What is Internal Wallet Address in EZDEX?
Krishna
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Read time:4 MinutesTable of contents
On EZDEX, each user has a dedicated and unique address for every asset in their wallet on the platform, referred to as an internal wallet address. This internal address plays a key role in enabling fast, direct transfers with minimal fees between users within the platform. In this article, we’ll examine the structure of this unique system, its applications, benefits, and the important considerations for using it.
What is an internal wallet address?
When a user creates an account on the EZDEX platform, a unique internal address is automatically generated for each available asset in the system (such as Tether, Bitcoin, Dollar, etc.).
These addresses are:
- Exclusive to each user
- Used for receiving assets from other EZDEX users
- Charged with a transfer fee of only 1$ of the same currency for each internal transfer
- Usable for free transfers between accounts
For example: If a user wants to send 100 USDT to a friend on EZDEX, they only need to obtain the friend’s internal USDT wallet address and initiate the transfer from within the platform. There’s no need for a blockchain transaction or a network fee.
Internal addresses on EZDEX start with the currency symbol followed by a unique numeric string.
Where is my internal wallet address on EZDEX?
Your internal wallet address is unique for each currency. To find it, follow these steps:
- Log in to your EZDEX account.
- From the right-hand menu, go to the “Wallet” section.
- Locate your desired currency from the list of wallet assets.
- Below the currency name, next to “Internal Address”, you’ll see a string and a copy icon.
- Copy the address and share it with the sender.
The other user can then enter this address and transfer the desired amount directly into your EZDEX account.
Advantages of Using the Internal Address System
- High speed and instant settlement
- Simple transfers between friends, colleagues, or clients
- Reduced number of transactions and fees
- Ability to send or receive funds in less than a few minutes globally
- High transaction security
Important Notes
⚠️ The internal address is only valid within EZDEX. Sending funds from outside (such as MetaMask or another exchange) to an internal address will result in a loss of funds.
⚠️ Always double-check the recipient’s internal address before sending.
⚠️ To receive funds from outside the platform, you must use the network deposit address, not the internal address. To do this, click the Deposit button in your wallet.
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