OpenXSwitch | Wallet Management
What is a Wallet?
A wallet in OpenXSwitch is a digital financial account used to store, send, and receive cryptocurrencies and digital assets. It serves as a core component of financial transactions within the OpenXSwitch platform, providing secure and efficient management of funds.
How Wallets Work in OpenXSwitch
OpenXSwitch utilizes a hierarchical wallet structure to streamline financial management for businesses and organizations. There are two primary types of wallets:
1. Prime Wallet
- The prime Wallet is designed for the organisation, company, or entity managing the workspace.
- It acts as the central account for handling transactions, deposits, and withdrawals.
- All financial activities related to the workspace flow through this wallet.
2. Sub-Wallets
- Sub-Wallets are created for end-users, clients, or internal departments within the workspace.
- These wallets function as independent accounts under the Prime Wallet, enabling structured fund management.
- Sub-Wallets allow entities to allocate funds efficiently to different users or internal teams.
- Transactions between the prime Wallet and Sub-Wallets can be performed seamlessly, ensuring smooth financial operations.
Summary
- Prime Wallet: Assigned to the workspace/entity upon registration, used for overall financial operations.
- Sub-Wallets: Created for end-users, clients, or departments, facilitating structured fund allocation and transactions.
This wallet management system ensures a scalable, secure, and efficient financial framework for businesses utilising OpenXSwitch.