Blockchain, Wallet and Private Key
A blockchain is the ledger shared by the network, and a wallet is a tool to manage access and actions on the network.
Assets are recorded on the network; the wallet helps manage the keys. An address is used to receive assets, while a private key allows authorizing actions. A recovery phrase can restore access: anyone who obtains it could control the assets. Never share it here or with a support representative.
A public address is like a street address that lets you receive a delivery; a private key is not a detail you give to the sender. This is an analogy only, not a full explanation of the technology.
Explain in your own words the concept and one of its risks.
Ethereum.org · Wallets ↗Check your understanding
What must not be sent in chat?
- Name of a study topic
- Private key and recovery phrase
- A general question
Answer and explanation
Private key and recovery phrase. These are secrets that grant access to assets.
Where is the state of the assets recorded on the network?
- Only in a wallet screenshot
- In the network ledger
- Only on a friend's phone
Answer and explanation
In the network ledger. The wallet is an interface; the ledger is on the network.
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