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user-guides/wallets/README.md
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@ -4,7 +4,7 @@ description: Fundamental knowledge of using ERC-20 crypto wallets.
# Wallets
Ocean Protocol users require an ERC-20 compatible wallet to manage their OCEAN and ETH tokens. In this guide, we will provide some recommendations for different wallet options.
Ocean Protocol users require an ERC-20 compatible wallet to manage their ETH tokens. In this guide, we will provide some recommendations for different wallet options.
<figure><img src="../../.gitbook/assets/gif/whats-a-wallet.gif" alt=""><figcaption></figcaption></figure>
@ -24,11 +24,11 @@ When you set up a new wallet, it might generate a **seed phrase** for you. Store
Once your wallet is set up, it will have one or more **accounts**.
Each account has several **balances**, e.g. an Ether balance, an OCEAN balance, and maybe other balances. All balances start at zero.
Each account has several **balances**, e.g. an Ether balance, and maybe other balances. All balances start at zero.
An account's Ether balance might be 7.1 ETH in the Ethereum Mainnet, 2.39 ETH in Görli testnet. You can move ETH from one network to another only with a special setup exchange or bridge. Also, you can't transfer tokens from networks holding value such as Ethereum mainnet to networks not holding value, i.e., testnets like Görli. The same is true of the OCEAN balances.
Each account has one **private key** and one **address**. The address can be calculated from the private key. You must keep the private key secret because it's what's needed to spend/transfer ETH and OCEAN (or to sign transactions of any kind). You can share the address with others. In fact, if you want someone to send some ETH or OCEAN to an account, you give them the account's address.
Each account has one **private key** and one **address**. The address can be calculated from the private key. You must keep the private key secret because it's what's needed to spend/transfer ETH (or to sign transactions of any kind). You can share the address with others. In fact, if you want someone to send some ETH or OCEAN to an account, you give them the account's address.
{% hint style="info" %}
Unlike traditional pocket wallets, crypto wallets don't actually store ETH or OCEAN. They store private keys.