DAC Wallets

What is a Blockchain Wallet?

A blockchain wallet is a digital tool that allows users to store and manage their interaction with a blockchain network. Unlike a physical wallet, it does not actually store funds. Instead, it stores the cryptographic keys required to access and control your assets on the blockchain.

Core Concepts

1. Public Key & Address

• Public Key: Think of this as your bank account number. It is derived from your private key and can be shared with anyone.

• Address: A shortened version of your public key (e.g., starting with 0x... on DAC Chain). This is the destination you give to others to receive DACC coins.

2. Private Key

• Private Key: Think of this as your PIN or password. It signs transactions proving you own the funds.

• Critical: NEVER share your private key. Anyone with access to your private key can steal your funds. If you lose it, you lose access to your funds permanently.

3. Keystore File

In the context of the DAC Node, a Keystore file is an encrypted version of your private key protected by a password you define. It allows you to store your key more safely on your computer.

Custodial vs. Non-Custodial

• Non-Custodial (Recommended): You control the private keys (e.g., DAC CLI Wallet, MetaMask). You are your own bank.

• Custodial: A third party controls the keys (e.g., centralized exchanges).

Summary

To interact with the DAC Blockchain, deploy smart contracts, or send transactions, you need a wallet to sign these actions cryptographically.