When you create an Ethereum wallet, a randomly generated string of case-sensitive letters and numbers, referred to as a public address or public key, is associated with the wallet.
Example of public address:
It might look scary, but this harmless little number sequence is unique to you, and can be seen as similar to an email address. Whenever you make a peer-to-peer trade on Augur, you send and receive your money and shares from this public address. Wallets also have a private key, which you can think of as a password required to access the funds in your wallet.
Example of private key:
Similar to a bank account, wallets allow you to receive and send funds from it. However, unlike a bank account, if you lose your key to your wallet, there might be no way you can help you regain access to it. Always keep your private key a secret and ensure that you have it safely backed up elsewhere.
In addition to you private key, you will be given a backup phrase that will help recover access to your wallet in the instance you lose access.
🖥️ Desktop wallets run on Windows, macOS, and Linux and allow users to interact with their crypto assets. Read more about the pros and cons, as well as examples of desktop wallets here.
📱 Mobile wallets operate the same as desktop ones but run on mobile devices such as smartphones and tablets. Read more about the pros and cons, as well as examples of mobile wallets here.
🌐 Web wallets are hosted on websites and are accessible on both desktop and mobile devices. Read more about the pros and cons, as well as examples of web wallets here.
🔧 Hardware wallets are the most secure method for accessing your crypto assets online. A hardware wallet uses a secure physical device to verify your identity. Read more about the pros and cons, as well as examples of web wallets here. Note: While Augur does not directly support the use of hardware wallets, you can use one via MetaMask. Learn how to connect a hardware wallet to MetaMask here.