Set up a new wallet

What is a wallet, an address and a seed?

A wallet is a software application that allows you to store, manage, and transfer your cryptocurrencies. It is essentially a container that holds your private keys, which are used to sign transactions and authorize transfers of your funds. A wallet can be accessed through a user interface, such as a web or mobile application.

On the other hand, an address is a unique identifier that represents your wallet on the blockchain. It is a public key that is derived from your wallet's private key using a cryptographic algorithm. You can share your address with others to receive funds or to view the transaction history associated with your wallet.

A seed is a string of words that can be used to generate a private key and a corresponding set of addresses. It is usually represented by a series of 12, 18, or 24 words that are generated by the wallet software. You can use the seed to recover your wallet if you lose access to it or to generate new addresses for the same wallet.

In the context of Cosmos, there can be different accounts for different chains that are derived from the same seed. This means that you can use the same seed to generate private keys and addresses for different chains in the Cosmos ecosystem.

An account in a Cosmos chain is a record that stores information about your balances, transaction history, and other relevant data related to your interactions with the chain. An account can be associated with a wallet, an address, or a seed, depending on the context in which it is used. In general, an account represents a unique entity that interacts with the blockchain and is identified by a unique address or public key.

Types of Wallets

There are several types of cryptocurrency wallets, each with its own advantages and disadvantages. The three main types are:

Mobile Wallets are applications that are downloaded and installed on your mobile phone. They are convenient and easy to use, but they may not offer the same level of security as desktop wallets.
Web Wallets are online applications that can be accessed through a web browser. They are easy to use and accessible from anywhere, but they are also the most vulnerable to hacking and theft.
Desktop Wallets are software applications that are downloaded and installed on your computer. They offer a high level of security since they are not connected to the internet, but they can be vulnerable to malware or hacking if your computer is compromised.
Hardware wallets - are physical devices that securely stores users' private keys offline. They enable users to manage, store, and interact with their cryptocurrencies while providing a high level of security.

Tradeoffs

Some of the tradeoffs you will encounter when using different types of wallets are:

Security - Hardware wallets offer the highest level of security, as they are physical devices that store your private keys offline. This makes them virtually immune to hacking or other types of online attacks. Mobile app wallets and browser extension wallets are generally less secure, as they are connected to the internet and are vulnerable to online threats.
Convenience - Browser extension wallets are very convenient to use, as they can be accessed directly from within your web browser. Mobile app wallets offer a similar level of convenience, as they can be accessed from anywhere using your smartphone. Hardware wallets, on the other hand, require a physical connection to a computer or mobile device, which can be less convenient for some users.
User Interface - Browser extension and mobile app wallets typically offer a user-friendly interface that is easy to navigate and use. Hardware wallets often have a more complex interface, as they require buttons and screens to navigate. This can make them less user-friendly for some users.

When it comes to managing cryptocurrencies on the Cosmos blockchain, there are different wallet options available, such as browser extensions, hardware wallets, and mobile app wallets. Each option has its own set of trade-offs related to security, convenience, and accessibility

How to Set Up a Wallet

To set up a wallet, follow these steps:

Choose a Wallet - Research different wallet options and choose one that best fits your needs. Consider factors such as security, ease of use, and the types of cryptocurrencies supported.
Download and Install - If you've chosen a desktop or mobile wallet, download and install the software from the developer's website or app store. If you've chosen a web wallet, simply sign up for an account on the provider's website.
Create a Seed - Your wallet will generate a set of words that can be used to recover your wallet if you lose access to it. Write down these words and keep them in a safe place.
Receive Funds - Your wallet will generate a unique address that can be used to receive funds. Share this address with others to receive payments or transfers.
Send Funds - To send funds, enter the recipient's address and the amount you wish to send. Confirm the transaction and enter your password or other verification method.

You can set up your wallet and create an archway address in different ways, including:

Using wallets

Using developer tools

archwayd (archway core daemon)
Developer CLI

Info

Please note that third-party tools are not supported or maintained directly by Archway

Next steps

You can check the following guides in order to set up your wallet with: