AION Explained
What Is a Crypto Wallet?
A crypto wallet manages the keys used to authorize blockchain transactions. The assets remain recorded on a blockchain; the wallet controls the credentials that can move them.
Custodial and self-custody wallets
A custodial service controls keys on a user's behalf. A self-custody wallet gives the user direct control and direct responsibility. Neither model removes risk; they distribute it differently.
Recovery phrases and signing
A recovery phrase can recreate the keys to a wallet. Anyone who obtains it can usually control the assets. Legitimate support staff should never need the phrase.
- Keep recovery material offline
- Verify the destination and network
- Read every signing request before approval
- Test unfamiliar transfers with a small amount
Common failure modes
Phishing pages, malicious approvals, address poisoning, device compromise, unsupported networks and lost recovery material are frequent causes of loss. Blockchain finality usually prevents chargebacks.
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