25. June 2024 · Comments Off on Exploring Web3 wallets: the guardian of digital assets · Categories: Software

1. Web3 wallet: the key to digital assets Web3 wallet is not only a tool for storing cryptocurrencies, but also a bridge for users to interact with blockchain networks and decentralized applications (DApps). The core function of Web3 wallet is to securely store, manage and trade users’ digital assets, including cryptocurrencies, tokens, non-fungible tokens (NFTs), etc.
1.1 The essence of Web3 wallet is the front end Web3 wallet is essentially a front end. The user’s assets are actually on the chain, and the wallet provides a more intuitive and visual way. Therefore, as long as you have a private key/mnemonic, users can change different wallets according to their own choices to manage their assets. However, a single wallet does not support the display of all on-chain assets. For example, Metamask mainly supports EVM, Phantom is Solona’s native wallet, Keplr corresponds to Cosmos, and tp?? is a multi-chain wallet.
Different plug-in wallets 1.2 The importance of Web3 wallets In a decentralized world, users need a secure way to control their assets. Web3 wallet provides such a solution, which ensures that users’ assets are not accessed without authorization through encryption technology. In addition, Web3 wallets also support users to participate in various DeFi activities, such as lending, trading, and investing, which greatly enriches the user’s financial experience.
2. Classification of wallets: diverse choices Based on factors such as storage methods, security, and convenience, Web3 wallets can be divided into multiple types to meet the needs of different users.
2.1 Cold wallets and hot wallets ? Cold wallets: refers to wallets that are not connected to the Internet or have limited Internet access, such as hardware wallets, paper wallets, etc. They improve security through physical isolation and are suitable for long-term storage of large amounts of assets.
? Hot wallets: usually refers to online wallets, such as mobile wallets, web wallets, etc. They are convenient for daily transactions, but are relatively vulnerable to cyber attacks. The most commonly used browser plug-in wallet is a hot wallet.
2.2 Non-custodial wallets and custodial wallets ? Non-custodial wallets: users have full control over private keys and have full ownership of assets. MetaMask and tp wallet are representatives of this type of wallet.
? Custodial wallet: The private key is managed by a third-party service provider, and users enjoy the convenience of transactions, but the control of assets is handed over to the service provider to a certain extent, such as the wallet provided by the exchange.
2.3 Smart contract wallet Smart contract wallet is a new type of wallet that stores assets in smart contracts on the blockchain. This type of wallet can achieve more complex financial functions, such as automated transactions, multi-signatures, etc.
3. The relationship between public key, private key, mnemonic phrase and wallet In the world of blockchain, public key, private key and mnemonic phrase are the basis for ensuring the security of assets.
3.1 Private key The private key is a string of encrypted numbers, which is the key for users to control assets. The private key can be used to sign transactions and prove the ownership of assets. Whoever owns the private key has control over the assets.
3.2 Public key The public key is derived from the private key and can be shared publicly and securely. It is used to receive funds because anyone can send cryptocurrency to the address corresponding to the public key.
3.3 Mnemonic phrase Mnemonic phrases are a group of words that are another form of private key. Mnemonics are easy to remember and record, and wallets can be restored without relying on the original device.
3.4 Wallet Management Wallet software helps users safely store and use their digital assets by managing users’ private and public keys, as well as generating and storing mnemonics.
4. TP Wallet: The Wallet of the Future TP Wallet, or Account Abstraction Wallet, is a new wallet concept. AA smart contract account (Account Abstraction) combines the advantages of the current contract account and the external ordinary account into one, making the account itself “programmable” – while ensuring that assets are only held by smart contracts, it can have more customized and extended functions such as batch transactions, gas payment, key recovery, etc., simplifying and facilitating the process of on-chain interaction.

Comments closed.