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.
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