Chiliz Chain 2.0 Developer Guide
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Wallet guide

Good-to-know information about crypto wallets

Overview

A crypto wallet is useful for those who want to store, transfer, and exchange cryptocurrency. It is more like a digital wallet, you can see past-dated and real-time transactions. Unlike traditional bank accounts, you have an option to select mobile applications or computer programs as your wallets. However, these crypto wallets save sets of your crypto keys essential for regular transactions. These private keys can help in sending, receiving, and keeping track of your cryptocurrency and ownership thereafter.

Wallet address aka Public key

The wallet address is similar to any regular address used to exchange cryptocurrencies or NFTs. It is a set of unique alphanumeric strings and assigned only to the Wallet-holder. It is impossible to transact without having a wallet address.
Unlike the private key, you can openly share your wallet address just like you'd share your email id.

How do I find my wallet address?

To find your wallet address, choose one option from the following:
Option 1:
Open your MetaMask Wallet and select your Account. You can easily copy your wallet address by clicking on the alpha-numeric string and use it further by pasting the already copied wallet id where required.
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Option 2:
  1. 1.
    Click on a 3-dot menu which symbolises Options. From the dropdown menu, select Account details.
2. The Account details will pop-up. You can use either the QR code and the Wallet address by copying the id.
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If you wish to use the Testnet and wallet, see link Scoville to Testnet to Metamask Wallet.

Types of wallet

Hardware wallet aka cold (or cold storage) wallets

The hardware wallet is a physical device much similar to a private key token (such as RSA token) and holds the private key required to access your account on the blockchain.
Since the hardware wallet doesn't require to be connected to any programming device such as computers, chances of your account being hacked are bleak. Hence, the hardware wallet is widely considered and preferred to keep your private keys and account safe.
However, the major downside of the hardware wallet is the cost involved; it can go hard on your pocket to buy and maintain a hardware wallet. In case you lose your hardware wallet, consider yourself lucky if you have saved or written the seed phrase and kept it safe. Because, in such a situation, only this seed phrase can be used to access your account.

Software wallet aka hot wallets

Web wallets can be easily accessible using your computer (web extensions) or mobile applications. Web wallets are extremely convenient to use. You can transact, check your account balance, and manage your account on the go.
You are required to enter credentials to access your wallet. You must strictly keep your passwords especially, the seed phrase safe at all times. Do not share this confidential information at any given situation.

Key management

Mobile applications and web extensions can be used to manage digital private keys.