Understanding wallets and which wallet to use? — Issue #3

Integration of web wallets to applications is another mandatory task a web3 developer has to go through.

Onecdot has developed something helpful. Dropping soon 🤘

What is a crypto wallet?

A crypto wallet is a piece of software or hardware that lets you make cryptocurrency transactions.

Why are crypto wallets important?

Unlike a traditional wallet, which may carry actual cash, crypto wallets do not actually keep your cryptocurrency/Digital assets(NFT). Your assets are stored on the blockchain but can only be accessed with a private key. Your keys validate your ownership of your digital currency and allow you to conduct transactions. You lose access to your money if you lose your private keys.

How does a crypto wallet work?

A crypto wallet stores two keys :

• A public key links to an address (0x3Ddb0C158C6e075f298bAA5d7dW3195eF2F6680A) that lets you make transactions.
• A private key proves that you own the asset with your address.
• A seed phrase is 12–24 words that let 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:

• You can share your public key with others to make transactions.
• You must never share your private key or seed phrase with anyone

Which wallet to use?

Metamask https://docs.metamask.io/guide/getting-started.html#basic-considerations

Rainbow https://www.one37pm.com/nft/tech/how-to-set-up-your-rainbow-wallet

Trustwallet https://docs.binance.org/tutorial/how-to-create-a-wallet-on-trustwallet.html#how-to-create-your-wallet-with-trust-wallet

Walletconnect https://docs.walletconnect.com/

These APIs let you create NFT integrated applications with the use of simple APIs.

Just like Web2, but solving Web3 issues.

Test APIs are free to use 👉 https://onec.in

Join Discord to know more https://discord.gg/jSPhJqexgH