BlockChain Accounts

Blue Bottle
Jan 4 · 3 min read

What is a BlockChain Wallet Account?

A blockchain wallet account is a digital wallet that allows users to manage their cryptocurrency. This wallet includes a public address and a private key. Addresses in blockchain represent unique identifiers and represent a destination for payment. For example, when someone wants to send you TOMO, they will send the TOMO to your public address. We call this a public address because anyone can see this address. No one can access your cryptocurrency with just this public address.

The reason your account is secure is because you are the only one who has the private key. A private key is used by its owner to unlock their account and access his or her cryptocurrency. When you use your private key to unlock your account, you will be able to send transactions with your cryptocurrency. No one else should know your private key because all they need is this private key in order to unlock your account.

How Accounts Interact with MetaMask, MEW, Ledger or Trezor

When you sign up and or use MetaMask, MyEtherWallet (MEW), Ledger, Trezor (or any similar tools) there is no actual value stored in them. These applications are only used to help make transactions more user friendly. The private key or code that you own is what allows you to unlock your wallet and access your cryptocurrency. These applications simply act as a user interface and do not store your cryptocurrency. For example, if you use MEW by pasting in your private key, you’re able to access your cryptocurrency because of this private key and not because MEW has information about your account.

To make this more clear, MetaMask states that they provide “a user interface to manage your identities on different sites and sign blockchain transactions.” What this means is that MetaMask is only an application that allows you to access your account and sign transactions. There is no value stored on your MetaMask account. What MetaMask allows you to do is essentially log in to your own account (you know the private key), and use their user interface to easily run Ethereum dApps right in your browser. When I am using MetaMask to send some Ether to KuCoin to buy more TOMO, the MetaMask company never knows my private key and never has access to my cryptocurrencies. These tools (MetaMask, MEW, or Ledger) are only there for you to access the account that you own.

Tomo Mainnet Swap

The Mainnet swap is finished and this means that as long as you have the private key you will be able to access your TOMO on the TomoChain Blockchain. If you held your TOMO on an exchange, this means that you did not own the private key and thus it was your responsibility to know whether or not the exchange was going to support the swap. Without the private key, you have no direct access to your TOMO and would need the exchange to access the TOMO before sending it to you. However, if you kept your TOMO on tools like MetaMask, MEW, or Ledger, you still owned the private key and thus you should be able to access your TOMO by yourself. For more information on how to connect to the TomoChain Mainnet using MyEtherWallet or MetaMask, please visit here.

About TomoChain:
TomoChain is an innovative solution to the scalability problem with the Ethereum blockchain, and other blockchain platforms. TomoChain is EVM-compatible and features a 150-Masternodes architecture with Proof of Stake Voting (POSV) consensus for near-zero fee, and instant transaction confirmation. Security, stability, and chain finality are guaranteed via novel techniques such as double validation, staking via smart-contracts, and uniform randomization processes.

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Welcome to TomoChain blog. Follow us to get the official news and good reads from TOMO team. Clap along if you feel like a room without a roof!

Thanks to Etienne Napoleone.

Blue Bottle

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Welcome to TomoChain blog. Follow us to get the official news and good reads from TOMO team. Clap along if you feel like a room without a roof!