Crypto Wallet FAQ
Frequently asked questions about blockchain wallets.
We are creating a friendly wallet to be accessible for any user, even with 0 blockchain experience. By integrating that with our staging project we can provide a unified learning experience that goes beyond just the tool and its uses.
Blockchain FAQs
A quick glossary so we can start on the same block.
Open Source
Open source refers to software or a project whose original source code is made freely available to the public. Anyone can view, use, modify, and distribute the code. This collaborative and transparent approach allows a community of developers to contribute, improve, and share the software. Open source promotes innovation, transparency, and often results in high-quality, community-driven products.
Open Source is relevant for Blockchain ever since the first implementation of a crypto currency (Bitcoin) was 1st made available this way. It wouldn’t have thrived otherwise. That seeded the development and even politics of what became the decentralized ecosystem.
Distributed Ledger Technology (DLT)
Distributed ledger technologies (DLT) are systems that use a network of computers to record and store information in a decentralized and secure manner. Instead of relying on a central authority, DLT spreads the record-keeping across multiple participants, ensuring transparency and reducing the risk of manipulation.
Blockchain
Blockchain is a common type of DLT. Is a type of digital ledger that securely records and links information in a chain of blocks. Each block contains a list of transactions, and once a block is filled, a new one is created and linked to the previous, forming a chain. This decentralized and tamper-resistant system is often used for cryptocurrencies like Bitcoin, but it has various applications beyond finance, ensuring transparent and trustworthy record-keeping.
Cryptoassets
Cryptoassets is a broader term encompassing various digital or virtual assets that use cryptographic techniques. Cryptocurrencies, like Bitcoin, are a subset of cryptoassets. Other crypto-assets may include tokens representing ownership in a project, virtual commodities, or digital assets used in decentralized applications (DApps).
Cryptocurrency
A cryptocurrency is a type of digital or virtual currency that uses cryptography to secure financial transactions. So, while all cryptocurrencies are cryptoassets, not all cryptoassets are necessarily currencies; they can serve different purposes within blockchain ecosystems.
NFT
An NFT, or Non-Fungible Token, is a unique digital asset verified using blockchain technology. It represents ownership or proof of authenticity for specific items, often digital art, music, videos, or virtual goods. Unlike cryptocurrencies, each NFT has distinct characteristics, making it one-of-a-kind and not interchangeable with any other token. NFTs have gained popularity for buying, selling, and trading digital content in a secure and transparent manner.
Web3
Web3 refers to the next generation of the internet that aims to be decentralized, user-centric, and open. It envisions a shift from the current web (Web2), which relies heavily on central authorities, towards a more distributed and user-controlled online experience. In Web3, blockchain and other decentralized technologies play a significant role, empowering users to have greater control over their data, identity, and interactions online. It represents a vision for a more transparent, secure, and collaborative internet ecosystem.
Dapps
DApps, or Decentralized Applications, are software applications that run on a decentralized network, typically using blockchain technology. Unlike traditional apps that rely on a central server, DApps operate on a peer-to-peer network, making them more transparent, secure, and resistant to censorship. They often use smart contracts, self-executing agreements with the terms of the contract directly written into code, ensuring trust and automation in various applications, from finance to gaming.
Smart Contracts
Smart contracts are self-executing contracts with the terms directly written into code. They automatically enforce and execute the terms of an agreement when predefined conditions are met. Operating on blockchain technology, smart contracts eliminate the need for intermediaries and provide a transparent, secure, and tamper-resistant way to facilitate various transactions, from financial agreements to automated processes in decentralized applications (DApps).
Crypto Wallet FAQs
Common questions about this type of apps.
What's a cryptowallet?
A crypto wallet is a digital tool that allows you to securely store, receive, and send cryptoassets. It consists of a private key for accessing your funds and a public address for receiving them. Wallets can be software-based (online, desktop, or mobile apps) or hardware devices. They provide a secure way to manage your digital assets on blockchain networks and Dapps.
What's a key pair?
A crypto key pair consists of two cryptographic keys: a public key and a private key. The public key is shared openly and serves as an address for receiving crypto assets, while the private key is kept secret and is used to access and manage the funds associated with that public address. It’s like having a mailbox (public key) for others to send you mail (crypto assets), but only you have the key (private key) to open and manage what’s inside the mailbox.
All crypto wallets fulfill the role of that mailbox, by storing your private key safely, and connecting to the chain to check for updates on any activity for your public key.
What's a cold wallet?
A cold crypto wallet is a secure storage method for cryptocurrencies that is not connected to the internet. It’s like a digital safe for your digital assets, providing extra protection against online threats by keeping your private keys offline. Cold wallets are typically used for long-term storage of significant amounts of cryptocurrency.
And a hot wallet?
A hot crypto wallet is an online or internet-connected tool for storing and managing cryptoassets. It allows for quick and easy access, making it suitable for everyday transactions and activities. However, since it’s connected to the internet and actively used, it may be more vulnerable to cybersecurity risks compared to cold wallets. Hot wallets are convenient for active trading and Dapp usage.
They are often used through desktop or mobile applications, or plugins for internet browsers.
What are hardware wallets?
A crypto hardware wallet is a physical device that securely stores private keys used to access and manage cryptocurrencies. It provides an extra layer of security by keeping the keys offline, reducing the risk of online hacking. Think of it as a USB-like device that acts as a safe for your digital assets, making it a popular choice for those seeking enhanced protection for their cryptocurrency holdings.
Note that your assets are not “physically” stored in the device (same as any digital wallet) but instead it stores you private keys, which is what actually controls those assets.
Custodial and non-custodial wallets?
Since most wallets operate the same, the next big differentiator becomes custody of those keys, there are two types of setups:
Custodial Wallet: A custodial wallet is a type of crypto wallet where a third-party, like an exchange or wallet service, holds and manages your private keys on your behalf. This provides convenience, especially for beginners, as the custodian takes care of security and backup. However, it means trusting the third party with your cryptocurrency holdings.
Non-Custodial Wallet: A non-custodial wallet is a type of crypto wallet where you have full control over your private keys. You are responsible for the security and backup of your keys. While this offers greater control and security, it requires users to manage their keys responsibly. Non-custodial wallets include software wallets and hardware wallets.
Mantica FAQs
All your questions about this particular wallet.
What does Mantica means?
Mantica is the name in Latin for a small bag that people carried with themselves to store coins and other valuables.
Later on time that word reappeared in Italian referring to divination activities. For example geomancy in English roots from there.
Internally, the name is actually Mantic with an A for the android version and an I for the iPhone version.
What's different from other wallets?
We start working on the educational side by providing a safe space for anyone starting from zero knowledge about Blockchain. This FAQ is part of that with more content to come, and even the possibility to book private classes.
The wallet will eventually focus on being the hub for all decentralized activities of Arcadia Global, the parent project, starting right now with access to the staging DAO and our tokens
Do I have to pay anything to use this wallet?
Not at all. The app is free to download and free to use, like any other open source wallet. There’s no tax or fee to use the wallet functions. Being a non-custodial wallet, the developers and team can’t access (and will never ask) for your private keys.
We’ve partnered with centralized and decentralized providers to offer ways for the users to buy crypto from within the wallet. In that case you are buying from them directly.
We are affiliated with some of these partners so we might get a comission on some activities. Those funds are deposited and managed by the DAO
What about your tokens?
Also not required to buy, we actually give them away to anyone that want to help beta-testing the app and our Dapps. At this stage that has a lot of value in itself.
Of course if you like the project and where we are going then you could participate more actively in the project. But even then, you have the option to contribute work instead, or in addition to assets.
When you participate in a crypto project the benefits are twofold: Joining early means your assets will increase valuation higher than later participants. And most importantly, you get access to learn the inner workings of a project so you’ll be more experienced to do risk analysis on future projects that you’d like to invest in.
What is a DAO?
A crypto DAO, or Decentralized Autonomous Organization, is a type of organization represented by rules encoded as a computer program that is transparent, controlled by organization members, and not influenced by a central government. It operates on a blockchain, allowing members to vote on decisions and execute actions without the need for traditional hierarchical structures. Essentially, it’s a self-governing and community-driven entity enabled by smart contracts on the blockchain.
We created a Staging DAO to kickstart the development of our Blockchain branch apps and tools. It focuses on team-building with crowdfunding, rather than a purely fundraising operation.
We like to think on our Staging DAO as an “Interactive Presale Stage” So when we are launching our final and complete set of technologies, those DAO participants will be already onboarded and enrolled in the organization.
