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Common Terms

Words are Hard

This is a list of terms you might encounter when using the Kaikas interface.

Wallet

    The interface / client / wrapper / holder that you use to manage your account(s).

Account

    A public & private key pair that "holds" your funds.
    Your funds are actually stored on the blockchain, not in the wallet or account.

Address

    You use this to send funds to an account.
    Often referred to as the "public key" in Ethereum. However, in Klaytn, the address is not always derived from the public key.
    A string made up of 0x + 40 hexadecimal characters.
    In Klaytn, the address begins with 0x.
    Example: 0x06A85356DCb5b307096726FB86A78c59D38e08ee

Public Key

    In cryptography, you have a key-pair: the public and private key.
    You can derive a public key from a private key, but cannot derive a private key
    from a public key.
    The address "acts" like the public key, but it's not actually
    the public key.
    The public key (128 hex characters) is derived from the private key.
    You then take the "SHA3" (Keccak-256) hash of the public key (64 characters), and
    take the last 40 characters. Finally, prefix it with 0x. This will give you
    the 42-character address.
    (Advanced) In Klaytn, you can use decoupled key pairs from addresses. For more
    information refer to Accounts.

Private Key

    You use this to send funds from an account.
    The secret half of your Address / public key.
    A string of 64 hexadecimal characters.
    If you hand-type a private key differently today than yesterday, you will access
    a different wallet. Never hand type your private key.
    This is the string you need to send transactions from your account. Without it
    you cannot access your funds. Although, you don't need to save this raw, unencrypted
    private key in this format. You can use the fancy versions of it (e.g. the Keystore
    File/ Mnemonic Phrase).
    Klaytn wallet key format is provided to easily handle a private key along with
    the corresponding address. Please refer to Klaytn Wallet Key Format
    (Advanced) In Klaytn, you can use multiple key pairs and keys that have
    different roles. Please refer to Multiple Key Pairs and Role-Based Keys.

Keystore File

    Encrypted version of your private key in JSON format
    A fancy version of your private key that is protected by a password of your choosing.
    When combined with the password, it has the private key.
    Safer than a private key because you need the password.
    Example

Mnemonic Phrase / Seed Phrase / Seed Words

    Another fancy version of your private key, that is actually used to derive
    multiple private keys.
    A (typically) 12 or 24 word phrase that allows you to access infinite number
    of accounts.
    Originates from BIP 39 Spec.
    The accounts you can access with this phrase are determined by the "path".
    Example: brain surround have swap horror body response double fire dumb bring hazard

Seed

    The input given to derive a private key. This should always be generated in a
    truly random way, not something you make up with your measly human brain.
    If you chose the seed, it is known as a brain wallet

Brain Wallet

    An account generated from a seed or password or passphrase of your choosing.
    Humans are not capable of generating enough entropy and therefore the wallets
    derived from these phrases are insecure.
    Brain wallets can be brute forced by super fast computers.
    Brain wallet are insecure.
    Don't use brain wallets.

Entropy

    Also known as "randomness".
    The more random something is, the more entropy it has, and the more secure it is.

Derive / Derivation

    To derive something is to obtain it from an original source.
    For example, if we were to derive a Keystore from a private key and a password,
    this means that the Keystore is made from these two sources.
    The Keystore is a product of the two, thus it is derived from them.

Encryption

    Encryption is the act of taking a string of letters/numbers, like your private
    key, and turning them into another string of letters/numbers through a method
    of private translation.
    There are various different encryption methods.
    Encryption offers protection against those trying to steal your information!

Encrypted vs Unencrypted Keys

    An unencrypted private key is 64 characters long, and it is used to unlock or
    restore wallets.
    An encrypted key is also 64 letters long and is a regular private key that has
    gone through the process of encryption, as defined above.
    For example, if the world ‘Apple’ was your shortened private key, then it was
    encrypted three letters down the alphabet, your new shortened encrypted key
    would be ‘Dssoh’. Since you know the way to encrypt this key, you could derive
    the original private key from it by reversing the method of encryption.
    Usually encrypted private keys are kept within the extension or device they are
    encrypted by, and they remain out of sight from the user. This is meant to add
    another layer of security to keep a user’s wallet information safe.

Decentralize / Decentralization

    The process of transferring authority of a single entity (ex. Government or
    large corporation) to multiple smaller entities.

Trustless

    Blockchain is trustless in a way that distributed trustless parties can make
    a consensus. Klaytn blockchain ensures that rules and agreements between all
    parties are executed when all conditions are met. Since everyone has a copy
    of the ledger of all transactions ever executed, there is no need for a trusted
    third-party. You can verify the transactions yourself.

Smart Contracts

    A piece of code (or program) that is stored on the blockchain network.
    Conditions of the contract are predefined by the users, if all conditions are met
    certain actions are executed by the contract (program).

Blockchain

    A decentralized publicly accessible ledger.

BApp

    Blockchain application.
Last modified 1yr ago