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A public address or public key is a cryptographic code that allows users to receive cryptocurrencies into their accounts. The public key coupled with the private key is a significant tool required to ensure the security of the crypto economy.
Everyone who owns cryptocurrencies (bitcoin, ether...) has to have a unique identifier or address - much as you would with your bank account. It is your Wallet's public address, which you need to store (manage) your crypto assets.
You are also given a Quick Response code (or QR code). You can send that to people or scan it with the camera function on their smartphone to easily have your wallet address. It’s just a shortcut rather than having to type out your full address, which is rather long!
You can find your Slope Wallet public address under the account name. In Slope Wallet, you can copy the public address by clicking the public address on the homepage or clicking the copy button on the Wallet page (My Profile -> My Wallet -> Select a wallet account).
You can also get your QR code from Receive feature on the Homepage(bottom left).
The private address or private key is a 64-bit hexadecimal string composed of letters and numbers. After creating the wallet, enter the password to export the private key. An account has only one private key and cannot be modified. Usually, the private key and public key in a wallet appear in pairs. With the private key, the public key can be generated by a specific algorithm, and then the address can be generated by the public key through a specific algorithm. This process is irreversible.
On any wallet, by importing the private key and setting a new password, the assets of the previous wallet A can be imported into wallet B. So, for example, if your mobile phone is lost, the assets can be restored by importing the private key.
You can export your private key by clicking Export Private key from the Wallet page(My Profile -> My Wallet -> Select a wallet account). Similarly, you can make an analogy with a bank account to distinguish:
Private key = bank card number + bank card password
A mnemonic phrase, mnemonic seed, or seed phrase are defined as a secret group of words that represent a wallet. When used in the sequence, they allow access to the cryptocurrencies stored within.
A mnemonic phrase is a group word, in Slope Wallet is 12, created when a new wallet is made to store your cryptocurrency.
If the computer running your crypto wallet died, was lost, or even stolen, you could use your mnemonic phrase to recover your wallet and crypto. Of course, the words must be typed in exactly in the same sequence they were created.
We strongly recommend that you store your phrases on a piece of paper and then keep that in a safe place. Your phrase must be kept secret, anyone who discovers it can steal your crypto.
You can backup your mnemonic easily by clicking the Backup Mnemonic button from the Wallet page(My Profile -> My Wallet -> Select a wallet account). If you make an analogy with a bank account to distinguish:
Mnemonic phrase = bank card number + bank card password
- 1.Click the menu button on the top left of the Homepage.
- 2.Click Add SOL Wallet button and choose to Create New Wallet.
- 3.After backing up your new Mnemonic you will get a new wallet.
No. But Solana will.
Solana fees are 0.000005 SOL per transaction, but they fluctuate over time. This is because the competition sets the fees for block-space, which increases when traffic on blockchain increases.