EOS blockchain is a decentralized system that supports the development, hosting, and execution of commercial-scale decentralized applications (dApps).
EOS account: An EOS account is a readable name that is stored on the EOS blockchain and it is connected to the keys. A key pair consisting of a private key and a public key is needed in other to create an EOS Account.
An EOS account is required for performing actions on the EOS platform.
EOS address: EOS wallet address is a 12 alphanumeric character long name with characters a-z (lowercase) and numbers 1–5.
It is important to learn about the permission system, the difference between an active and owner key. (Especially if you are going to store large amounts).
Active and Owner Keys
Active Keys: Active keys are the keys used for daily operations. Active keys consist of a private and public key. A private key is used for activities like transferring funds and voting.
Note: Active keys can not be used to change the owner’s private keys. If the active key has been compromised, it can be changed using an Owner key.
Owner Keys: Owner key, just as the word owner implies ownership of an account. The owner key can do anything that the active keys do, but in addition to this, the owner keys can be used to change both the owner and active keys of the account.
Both keys work for transactions within the EOS platform. But owner keys, if exposed, could be used to change permissions to the EOS account. You should generally use your active keys
Every EOS account has at least two types of permissions; owner permissions and active permissions. Every transaction made by an EOS account needs to be verified and signed by one of these permissions to be considered valid. A wallet sign transactions. This implies that wallets stores the key pairs associated with your accounts and also secure the keys that control your EOS accounts and make use of them.
Types of Wallet
There are three types of wallets; hardware wallets, software wallets, and paper wallets.
Hardware wallets: A hardware wallet is a device that generates and holds the key information for an account. Hardware wallets are the most secure means to store keys. It secures your keys even when using an untrustworthy device. Ledger Nano S is one of the most used Hardware wallets.
Software wallets: Software wallets are computer-based software. Account keys are stored locally on the device (such as a computer, laptop, phone, etc.), enabling them to be accessed and controlled from the device. Scatter and Anchor are two Desktop wallets, while TokenPocket, EOS Lynx, and Meet.One are examples of mobile wallets. (Anchor works on both Desktop and mobile).
Paper wallets: These are printed QR codes that contain the private key information. Paper wallets can be considered one safest means to store private keys as they are not connected to the internet hence, they can’t be hacked. Importing a private key into an untrustworthy device is however always risky.