Wallet and Keys - How we store our tokens
In our first Note we want to start with the key tool to enter the world of Tokens and Cryptocurrencies: the Digital Wallet.
You need to know that in order to start interacting with any blockchain you need to have a digital wallet where you store your tokens.
Not all tokens are the same, however. Each blockchain has its own native wallets that are sometimes compatible with other blockchains.
This detail is VERY important because transferring a native Ethereum blockchain token to a native BSC (Binance Smart Chain) blockchain wallet could result in the token being lost forever.
It is crucial that you always know what type of blockchain your wallet supports, its compatibility and most importantly in which blockchain the token was issued.
A digital (or crypto) wallet is similar to a real-life wallet with a payment system included. They are used to receive, store and send tokens and cryptocurrencies.
If you are investing in Elviria, you need to consider that by default tokens are issued on the Binance blockchain (BSC).
But let's start with the academic part and then return to the practical uses.
It is important to understand, however, that your tokens are not actually stored in or by your crypto-wallet. Rather, your crypto-wallet keeps the keys that allow you to access them, on the distributed ledger.
In other words, your tokens are stored on thousands of devices at once, and your keys serve to prove your ownership. Losing your keys is equivalent to losing your assets, so be careful not to leave them lying around, as you could lose your token forever.
Let's start by saying that there are two types of keys, both in the form of a long string of numbers and letters:
Private keys are like the keys to your safe. Whoever is in possession of your private key has full control over the goods stored inside the safe. Needless to say, your private key must be your most important secret. NEVER EVER give your private key to anyone!
Public keys, on the other hand, serve as the public identifier of your place on the blockchain. Much like your bank account number.
Public keys are generated by the private key, to which they are immutably mathematically bound. Since this mathematical function is impossible to reverse, the private key behind it remains secret.
Unless manually exported, the public and private keys are hidden in your wallet.
To receive funds, the public key must be communicated to anyone who wants to send you tokens.
In the Note 2 - The different types of Wallet
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