Crypto Wallet Address
Let’s start with a simple example. Would you lend your car keys to a stranger? Certainly not! These keys are private information, allowing you to gain access to your car. If you did give them to a stranger, they’d be able to steal your car. In contrast, your car’s license plate number is public information, since it is always visible on your car. If someone knows your car’s plate number, this doesn’t mean they can steal your car.
Same example for your home. Your keys are private and open the doors. You wouldn’t give them out to everyone. But your address is public. Anyone can know it, but this doesn’t mean you give them permission to use your keys and walk inside.
In the crypto world, your plate number or your home address is your Crypto Wallet Address. This address is made up of a randomly generated set of numbers and letters, usually consisting of 26 to 35 alphanumeric characters. Take this for example, the first Bitcoin address ever:
Remember, your wallet address is public. You can freely share it with others so that they can send cryptocurrencies to you. Sharing it is not risky!
Another important thing to remember is that your wallet doesn’t actually hold your crypto coins or tokens. These cryptos are safely stored within the Blockchain network. Your wallet just keeps the public and private keys to access your coins within the Blockchain network.
Wallet Seed Phrase
Coming back to our example, your car key in the crypto world is your Wallet Seed Phrase (also known as a ‘seed recovery phrase’ or ‘backup seed phrase’). A Seed Phrase is a list of words which stores all the information needed to recover your crypto coins or tokens, within the Blockchain network.
When you first setup your Wallet (e.g. a software wallet like MetaMask or a hardware wallet like Ledger Nano X) you will have to find and write down your Seed Phrase. An example of a seed phrase is:
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Remember, the word order is very important and generally a Seed Phrase is anywhere from 12 to 24 random words.
If you’d like, you can use specialized services to engrave Seed Phrases into durable materials like stainless steel, but at minimum you should keep copies of your Seed Phrases on paper, and stored in safe locations. These are extremely important to know, keep safe, and secret. You can think of your Seed Phrase as the keys to your car or house. It provides access that only you should have.
This is why the most important thing to remember is never share your Seed Phrase with anyone! If you lose or break your computer, you can download the same wallet software, like MetaMask, and use the backup copy of your Seed Phrase to again gain access to your crypto that are safely stored within the Blockchain network (e.g. The Graph).
Recently we noticed an increase of scammers that claim they will give you a large amount of GRT tokens after you send tokens to a wallet address (e.g. you send 1,000 GRT to an address and they claim that you will receive immediately 2x or 5x the amount of tokens you just sent).
These scammers and frauds are becoming more sophisticated. Remember, the only way to get passive income via GRT is to delegate your tokens to an Indexer within The Graph network. Never trust someone who is not affiliated with The Graph, or is not directly involved with the project. No one from the official team, community, or Graphtronauts chat will ever message you, asking for you Seed Phrase. If you receive a message like this, report it and ignore or delete it. It is fake.
If you have further questions or concerns, feel free to reach out and ask in the Graphtronauts Telegram channel here.
- Sharing your wallet address with others is perfectly fine!
- Never share your wallet Seed Phrase with anyone.
- Your crypto coins/tokens (like $GRT) are safely stored within the network (e.g. The Graph).
- Never send your coins/tokens to anyone you do not know or trust!
Written by Paolo Diomede, Edited by NSun