Startup Funding Espresso – What Is a Blockchain Wallet

What Is a Blockchain Wallet

Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

A blockchain wallet is an online wallet with which users store and manage their digital assets.

These assets could include cryptocurrencies, tokens, non-fungible tokens called NFTs, or more.

The wallet maintains the links to networks, applications, and other systems.

The wallet has a password for user access and can be recovered using a seed phrase in case the password is lost.

The wallet does not physically hold the digital assets but rather holds the links to those assets.

The wallet has a public key and a private key.

The public key is an address for the wallet and can be used as a means of identifying the wallet.

The private key acts as a password.

The private key is used to ensure the security of the wallet to which the user is the only one who has access.

Web2 applications use the login/password method to provide user access.

The problem here is that the public key and the private key are the same.

By placing a network token into your wallet you can gain access to that network.

The user controls their data through the wallet rather than login/password access.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org

For Feedback please contact [email protected]

Please follow, share, and leave a review.

Music courtesy of Bensound.