oceanprotocol/docs
1
0
Fork 0
mirror of https://github.com/oceanprotocol/docs.git synced 2024-11-26 19:49:26 +01:00
Code Releases Activity

Further simplify & correct "Wallet Basics"

Browse Source
This commit is contained in:
Troy McConaghy 2019-03-15 15:28:44 +01:00
parent d5ed959c33
commit 0003a13a9b
2 changed files with 14 additions and 52 deletions
Show Stats Download Patch File Download Diff File Expand all files Collapse all files

54
content/concepts/wallets.md
View File

@ -3,37 +3,26 @@ title: Wallet Basics
description: Ocean users need a wallet to manage their Ocean Tokens and Ether. This page explains the basics of wallets.
---
## Introduction
To get and manage Ocean Tokens or Ether, you need a _cryptocurrency wallet_, _crypto wallet_ or just "wallet." More generally, you need a wallet to store your private keys (explained below).
If you want to use the Ocean Network, then you need Ocean Tokens ([ERC-20 tokens](https://en.wikipedia.org/wiki/ERC-20)) and Ether. To get and manage Ocean Tokens and Ether, you need a _cryptocurrency wallet_ or _crypto wallet_.
## Recommendations
## What Crypto Wallets Can Be Used with Ocean?
- **Easiest:** Use [MetaMask][1]. See the tutorial about [how to set up MetaMask](/tutorials/metamask-setup/). OR
- **Still easy, but more secure:** Get a [TREZOR][2] or [Ledger][3] wallet, and use [MetaMask][1] to interact with it.
The following combinations will almost certainly work:
## The Meaning of "Wallet"
Wallet User Interface Software | Access Wallet with | Wallet (Stores Private Keys)
-------------------------------|------------------------------|-----------------------------
[MetaMask][1] | [MetaMask][1] | [MetaMask][1]
[MetaMask][1] | [MetaMask][1] | [TREZOR][2] hardware wallet
[MyEtherWallet][4] | [MetaMask][1] | [MetaMask][1]
[MyEtherWallet][4] | [MetaMask][1] | [TREZOR][2] hardware wallet
[MyEtherWallet][4] | [TREZOR][2] hardware wallet | [TREZOR][2] hardware wallet
[MyCrypto][5] | [MetaMask][1] | [MetaMask][1]
[MyCrypto][5] | [MetaMask][1] | [TREZOR][2] hardware wallet
[MyCrypto][5] | [TREZOR][2] hardware wallet | [TREZOR][2] hardware wallet
A **wallet** usually means "a thing that stores private keys (and maybe signs transactions)" (explained below). Examples include [MetaMask][1], [TREZOR][2] wallets and a [Ledger][3] wallets.
Note: Other combinations will _probably_ also work. For example, a [Ledger][3] hardware wallet can probably be used in place of a TREZOR hardware wallet.
A wallet can sometimes mean (web3) _software_ for interacting with a thing that stores private keys. Examples include [MetaMask][1], [MyEtherWallet][4], and [MyCrypto][5].
See the [MetaMask setup tutorial](/tutorials/metamask-setup/).
Note how MetaMask is in both lists!
Why only those combinations? You need a combination that can:
You can also have a _chain_ of software which ultimately connects to the thing that stores the private keys. An example would be [Pleuston](/concepts/components/#pleuston) connecting to MetaMask connecting to a TREZOR wallet.
1. connect to both the Main Ethereum Network or the Main Ocean Network (or a custom network), and
1. manage Ether and Ocean Tokens (or custom tokens).
## Related Terminology
## Terminology
When you set up a new (crypto) wallet, it might generate a **seed phrase** for you. Store that seed phrase somewhere secure and non-digital (e.g. on paper in a safe). It's extremely secret and sensitive. Anyone with your wallet's seed phrase could spend all the Ether and Ocean Tokens in all the accounts in your wallet.
When you set up a new wallet, it might generate a **seed phrase** for you. Store that seed phrase somewhere secure and non-digital (e.g. on paper in a safe). It's extremely secret and sensitive. Anyone with your wallet's seed phrase could spend all the Ether and Ocean Tokens in all the accounts in your wallet.
Once your wallet is set up, it will have one or more **accounts**.
@ -41,26 +30,9 @@ Each account has several **balances**, e.g. an Ether balance, an Ocean Token bal
An account's Ether balance might be 7.1 ETH in the Ethereum mainnet, 2.39 ETH in the Kovan testnet, and 0.1 ETH in the Nile testnet. You can't move ETH from one network to another (unless there is a special exchange or bridge set up). The same is true of Ocean Token balances.
Each account has one **private key**, one **public key** and one **address**. The public key and address can be calculated from the private key. You must keep the private key secret because it's what's needed to spend/transfer Ether and Ocean Tokens. You can share the address with others. In fact, if you want someone to send some Ether or Ocean Tokens to an account, you give them the account's address.
Each account has one **private key**, one **public key** and one **address**. The public key and address can be calculated from the private key. You must keep the private key secret because it's what's needed to spend/transfer Ether and Ocean Tokens (or to sign transactions of any kind). You can share the address with others. In fact, if you want someone to send some Ether or Ocean Tokens to an account, you give them the account's address.
Notes:
- The blockchain has a record of every spend/receive transaction ever and it's public, so anyone can determine all the balances of all the accounts.
- Unlike traditional pocket wallets, crypto wallets don't actually store the tokens or Ether. They store private keys and maybe other things. (An account's public key and address can be calculated from its private key.)
## Types of Wallets
It's easy to get confused or overwhelmed by all the types of wallets and all the options for accessing them. However, there are really only a few questions you need to ask about a given wallet + software combination:
1. Where are my private keys stored? How secure is that?
1. Can the combination connect to the networks I care about (such as the Main Ocean Network)?
1. Can the combination be used to manage the cryptocurrencies I care about (such as Ocean Tokens)?
Hardware wallets store private keys inside a "secure enclave" (on a special device) so they can't be read out easily. All you can do is send a transaction to the hardware wallet to get the transaction signed by the private key. It then returns the signed transaction. The private key never leaves the hardware wallet.
Other wallets store private keys on a hard drive, in memory, on a remote server, or on a piece of paper.
Each option gives you a tradeoff between security and ease of use / convenience. It's easier to steal or delete a private key if it's stored on a computer, especially a computer that's connected to the internet.
We encourage you to search around and read about wallets to understand the options. This page isn't a deep dive; it's just a primer.
Note that unlike traditional pocket wallets, crypto wallets don't actually store tokens or Ether. They store private keys.
[1]: https://metamask.io/
[2]: https://trezor.io/

12
content/tutorials/metamask-setup.md
View File

@ -3,17 +3,7 @@ title: Set Up MetaMask
description: Tutorial about how to set up MetaMask for Chrome.
---
## What is MetaMask?
[MetaMask](https://metamask.io/) is a browser extension that can:
- be used as a [wallet](/concepts/wallets) for Ether and ERC-20 tokens (such as Ocean tokens),
- connect to TREZOR and Ledger hardware wallets,
- be used to send Ether and ERC-20 tokens (i.e. to create, sign, and send Ethereum transactions).
## How to Set Up MetaMask for Chrome
**Note: MetaMask can also be used with a TREZOR or Ledger hardware wallet but we don't cover that option below; see [the MetaMask documentation](https://metamask.zendesk.com/hc/en-us/articles/360020394612-How-to-connect-a-Trezor-or-Ledger-Hardware-Wallet).**
**Note: MetaMask can also be used with a TREZOR or Ledger hardware wallet but we don't cover those options below; see [the MetaMask documentation](https://metamask.zendesk.com/hc/en-us/articles/360020394612-How-to-connect-a-Trezor-or-Ledger-Hardware-Wallet).**
1. Go to the [Chrome Web Store for extensions](https://chrome.google.com/webstore/category/extensions) and search for MetaMask.