Wallets in Sphera
To introduce this new technology and make it easier for people who aren’t familiar with the technology, the Sphera platform will generate a custodial wallet that supports SpheraHeads for all its users! The wallet will be accessible via email.
Each new user that will register will automatically have a wallet and a free SpheraHead as promised in the past!
The wallet that the user will have is a Hedera based wallet. Guides and Tutorials on how to use the platform and the wallet will be available soon. But here are some features that a user could do with the wallet:
- Deposit HBAR and all the Sphera NFTs
- Withdraw HBAR and all the Sphera NFTs
- Interact directly with the marketplace so you could buy/sell all the NFTs safely
If the user is an expert, in a later stage he could connect his non-custodial wallet to our platform to perform his operations.
This document will be used to explain and detail the most used terms in crypto. The most common terms are related to the crypto wallet.
What is a Wallet?
A crypto wallet is a digital wallet that is used to store, send, and receive cryptocurrencies. A crypto wallet consists of two main components: a private key and a public key.
The private key is a secret code that is used to access and manage the cryptocurrency in the wallet. It is important to keep the private key secure, as anyone who has access to it can potentially access and spend the cryptocurrency in the wallet.
The public key is a unique code that is associated with the wallet and is used to receive cryptocurrencies. It can be shared with others in order to receive payments, and it is not as sensitive as the private key.
| Custodial | Non-Custodial |
| Third party owned wallets such as exchanges and platforms | You own your private key, if you lose the keys your coins tokens are gone forever |
| Controlled by the platform | Controlled by yourself |
Each wallet has its own benefits, but non-Custodial is safer.
How do crypto/NFT transactions work?
Confirmations: When a transaction is included in a block it corresponds to a confirmation.
Miner: a person or entity that participates in the process of verifying and validating transactions on a blockchain.
Node: In a computer network, it represents a machine that is part of the network.
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