This article describes the various wallet options available to Solana users who want to be able to send, receive, and interact with SOL tokens on the Solana blockchain.
An encryption wallet is a device or application that can be used to store a collection of keys and transmit, receive, and track ownership of cryptocurrency. Wallets can take many forms. Wallet can be a special device called a computer file system directory or file, paper, or hardware wallet. There are also a variety of smartphone apps and computer programs that provide a user-friendly way to create and manage wallets.
Key pairs are securely generated private keys and public keys derived by encryption. Private keys and their public keys are known as key pairs together. The wallet contains one or more keypairs and provides a means to interact with them.
The public key (usually abbreviated as pubkey) is known as the receiving address or simply the address of the wallet. You can freely share and display your wallet address. When the other party sends a certain amount of cryptocurrency to the wallet, you need to know the receiving address of the wallet. Depending on the implementation of the blockchain, addresses can also be used to view specific information about wallets, such as balance views, but there is no function to change wallets or withdraw tokens.
Private keys are required to digitally sign all transactions to send cryptocurrency to other addresses or change wallets. You can never share your private key. If someone has access to the private key to the wallet, they can withdraw all the tokens in the wallet. If you lose your wallet's private key, all tokens sent to that wallet address will be permanently lost.
Other wallet solutions offer a variety of approaches to key pair security, key pair interaction, and signature transactions for token use/use. Some are easier to use than others. Some store private keys more securely and back them up. Solana supports various types of wallets, so you can choose the right balance between security and convenience.
In order to receive a SOL token from the Solana blockchain, you must first make a wallet.
For advanced users or developers, command-line wallets may be more appropriate. This is because new features in the Solana blockchain are always supported first on the command line before integrating into third-party solutions.