Crypto wallets

Cryptocurrency wallets are client programs that are the basis of the principle of digital network decentralization. With their help, distributed copies of the blockchain, containing transactions from the moment of launching of the crypto currency.

Crypto wallets concept

The wallet itself generates 2 keys: public and private.

Public key - the sequence of symbols, used in electronic signature authorization, it is also used for installation of the authorship and immutability of the document after its signing.

Private key - a unique sequence of characters, forming an electronic signature. It is stored on a key medium and protected by a password known only to the user of desalinated wallet.

Public and private keys have got a mathematical dependence due to which it is impossible to pick up an open or private key for a period of certificate validity.

Desktop wallet - software that is installed on your computer as an application. Has the highest level of protection, does not depend on other applications. Once you've installed the wallet of that type, you need to synchronize it with the BlockChain network. In order to download all the chains of blocks committed earlier in the network. The whole installation process can take a huge amount of time, but it guarantees the full security of your funds, stored on this wallet.

Online wallets - store your personal digital keys in Internet and running on the servers of the provider, which can be susceptible to cyber attacks. The functionality of a particular wallet of this type varies from the provider of that wallet.

Mobile wallet - has the same functionality as online wallet, but due to the fact that this type of wallet is supported only on mobile devices, the Simplified Payment Verification (SPV) is used . And it strongly breaks the security of a crypto currency storage.