What is a Crypto Wallet

You may have heard of the phrase "wallet" when it comes to blockchain or cryptocurrencies. Basically a crypto wallet is software (e.g. MetaMask, Trust Wallet, etc.) or hardware (e.g. Ledger, Trezor, etc.) that lets you own your cryptocurrencies and NFTs and make transactions.

Public and Private Keys

A crypto wallet typically stores two keys:

• A public key links to an address that lets you make transactions.

• A private key proves that you own the assets with your address.

• And a seed phrase that consists of 12-24 words which lets you access your private key.

If your wallet was your bank account, your public key would be your account number and your private key would be your pin number. Of course, in Web3, your assets are on the blockchain vs. in a bank. Just remember that:

1. You can share your public key with others to make transactions.

2. You must never share your private key or seed phrase with anyone.

Hot Wallet vs Cold Wallet

Crypto wallets can be hot (software) or cold (hardware). The key differences are:

• Since hot wallets runs on software, they are generally considered less secure than cold wallets because software may be prone to hacking.

• Cold wallets are generally used to keep long-term assets as it takes a much longer process to operate a cold wallet than a hot wallet, and cold wallets can be kept offline (not connecting to the internet).

Create a Wallet

Some Wallet Providers like MetaMask is one of the earliest applications in this space. Like a typical hot wallet, you have to keep your private key or seed phrases in a safe place after you create a wallet account, which may not be ideal to new Web3 users.

However, we offer a much easier and safer wallet solution to our users. All you need to do is to sign up with your email or your social media account, and we will take care of the rest:

1. A new wallet will be automatically generated in your account, so you can start receiving crypto right away (you can also buy cryptocurrencies in the app with fiat money).

2. You don't have to write down private key or seed phrases. Our wallet service, powered by Particle Networks, splits sensitive keys and secrets into two random shares. The two shares are stored on separate, segregated parties. Each share reveals nothing about the key material.

With a wallet in hand, you can now start exploring Web3 on your mobile!