A crypto wallet is a device or program used to transfer and store cryptocurrencies. Crypto wallets can be of different types such as paper wallets, hardware wallets and software wallets. There are also smartphone mobile apps and computer programs that provide a user-friendly way to create and manage wallets. Along with cryptocurrencies, crypto wallets store a set of cryptographic keys used to send, receive, and track ownership of cryptocurrencies.
A key pair is a cryptographically derived securely generated private and public key. Together, a private key and its corresponding public key are called a key pair. A wallet contains a collection of one or more key pairs and provides some methods for interacting with them. The security of any crypto wallet depends on how the private keys are stored.
The public key is known as the receiving address of the wallet or simply the address. Wallet addresses can be freely shared and displayed. When another party wants to send a certain amount of cryptocurrency to a wallet, they need to know the wallet's receiving address. Depending on the blockchain implementation, this address can also be used to view certain information about the wallet, such as viewing balances, but cannot change any information about the wallet or withdraw any tokens.
In order to send cryptocurrency to another address or make any changes to the wallet, the private key is used to digitally sign the transaction. It is important to note that private keys should never be shared and should always be kept safe. If in any way gaining access to the private key attached to the wallet, the attacker could extract all contained tokens. Additionally, if a wallet's private key is lost, any tokens that have been sent to or stored in that wallet address will be permanently lost.
Different wallet solutions offer different methods of securing key pairs, interacting with key pairs, and signing transactions to use/spend tokens. Some are easier to use than others. Some store and back up private keys more securely. Binance Smart Chain supports a variety of wallets, giving users the power to choose the right wallet that meets their needs for security and convenience.
If you want to be able to receive FON and other supported tokens on the Binance Smart Chain blockchain, you first need to create a wallet and configure key management.
- List of wallets that support the FON chain