How is the blockchain secure if all transactions are public? Isn’t it dangerous if everyone can see my wallet address? My wallet is like my bank account right? What if someone tries to access my wallet?
Some of my thoughts when i got into the web3 space 😅
Some of my thoughts when i got into the web3 space 😅
Well to access your wallet they would need to know the seed phrase or your private key. When you create a wallet you’re given a long sentence of random words. Whenever you forget the password to your wallet, you can recover your wallet by entering these random words.
Your private key can also be used to access your wallet. But as long as you don’t share it with anyone, your secure. And to get it out of your wallet is a tedious process. More importantly your private key is used to sign a transaction.
This way the blockchain knows that you approved a transaction. People can see the transaction, but not much they can do with it. No one but you knows your private keys. The blockchain just has a method to link the signature generated by your private keys to your wallet address.
So not even the blockchain can see or access your private keys. It just knows that this unique signature is generated by the private keys linked to your wallet address. (The signature contains a link to your public keys).
Lets summarise
Transactions are public. Wallet address are public.
Transactions contain the funds which are moved. You might not like it that someone can see the funds, but that together with the wallet address is what someone sees.
Transactions are public. Wallet address are public.
Transactions contain the funds which are moved. You might not like it that someone can see the funds, but that together with the wallet address is what someone sees.
No one can access your wallet address without the seed phrase or private key. Protect them at all cost.
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