Hosted Wallet: When you sign up and trade using a platform like Coinbase, Coinbase creates and manages your assets through a wallet they create for you.In general, there are 3 different types of wallets: Wallets are simply products and interfaces that can help you access and navigate your account without having to directly interact with the blockchain code. Your private key should never be revealed. Instead, let's just focus on the concept that your public key is an address that can be shown to anyone and is the address you would give an entity to send assets to. This is extremely important and is the key to everything you will own in the crypto world.įor this post, we don't need to go through the nitty gritty details of how blockchain technology encrypts and decrypts your public and private key to authenticate your transactions. It's cryptographically linked to your public key. Private key: This is used to authenticate/sign anything you do related to your public key.
This could be thought of as a username or an email. Public key: An address that lets you send and receive transactions.Your funds, assets, and transaction history are all stored on the Ethereum blockchain. If you're new to this technology, read our intro to blockchain technology (non-technical)! What is a wallet? It's scary and intimidating at first, especially for new users, but hopefully after reading this article things will become easier to understand and you can better manage your assets!įirst, this post assumes you have knowledge of how blockchains work. Interacting with a malicious contract or sending a transaction to the incorrect address will have irreversible consequences. The downside is that we are responsible for the security of our assets.
One of the great parts of decentralization and blockchain technology is that we have more control over our actions.
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