for your Stellar based token address. So, rather than having to remember GBH4TZYZ4IRCPO44CBOLFUHULU2WGALXTAVESQA6432MBJMABBB4GIYI all you have to remember will be yournickname*wirex.me – how simple is that. Wirex will add your Federation address to the Stellar network address database, ensuring all payments to your federation address are successful. There is nothing fancy about it, it’s simply a vanity wallet address that links to your old one – think of it like getting a personalized number plate for your car.
Wait, its Only for Wirex?
Wirex and Stellar are tighter than Snoop Dogg and Martha Stewart, so it comes as no surprise that these Federation addresses will only work between the two projects. This means your Federation address will only ever link to your Wirex Stellar token account, so don’t go setting up a Federation address hoping you can input whichever wallet you want. The good news is that these Federation addresses will work for the 26 stablecoins Wirex is bringing out on the Stellar blockchain in the coming months. It will make sending these tokens an absolute breeze.
Blockchain Domains are Still Better
You heard it here first, blockchain domains are still better than Federation addresses. The blockchain domains available from Unstoppable Domains allow you to input whichever Stellar network address you wish, meaning you can send Stellar tokens to any wallet on the planet – including your Wirex account. On top of receiving Stellar, you can receive Bitcoin, Ethereu, XRP, Litecoin, Cardano, Bitcoin Cash, EOS and Zilliqa. What’s the point in having a custom wallet address for every blockchain when you could have one blockchain domain to rule them all?
While Federation addresses from Wirex are a nice idea, for now they only work with Stellar wallets, meaning they’re useless to any users who don’t hodl or trade Stellar – or Stellar based tokens. If you’re going to make and remember a vanity wallet address, you’re better off looking at getting a custom blockchain domain – it makes more sense in the long run.
