Cryptocurrency Wallets: Keys, Backups, and Types
A wallet manages the keys that control on-chain assets. Understanding public and private keys, Secret Recovery Phrases, and custody arrangements helps users determine which safekeeping responsibilities they need to assume.
What a Wallet Manages
Crypto assets are recorded on a blockchain, while a wallet provides an interface for viewing assets, constructing transactions, and signing them. A Public Key can be used to generate a receiving address, and a Private Key proves that a transaction is authorized. When assets are sent, the wallet signs the transaction and broadcasts it to the network, where nodes verify it before adding it to the ledger. Protecting a wallet therefore means protecting the keys that control the assets.
Secret Recovery Phrases and Custody Responsibilities
A self-custody wallet normally backs up its keys with a Secret Recovery Phrase and can derive multiple accounts from the same words. If the phrase is exposed, another person may gain control of the associated assets, so it should be recorded offline and stored securely. With a custodial wallet, a service provider manages the keys. Account recovery may be easier, but users assume the risks that the provider could be hacked, freeze the account, or fail to meet its obligations.
Software and Hardware Wallets
Mobile and desktop applications and browser extensions are common wallet formats that make it convenient to view accounts and connect to applications. A hardware wallet stores Private Keys and signs transactions in a dedicated device, often working together with a software interface. Regardless of the type selected, maintaining the device, backing up the Secret Recovery Phrase, and checking transaction details before signing remain the user's responsibility.
Original Tutorial
https://learn.metamask.io/zh-CN/lessons/what-is-a-crypto-wallet
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