Thanks to encryption technology, when using a Holdstation wallet, only you can see your own wallet's Secret Recovery Phrase and Private Key. Unlike traditional market banks or exchanges, Holdstation is a self-custodial wallet and does not know this information nor holds or is capable of damaging any of its assets. anything in your wallet. You have full ownership of this wallet and can do whatever you like with your assets. Holdstation only provides an interface so that you can make transactions in the crypto world in the most convenient, easy and smooth way with a relatively cheap fee compared to other products.

Also because of this, you need to become the main protector of your wallet and keep important personal information secure - Secret Recovery Phrase and Private Key.

But don't stress, it's easy if you understand the differences between crypto and the traditional market.

Come on, Let's explore this knowledge with us.

🤔 What is a Crypto Wallet?

Unlike traditional financial markets, the world of crypto and web3.0 is different in that it is not tied to any usernames or passwords held by intermediaries. Instead, each wallet will come with three main components - a string of numbers and characters randomly generated by encryption technology. Just to make it easier to imagine, I will have this association:

• Public Key - will be like your bank username and widely shareable. Anyone who knows this information will see the transaction history and the amount of assets contained in the wallet. And they can also send assets into your wallet without permission. However, these actions have no value in controlling your wallet.
• Private Key - is like a password or a bank pin so it should be kept completely secret because it will give the right to access and control a wallet. The key difference here from banks or other intermediary exchanges is that only you know this information.

Each Private Key will correspond to a Public Key forming a unique pair.

So what role does the secret recovery phrase play here?

• When using the Holdstation platform, you can easily create many different wallets tied to a pair of Public and Private Keys as mentioned above. Then the Secret Recovery Phrase is like the key of a box that holds multiple Private Keys in it, each of which controls a separate wallet address.
• This is a sequence of 12-24 words randomly arranged and valid according to the correct spelling and display order. The recovery secret phrase acts as the "final boss" to access all your wallets generated when associated with this sequence as well as the only key to restore if you accidentally lose it. wallet access.

Because of its great power, it is absolutely forbidden to share it with anyone else!

Compatibility

One of the differences between Crypto and the traditional Internet is that you can use your wallet's Private Key or Secret Recovery Phrase for a completely different wallet application and still preserve your assets. In addition, you can also get this information to access and connect with many decentralized applications or platforms in the web3 world, without restrictions such as not being able to integrate data from Meta (Facebook) to Twitter for example.

Imagine this information as a passport that identifies and is valid all over the world, allowing you to visit many interesting places. And the Holdstation platform is very pleased to play that role and accompany you on your journey to discover the great things in the web3.

This is made possible thanks to a technology called Compatibility. This means that data and software created by completely separate organizations can seamlessly interact with each other.

So I've just provided an overview of how the crypto world works, and here are some notes you need to keep in mind to ensure the safety of your assets.