Web3bridge Students (cohort 11) Share What They’ve Learned: Wallet

hi everyone my name is AB K lukman we would like to share with you guys today uh one of the core concept of blockchain which is wallet a wallet is a software program in which it allows users to store send and receive digital tokens such as crypto currencies token and nft and we have different types of wallets we have custodian wallet and non- custodian wallet the custodian wallet is a type of wallet in which um a third party manage the digital assets of a user and the private key itself example of a custodian wallets are like Co coinbase binance and buybit the second one is non custodian wallet non-c Conan wallets um in this type of wallet a user manage an owns his own private keys and digital assets it constructs it by himself the example of this type of wallets are like trust wallets metal marks and the likes we have different type of wallets we have the nistic wallet and we have the distic wallet for the non-tic wallet in the ethereum blockchain for instance it is something that is more it's obsolete at the moment because the from the world non deterministic when you generate your private key you generate it randomly and your your public key also you generate it also randomly so there is no correlation between both but in the wallet there's a particular you generate your your keys from what we call a seed and the seed is what G it to the parent and from the because it isical from the seed to the parent to the children and to the to the grandchildren let's say for instance my father give birth to me and in the future I'll be giving birth to my kids it is possible for someone to trace my my DNA or should I say generation down to my father it's the same thing we have for the dist music wet where from a particular seed you can get all the keys that is attached to the seed that is the way is being generated here at the component of creating an ethereum wallet um account so um the first one we look at the private and the public key okay so we from um from my colleagues before we know that private keys are used to um sign transactions while public keys are used to receive fund then another key component is a pneumonics pneumonics phrase actually is a two is a 12 to 14 word phrase okay which is used to um to um to back up and also restore the wallet in the sense that is is essential for um recovering um the wallet when a private key is being lost or you know so another key component is um address generation address actually wallet address is generated from public key okay which um which is used by others to send fund to the ethereum um account so I would just tell us a little security process and best practices of creating an etherum account number one keep your private key secure okay do not disclose your private key to anyone because it's is how would I put it is the key component of your account and then number two keep your backup um Theon is in this sense keep it secure basically by writing it on a piece of paper and then keep it secure don't store it on the cloud why number three beware of fishing in the sense that be careful of the platform you interact with so do well to follow us on all our social medias like follow and share [Music]