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In the following sections we explain what are and are not wallets, and then we explain hardware and software wallets and how hardware wallets work with Emerald.
1. What Are Not Wallets?
Exchanges and custodial services are not wallets because they are centralized, they have the private keys, and they give you permissioned access through their web and apps.
What you have with these services are accounts as they own the crypto assets and just keep track of what they owe you in the liabilities of their balance sheets.
2. What Are Wallets?
True blockchain wallets are decentralized, users have their private keys, and they have permissionless access to blockchains through the web and apps.
3. Software Wallets
Software wallets are usually software apps that you may install in your computer or phone that keep your private keys encrypted inside your machines.
From there you can send and receive crypto and sign transactions that go directly to the blockchain.
4. Hardware Wallets
Hardware wallets are physical devices that hold your private keys separated from your computer or phone.
This is considered a very high level of security as these devices are not connected to the internet and are only connected to your computer or phone apps when you sign transactions.
5. Hardware Wallets and Emerald
Emerald supports hardware wallets by letting users create wallets inside Emerald that connect to your hardware wallet when you need to sign transactions.
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