Intro to blockchain addresses

Intro

Blockchain addresses are unique identifiers used to represent ownership of cryptocurrency assets on a blockchain network. These addresses serve as destinations for transactions and are essential for sending and receiving blockchain tokens. Although there are many ways to sign and authorise transactions on a blockchain, all blockchains use a combination of public-key and private-key formats where the address is a representation of a public-key and anyone with the private-key can spend any assets held by that address.

Read more about blockchain addresses here.

Private keys and Public keys

A private-public key pair is a foundational concept in asymmetric cryptography, a method widely used in blockchain technology and other secure systems. Here's an overview of how it works and recommendations for storing and sharing each component securely:

Private Key-Public Key Pair:

• Private Key: The private key is a randomly generated, cryptographically secure string of characters. It's kept secret and known only to the owner. This key is used for signing transactions and proving ownership of digital assets. When a transaction is signed with a private key, it can be verified using the corresponding public key.

• Public Key: The public key is derived from the private key using mathematical algorithms. It is a unique identifier that corresponds to a specific private key. Unlike the private key, the public key is meant to be shared. It's used to verify signatures created with the corresponding private key and to generate public addresses where digital assets can be sent.

Storing and Sharing:

1. Private Key:

   • Storage: Private keys should be stored securely to prevent unauthorised access. Hardware wallets, such as Ledger or Trezor, offer high levels of security by keeping the private key offline and requiring physical confirmation for transactions. Software wallets such as MetaMask or Trust Wallet encrypt the private key and store it on the user's device.

   • Backup: Backup your private key securely, preferably offline, in case you lose access to your primary storage.

   • Sharing: Never share your private key with anyone. If someone gains access to your private key, they can control your digital assets.

   • Scams: Be cautious of phishing attempts or scams asking for your private key. Legitimate services will never ask for it.

2. Public Key:

   • Storage: Public keys are designed to be shared openly and do not require the same level of protection as private keys. Ensure that you can easily access your public key when needed for transactions or verification purposes by storing it somewhere convenient.

   • Sharing: Public keys are safe to share with others. They are used to generate public addresses where digital assets can be sent. You can provide your public key to anyone who needs to send you digital assets or verify your identity on the blockchain.

In summary, while the private key must be kept secure and never shared, the public key is openly shared for transactions and verification purposes. Using secure storage methods for private keys such as hardware wallets and being cautious with sharing any sensitive information ensures the security of your digital assets on the blockchain.

Managing addresses and private keys

To store blockchain tokens and make new blockchain transactions you need an app. We recommend the following options:

TRAIT Wallet: The TRAIT Wallet is a mobile app and designed primarily for players and regular users who interact with the on-chain tokens. It provides a user-friendly interface for securely managing private keys and conducting transactions on the blockchain.

Learn more here: TRAIT Wallet

TRAIT Vault: The TRAIT Vault is an extra-secure air-gapped wallet for TRAIT ecosystem. It's tailored for owners, administrators, and engineers who require advanced control and security measures for managing private keys within the TRAIT ecosystem. It's also a good choice for storing large holdings of TRAIT tokens. The TRAIT Vault offers enhanced security features and granular access controls, making it suitable for managing sensitive assets and performing administrative tasks. It provides an interface for securely storing and accessing private keys, with options for hardware-based security modules and multi-signature authentication. The TRAIT Vault empowers owners and administrators to safeguard critical assets and maintain strict control over access permissions, ensuring the integrity and security of the TRAIT ecosystem.

Learn more here : TRAIT Vault