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…While Sorare is not compatible with all L2 networks, many of them are Ethereum-based, meaning the same private key used on Ethereum L1 can also be used on the L2 network where the funds were sent. Follow these steps to retrieve your ETH and send it back to Ethereum L1: Step 1: Add the Relevant Network to MetaMask Open the MetaMask Chrome extension. Click on the network dropdown (top center) and select "Add Network." Manually add the relevant L2 network by entering the required details (RPC…
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…In hot wallets, private keys are stored and encrypted in the app itself, which is kept online.Since they are connected to the internet, hot wallets are vulnerable to hackers or malware programmes like any other internet-connected device. Keeping large amounts of cryptocurrency in a hot wallet is a fundamentally poor security practise; risks can be mitigated by using a hot wallet with stronger encryption, or by using devices that store private keys in a secure enclave.Key TakeawayA hot wallet is …
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…Seed Phrase A succinct definition of Seed Phrase Seed PhraseLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYSEED PHRASECopy linkShare on TwitterShare on FacebookShare on LinkedinSeed PhraseA seed phrase, or a recovery phrase, is a series of 12 to 24 randomised words used to unlock a cryptocurrency wallet and its private keys. This string of words is typically generated by a crypto wallet’s software and derived from its private keys, serving as a master password for the digital…
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…With a secure private key, wallets are encrypted and inaccessible to others, though hacks and scams remain a possibility. As the world becomes increasingly interconnected, Bitcoin reduces transactional complexity. The global Bitcoin network allows seamless transactions using the same currency in New York City, Paris, Tokyo, Moscow, or Cape Town, South Africa. With no geographic limitations on where a node can be, the Bitcoin network has unique qualities to facilitate better global commerce. Bi…
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…With a secure private key, wallets are encrypted and inaccessible to others, though hacks and scams remain a possibility. As the world becomes increasingly interconnected, Bitcoin reduces transactional complexity. The global Bitcoin network allows seamless transactions using the same currency in New York City, Paris, Tokyo, Moscow, or Cape Town, South Africa. With no geographic limitations on where a node can be, the Bitcoin network has unique qualities to facilitate better global commerce. Bi…
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…They typically have user-friendly interfaces for efficient transactions and interaction with decentralised applications (dapps) or decentralised finance (DeFi) protocols.Desktop wallets are downloadable computer programmes in which private keys are kept only on the owner’s computer and cannot be accessed online, as they are not connected to the internet. This type of wallet is often more secure than web-based wallets because the user is the only one with access to the programme and the stored …
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…By eliminating the need for intermediaries, non-custodial wallets promote the principles of decentralisation and empower individuals to manage their finances by using cryptographic techniques to secure private keys, ensuring that only the wallet owner can access and manage their assets.Non-custodial wallets offer enhanced privacy, as users do not need to disclose personal information to a third party and have complete control over their funds, as they hold the private keys required to initiate t…
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…Passkey A succinct definition of Passkey PasskeyLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPASSKEYCopy linkShare on TwitterShare on FacebookShare on LinkedinPasskeyA passkey refers to a password or private key used to access a cryptocurrency wallet, sign transactions, or interact with blockchain-based applications. Using cryptography, passkeys provide a safer alternative to traditional passwords by eliminating the need to memorise them, as well as adding phishing resistance…
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…Only corporations that are part of the consortium have access to a consortium blockchain, and the information exchanged remains private amongst them.Key TakeawayA consortium blockchain is privately owned and managed by a group of corporations, where a consortium can share information privately while having the security and immutable benefits of a blockchain.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building dec…
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…They are built to leverage blockchain technology without sacrificing the element of authority in a centralised system.Key TakeawayBlockchain is a decentralised and immutable digital ledger that is distributed across an entire peer-to-peer (P2P) network using cryptography.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications (dapps) on the Solana blockchain.HODLerA ‘HODLer’ is someone…
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