I describe WingCash as a System of wallets that hold digital currencies. I have presented enough to know that when I say the word “wallet” most listeners are thinking “account”. Wallets and accounts have important differences:
An account holds a balance that is the sum of the debits and
credits entered in the account.
A wallet has a sum of the face value of the bearer payment
instruments it holds.
Accounts represents USD $1 in the same way.
A wallet can represent USD $1 in 293 different ways using the face
value of the coins that sum to a dollar.
An financial account is usually represented by a unique number.
A wallet is represented by an address and in the case of WingCash
that address is expanded to be a full Uniform Resource Locator ("URL’) or Uniform
Resource Identifier (“URI”).
A financial account is usually denominated in a single currency.
A wallet can hold multiple currencies.
Here’s an example of a customized wallet address on the WingCash system:
Here’s the same address without customization:
A wallet address is a payment address and can have other addresses aliased to it. For example here’s my customized personal wallet address:
It has my customized Facebook address:
aliased to it.