What Does it Mean for a Wallet to be On the Ethereum Mainnet (Ethereum Hardware Wallet Principles)
What does it mean for a wallet to be on the Ethereum mainnet? When a wallet is r
What does it mean for a wallet to be on the Ethereum mainnet? When a wallet is registered on the Ethereum blockchain, it is considered to be online on the Ethereum mainnet, meaning it has been tested and deployed by a third-party development team. However, the wallet is considered a branch of Ether. Therefore, the wallet is referred to as “EthereumApp,” which is an open-source and decentralized app.
In simple terms, if someone wants to download a Dapp application based on Ethereum, they can send their Ethereum tokens to this blockchain network, making Ethereum a fully open ecosystem. This way, anyone can use Ethereum to manage their DeFi projects on Ethereum. The wallet can directly access the smart contracts of these projects from the Ethereum mainnet. For example, users can create Ethereum accounts by logging into their MetaMask or Coinbase services through the wallet. When they open a wallet, they will see their ETH balance increase by up to 100 times (currently over 5 million), and these assets can also be transferred.
Ethereum Hardware Wallet Principles
Editor’s Note: This article is from BlockBeats(ID:blockbeats) and authorized by Odaily Daily Planet for reproduction.
On the Ethereum blockchain, hardware wallets are indispensable as a medium for securely storing assets. They ensure security and enable the safe custody and transmission functions of cryptocurrencies through cryptographic and software engineering techniques.
Although we do not consider Ethereum as a smart contract solution, this technology can be seen as a custody or trading platform for digital tokens. It is actually used to handle various virtual items, activities, and events on Ethereum networks, such as game props.
So why use an Ethereum wallet? There are two reasons:The first is the problems that existed before the Ethereum 2.0 upgrade. The second aspect is that currently, there is no application within the Ethereum ecosystem that can support the Ethereum 2.0 mainnet. Therefore, if this method is adopted, it may not generate actual economic value.
The third issue is how to ensure that your private keys are not permanently stored in one place. The answer to this problem is proposed by EIP-1559: “When a new smart contract is deployed to your own node, verification is required.”
These are all forms of protection for user privacy. However, in the current market, there is hardly an alternative wallet that can fully achieve this — that is, the device itself cannot obtain access or other data from its internals. However, as more and more users start to use this technology and more new features are introduced, people will diversify their funds into different types of wallets. For example, if you want to put your Bitcoin into cold storage and someone who holds some Bitcoin may lose all their Bitcoin.
To solve this problem, we have introduced the concept of a “hardware wallet” in the Ethereum browser. A hardware wallet typically consists of hardware designed specifically for electronic signatures and public utility services, which include both private keys and private keys.
The design principles for hardware wallets are as follows:1. The design of hardware wallets is to prevent malicious code from attacking user-specific hardware.2. Make it easier for non-professionals to control their private keys.3. By using dedicated integrated circuits to generate private keys and transmit them to the hardware system, the hardware works more securely and efficiently.4. Connect the hardware to the physical world and then send it to the hardware owner through an external device.
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