Banks vs Blockchains

Goal of today’s class -

1. Create a simple web based wallet.
2. Look at the codebase of some wallets to see how they generate private keys

How banks do Auth

In traditional banks, you have a username and password that are enough for you to

1. Look at your funds
2. Transfer funds
3. Look at your existing transactions

How Blockchains do auth

If you ever want to create an account on a blockchain, you need to generate a public-private keypair.

Public private Keypair

A public-private key pair is a set of two keys used in asymmetric cryptography. These two keys have the following characteristics:

Public Key: The public key is a string that can be shared openly.

For example - https://etherscan.io/address/0xD9a657ACB3960DB92AaaA32942019bD3c473FCCB

Private key: The private key is a secret string that must be kept confidential.