🏦Wallets

What are Wallets?

EOA Wallets

The main type of wallet that is used in web3 is an EOA wallet (Externally owned account). These wallets are comprised of two values, a public address, and a private key.

A public address is used for identity and for receiving tokens from other wallets or smart contracts.

The private key is used to control the wallet. Anyone with access to the private key can send transactions from the wallet.

Public addresses look like 0x98Fd17F691686Fef33C0882Fc5E1FD13AF6F014E

Private keys look like public addresses but they are just longer.

This means keeping your private key... well... private, is extremely important!!!

Wallets can be custodial, meaning the private key is controlled by someone else, or non-custodial, meaning you solely control the private key or seed phrase of a wallet.

Custodial wallet = Coinbase exchange account.

Non-custodial wallet = MetaMask wallet.

Use this action to generate wallet key pairs using The Web3 Toolbox.

pageCreate Wallet