What is a wallet?
In the blockchain space, the term 'wallet' has at least two meanings.
On one hand, a wallet can refer to a program or application that serves as the primary interface for cryptocurrencies users (such as Defiant). Within this wallet, the user can interact with the different blockchains: control their funds, make transactions, manage their addresses and keys, etc.
On the other hand, at a lower level, a wallet refers to the data structure that actually stores and manages the user's keys. Following this definition, many wallets can be managed in Defiant at the same time — My wallets → Create / Import —. Each wallet has associated a set of keys from which addresses are derived and transactions can be signed to move the funds deposited there. In this sense, wallets do not hold funds themselves, but they do hold the necessary information to manage funds that are associated with particular addresses.
Each wallet will require a recovery phrase to obtain the keys and addresses from it. Despite some existing standards, the processes with which this information (keys and addresses) is generated can vary, so sometimes it will be necessary to verify certain parameters to successfully export a wallet from one interface to another.
For more information on the latter, see What is the Derivation Path?
On one hand, a wallet can refer to a program or application that serves as the primary interface for cryptocurrencies users (such as Defiant). Within this wallet, the user can interact with the different blockchains: control their funds, make transactions, manage their addresses and keys, etc.
On the other hand, at a lower level, a wallet refers to the data structure that actually stores and manages the user's keys. Following this definition, many wallets can be managed in Defiant at the same time — My wallets → Create / Import —. Each wallet has associated a set of keys from which addresses are derived and transactions can be signed to move the funds deposited there. In this sense, wallets do not hold funds themselves, but they do hold the necessary information to manage funds that are associated with particular addresses.
Each wallet will require a recovery phrase to obtain the keys and addresses from it. Despite some existing standards, the processes with which this information (keys and addresses) is generated can vary, so sometimes it will be necessary to verify certain parameters to successfully export a wallet from one interface to another.
For more information on the latter, see What is the Derivation Path?
Updated on: 29/03/2023
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