Wallets

A blockchain wallet is an essential tool for managing and securing your digital assets on a blockchain network. In the world of blockchain technology, an account consists of a public-private key pair, and the private key is the key to accessing and controlling the transactions associated with that account. It is critical to keep the private key in a safe place since anyone with access to it has full control over the associated assets.

Types of wallets

Internet Access: Hot & Cold Wallets

Blockchain wallets come in different forms: hot wallets and cold wallets. Hot wallets, accessible through browser extensions or smartphone apps, are considered online and provide convenient access but are potentially more vulnerable to hacking. On the other hand, cold wallets, stored in air-gapped devices or hardware wallets, are offline and provide enhanced security by isolating the private keys from potential online threats.

Key Management: Custodial & Non-Custodial Wallets

The distinction between custodial and non-custodial wallets is also crucial. Custodial wallets, often provided by centralized exchanges, grant control of private keys to a third party. This arrangement means that users must trust the exchange to safeguard their keys and provide access when needed. In contrast, non-custodial wallets give users exclusive control over their account's private key, ensuring complete ownership and security of their digital assets.

All wallets covered by the Creditcoin Documentation are non-custodial.

⚠️When selecting a wallet, it is crucial to conduct your own thorough research to ensure the wallet's security, reputation, and compatibility with your specific needs, as well as to verify its authenticity.

Browser Wallets

Browser wallets, also known as web-based wallets, provide convenient access to your blockchain assets through a browser extension, eliminating the need for additional hardware or software installations. Browser wallets often have user-friendly interfaces and can be accessed from multiple devices, allowing for seamless management of your digital assets.

However, browser wallets may be more vulnerable to online security threats. Since they are connected to the internet, there is a higher risk of hacking or phishing attacks that could compromise private keys and lead to the loss of your funds. It is crucial to verify the wallet is installed in a safe environment; where both device and browser software are not compromised.

Several available browser wallets are compatible with the Creditcoin blockchain. Some only allow interactions with the Substrate or EVM features, while others cover both use cases.

Supported Browser Wallets:

• Polkadot-JS Extension (Substrate)

• Metamask (EVM)

• Talisman (Substrate and EVM)

• Subwallet (Substrate and EVM)