A Quai wallet is a user-facing device or piece of software that stores the public and private keys to Quai accounts, allowing users to send and receive digital currency. Public keys are used to receive funds, while private keys are used to authorize transactions.
Quai wallets are used to store and manage Quai tokens and QRC-20s/QRC-721s on any Quai blockchain. Wallets allow users to safely and securely access their funds, send and receive transactions, and check their transaction history.
There are several types of general cryptocurrency wallets available:
Software wallets, commonly referred to as "hot wallets," are digital wallets that can be installed on a computer or mobile device. Examples include mobile wallets, desktop wallets, and browser extensions.
Physical devices, such as a USB drive, that store a user's private keys offline. This provides an added layer of security by keeping the keys offline and away from potential attackers.
Physical copies of a user's public and private keys, usually printed on a piece of paper. They are considered one of the most secure ways to store digital currency, but they also come with their own set of risks such as getting lost or damaged. Both hardware and paper wallets are commonly referred to as "cold wallets," as the wallet never connects to the internet.
It is critically important to properly secure and backup your Quai wallet, regardless of what type of wallet you use. Losing access to an account's private keys can result in the irreversible loss of that account's funds.
NOTE: Pelagus will only display the seed phrase for the wallet DURING THE ORIGINAL SETUP OF THE EXTENSION. If you do not write down/record your seed phrase when first setting up the wallet, there will be NO WAY to find it later on.
Koala Wallet originated as a Kadena-native wallet, and will be adding multi-chain support for a variety of different blockchains, including Quai Network.
Koala Wallet does not currently have support for Quai Network, but is planning to add support soon after Testnet launch. This section of the docs will be updated when Koala Wallet adds supports for Quai Network.