Wallets

This section describes on what a wallet is in the Newrl network and how to create and interact with Newrl network using it.

Wallets on Newrl

A wallet in general is a set of keys that can be used to send, receive and track ownership of assets.

A usual wallet contains a securely produced private key and a public key derived from it. Address is a unique identifer for the wallet that is further derived from the public key. Three of these components would consititute a wallet.

A private key represents ownership of the wallet, and thus should never be shared. Private keys are used to digitally sign a transaction which can be of fund trasnfer or smart contract invocation. It is important to note that funds can be permentantly lost if a priate key lost.

A public key for wallet address derived from it would not give access to funds but would help in identifying the wallet, thus it is ok to share public key or wallet address across. If we consider a token transfer usecase, where a party wants to send money they need to know the receiving parties wallet address.

Wallets can be created and used by neuron app if on mobile or newrl wallet plugin/website if on desktop. For developers we have newrl librabry in both npm and pip repositoires. More on how to use these will be released soon.