How it works
What is a wallet?
A cryptocurrency wallet is a software that you use to access and communicate with the blockchain network. To access your assets you need two important elements, a private key and a public key. A private key should be kept safe and not shared with anyone because it is the key to accessing your wallet. Can be a long combination of letters and numbers or even a mashup of seed phrases. A public key on the other hand can be shared with anyone, to receive a digital assets for example Litecoin, you are required to share your litecoin wallet public key.
Public keys can also be used to check the status of a transaction on the network or the account worth of a particular wallet. Please note your public key does not reveal your identity making you anonymous.
Please watch the video below to comprehend more on wallets.