As you start to explore the IYK world, you’ll need a crypto wallet to interact with many parts of our ecosystem. This guide serves as an all-in-one reference for what crypto wallets are, how to create one, and how you can use your wallet in the IYK ecosystem.
A crypto wallet is an account on the blockchain that stores digital assets such as cryptocurrency and non-fungible tokens (NFTs). You can connect your wallet to crypto-compatible websites and apps such as social networks, marketplaces, e-commerce sites, and more.
A blockchain is a distributed ledger composed of “blocks” of data (usually transactions or code). Incoming strands of data are batched into blocks and verified by individuals called validators. Once a block is verified, it must then be evaluated by a consensus mechanism for potential addition to the ledger. If approved, the block is then added to the blockchain.
There are many blockchains in existence, though the primary ones that you’ll encounter in the IYK ecosystem are Ethereum (currency abbreviation: ETH), Polygon (MATIC), and Optimism (OP).
A network refers to a specific blockchain as well as all of the individuals (e.g. validators) who are a part of its ecosystem.
The networks IYK currently supports are all Ethereum-wallet compatible, which means you can create an Ethereum wallet once and use the same wallet across all networks.
Also known as a wallet address, your public key is the “username” associated with your wallet and is composed of a randomized set of letters and numbers (e.g. 0x5e97870f263700f46aa00d967821199b9bc5a120).