Cryptocurrencies are known for their complex addresses, which often appear random. For many, memorizing or even correctly typing out these combinations of numbers and letters can be a daunting task. Recognizing this challenge, it's only logical that a solution, somewhat akin to cell phone directories, would arise to support the crypto community. One such innovative solution is XGo ID. This review offers insights into what XGo ID is, how to claim it, and the advantages it brings to users.
- What Is XGo ID?
- Main Features
- How Does XGo ID Work?
- How to Claim ID?
- Is It Safe to Use XGo ID?
- Conclusion
What Is XGo ID?
XGo ID is an advanced feature offered by the XGo platform. This platform is a versatile financial ecosystem that champions the use of cryptocurrencies. Given the platform's support for a vast array of cryptocurrencies, XGo ID simplifies the experience for its users. It achieves this by allowing them to associate all their different wallet addresses with a single, unique identifier.
This special identifier is named the XGo ID. It's essentially a customizable, user-friendly name that represents all the wallet addresses linked to a specific user. This means that instead of sharing multiple wallet addresses for each cryptocurrency, users can simply share their XGo ID. When setting up their XGo ID, users have the freedom to decide on their unique name. This chosen name will be affixed with ".xgo.id". As an illustration, if "Benny1989" is selected, the full identifier would appear as: benny1989.xgo.id. It's notable that widely recognized wallet brands, like MetaMask and Coinbase, support XGo IDs.
Functioning somewhat as a fusion of an online bank and a directory, XGo ID ensures that its users can transfer money to one another both safely and effortlessly. The beauty of using a name, rather than a series of complex addresses, is the convenience it offers. This convenience extends to both sending and receiving crypto. Furthermore, the XGo ID is ideal for a spectrum of transactions, be they payments, donations, or others.
Main Features
With XGo, users are equipped with tools to:
- Send and receive crypto
- Swap crypto
- Grow their crypto holdings
And there's the promise of even more features in the pipeline.
In the context of identifiers, it's essential to emphasize the extensive support for XGo IDs among well-established wallet brands. At present, this includes:
- MetaMask
- Coinbase Wallet
- Ledger
- MyCrypto
- Trust Wallet
- Argent.xyz
- Alpha Wallet
Moreover, users can easily link their existing addresses to an XGo ID.
How Does XGo ID Work?
When establishing an XGo ID, users select a name that will stand in for their public wallet addresses. This takes the format of NAME.xgo.id. For those familiar with website structures, this is essentially a subdomain. Drawing a parallel, if one were to visit Google Ads, the URL might look something like: ads.Google.com/home/, where "ads" is the subdomain and "Google.com" is the primary domain.
This subdomain principle underpins XGo's identifiers. The rationale behind using subdomains is the familiarity most internet users have with them. In contrast, conventional crypto addresses can be cumbersome, often leading to typos and errors.
There's no charge for users to set up these IDs. However, there could be instances where a preferred name is already in use by someone else. In such cases, a slight tweak to the chosen name or an entirely new name might be necessary.
The XGo team advocates for thoughtful selection of names. They envision the subdomain functioning similarly to a bank account number - a personal detail you'd share for transactions. This system aims to eliminate the hassles of paperwork and lengthy numerical strings common in traditional banking.
Powering this feature is technology from the Ethereum Name Service (ENS). The intricate operations are facilitated by two smart contracts. One is tasked with registering and storing names, while the other translates these user-friendly names back into the conventional wallet addresses for accurate transactions.
How to Claim ID?
Claiming a unique XGo ID is straightforward. Users need to download the XGo mobile app, set up their account, select their preferred name, and then click on "Claim your ID." This option can be located in the primary menu of both the XGo app and its website.
Is It Safe to Use XGo ID?
Safety is paramount, especially when dealing with financial applications. This rings even truer for cryptocurrency-related platforms. Concerns such as insecure management, lax regulations, potential hacks, scams, and the volatile nature of the market highlight the need for caution.
Fortunately, XGo has incorporated robust security features. Users can bolster their account security using 2-factor authentication (2FA). With 2FA active, unauthorized access attempts from devices other than the user's mobile are blocked. Another security measure is the option to set up a whitelist. This ensures that, even if someone gains unauthorized access, withdrawals can only be made to pre-approved addresses. Attempted changes to this list trigger a 48-hour withdrawal suspension, providing ample time for users to regain control.
Conclusion
Navigating the world of cryptocurrencies becomes a breeze with XGo ID. It offers an experience reminiscent of sharing a social media link. Given the ease of acquiring an XGo ID and its endorsement by leading wallets, coupled with robust security mechanisms, XGo ID is certainly worth considering.