What You Will Learn
- How blockchain wallets work
- The difference between public and private keys
- How to securely receive and store crypto
What You Will Build
- A diagram of how public and private keys interact in a wallet
How This Helps You Make Money
Your wallet is the bank account for your digital assets. Securely mastering the setup of different wallets is the first step to receiving royalties, earning crypto from work, and investing in tokenized assets on MetaWork. Losing access to your wallet means losing access to your income.
Real-World Applications:
Success Story: A young gamer from Mexico created his first blockchain wallet through MetaWork. Despite initial concerns about technical complexity, the guided setup process helped him establish secure storage for his gaming earnings.
“I was worried it would be complicated, but the step-by-step guide made it simple,” he shares. “Now I earn crypto daily through gaming tasks. Last month, I earned enough to pay for my programming course and still had savings left over.”
Think About Your Context:
- What devices do people in your community typically use that could support a blockchain wallet?
- What security practices would work best in your local context?
- How could you explain wallet security to someone with limited technical knowledge?
Community Application:
Create a simple guide to wallet setup and security that would work for someone in your community with limited technical experience.
Understanding Blockchain Wallets
A blockchain wallet is a digital tool that lets you send, receive, and store cryptocurrency. It doesn’t store coins but holds cryptographic keys.
- Public Key: Like an email address — shareable, used to receive funds
- Private Key: Like a password — must be kept secret, used to access funds
MetaWork guides users to create wallets securely. In the future, wallets will be created automatically using email (like ImmutableX).
Never share your private key. If someone gets it, they can steal your funds.
Troubleshooting Common Wallet Issues
Lost Access to Wallet
- Problem: Forgotten password or seed phrase
- Solution: If you’ve backed up your seed phrase, you can restore your wallet on a new device. Without a seed phrase, funds may be permanently lost.
- Prevention: Store your seed phrase in multiple secure locations (e.g., paper copy in a safe, encrypted digital backup). Consider using a hardware wallet for additional security.
Transaction Not Appearing
- Problem: You sent or received crypto, but it’s not showing in your wallet
- Solution: Check the transaction on a blockchain explorer using the transaction hash. If confirmed on the blockchain but not in your wallet, try refreshing or resyncing your wallet.
- Prevention: Always verify wallet addresses before sending and start with small test transactions.
High Gas Fees
- Problem: Transaction costs are prohibitively expensive
- Solution: Monitor gas prices using tools like ETH Gas Station and schedule non-urgent transactions during low-congestion periods. Remember that MetaWork covers gas fees for off-chain payouts.
- Prevention: Batch multiple transactions together when possible to reduce overall costs.
Wallet Shows Incorrect Balance
- Problem: Your balance appears wrong or tokens are missing
- Solution: Ensure your wallet is fully synced with the blockchain. Some tokens may need to be manually added using the contract address.
- Prevention: Use wallets that automatically detect common tokens and regularly check your balance on a blockchain explorer.
Recovery Methods
1. Seed Phrase Recovery: Most wallets allow restoration using your 12/24-word seed phrase
- Step 1: Install the wallet software on a new device
- Step 2: Select “Restore Wallet” option
- Step 3: Enter your seed phrase exactly as written (including correct order)
- Step 4: Set a new password
2. Private Key Recovery: Some wallets allow import using private keys
- Warning: Only use this method on secure devices, as exposing your private key creates significant risk
3. Hardware Wallet Recovery:
- Follow manufacturer instructions for device recovery
- Most require the original seed phrase generated during setup
Real-World Example: Maria from Colombia forgot her wallet password but had safely stored her seed phrase. She successfully restored access to her MetaWork earnings by following the recovery process, allowing her to continue receiving payments for completed surveys.
Class Activity: Wallet Creation Simulation
What You Will Learn
-
The difference between a public key (address) and a private key (password).
-
The function of a secret recovery phrase (seed phrase) in wallet security.
-
How different wallet types (hot, cold, mobile, browser) affect security and convenience.
-
The critical, non-negotiable rules for wallet security.
What You Will Build
-
A mobile hot wallet (Pera Wallet).
-
A browser-based hot wallet (Solana-compatible wallet).
-
A paper cold wallet (Bitcoin).
1. Mobile Hot Wallet: Pera Wallet (Algorand Network)
Pera Wallet is a mobile-only application. It is excellent for quick, secure transactions on the go.
Security Warning: Never take a picture of or type your Secret Recovery Phrase into any digital device connected to the internet.
|
Step |
Action |
Key Security Takeaway |
|---|---|---|
|
1. |
Download the App: Go to the official App Store (iOS) or Google Play Store (Android). Search for “Pera Wallet” and install the app. |
Always use official links/stores to avoid fake wallet apps. |
|
2. |
Create a New Account: Open the app and select “Create an account” or “Add new account.” |
You are generating a unique cryptographic key pair for the first time. |
|
3. |
Review the Safety Screen: The app will warn you about securing your phrase. Tap to continue. |
Understand that the responsibility for security rests entirely with you. |
|
4. |
Record Your Secret Phrase: You will be shown a 25-word Secret Recovery Phrase. Crucially, write this down immediately on a sheet of paper. Do not screenshot it. Do not save it in your phone notes. |
This phrase is the master key to your funds. Anyone with this phrase can steal all your assets. |
|
5. |
Verify the Phrase: The app will ask you to confirm several words from your written phrase. Enter them accurately. |
This step ensures you have a correct, external record of your key. |
|
6. |
Set a Password/PIN: Create a strong PIN or use biometrics (Face ID/Fingerprint) to lock the app on your phone. |
This acts as a protective layer in case someone gains access to your phone. It is not a replacement for your Secret Phrase. |
|
7. |
Secure the Paper: Store the piece of paper containing your 25-word phrase in a highly secure, private location (e.g., safe deposit box, fireproof safe). NEVER share it. |
Cold Storage: The phrase is now “cold” (offline), maximizing security against hackers. |
|
8. |
Name Your Wallet: Label your new account (e.g., “MetaWork Earnings”). |
Helps you organize multiple wallets if you create them later. |
2. Browser Hot Wallet: Solana Wallet (Solana Network)
Browser extension wallets are convenient for interacting with decentralized web applications (dApps) on a desktop computer. We will use a common Solana-compatible wallet like Phantom or Backpack as an example, since the steps are similar for most browser extensions.
|
Step |
Action |
Key Security Takeaway |
|---|---|---|
|
1. |
Install the Extension: Go to the official website (e.g., Phantom’s site) and select the link for your browser (Chrome, Firefox, etc.). Click “Add to [Browser Name].” |
Always get the extension directly from the official, verified source. |
|
2. |
Create a New Wallet: Click the wallet icon in your browser’s toolbar and select “Create a New Wallet.” |
This starts the process of generating your key pair. |
|
3. |
Record Your Secret Phrase (Again!): You will be shown a 12-word Secret Recovery Phrase. STOP: Write this down immediately on paper. Treat this with the same, non-negotiable security as your Pera phrase. |
The 12 words control ALL assets in this wallet. Losing them means losing everything. |
|
4. |
Set a Strong Password: Create a strong, unique password for the wallet extension itself. This protects it when your computer is unlocked. |
This password does not replace the Secret Recovery Phrase. It only locks the application. |
|
5. |
Pin the Wallet: Pin the wallet icon to your browser toolbar for easy access (and clear visibility). |
Convenience: You can now access your hot wallet for dApp interactions quickly. |
3. Cold Storage Wallet: Bitcoin Paper Wallet
A paper wallet is the ultimate form of “cold storage” (offline storage). It is not for daily use, but for long-term savings. The key is to generate it offline.
|
Step |
Action |
Key Security Takeaway |
|---|---|---|
|
1. |
Prepare Offline: Go to a well-known paper wallet generator (like BitAddress.org) on a computer, but immediately disconnect that computer from the internet and Wi-Fi. |
Crucial Step: You must generate the keys in an environment that is guaranteed to be 100% offline. |
|
2. |
Generate Keys: Once offline, move your mouse around the screen randomly to generate the cryptographic entropy needed for your unique keys. |
Entropy (randomness) ensures the key is truly unique and impossible to guess. |
|
3. |
Print or Record: Once generated, the site will show your Public Address (for receiving Bitcoin) and your Private Key (often a QR code and a long string). Print this page using an offline printer. If printing is not possible, carefully write down the Private Key. |
The Private Key here is your sole means of accessing the funds stored at that Public Address. |
|
4. |
Destroy Digital Trace: Close the browser and delete any temporary files. If you used a printer, ensure the printer’s memory is clear. |
Eliminating digital copies removes all attack vectors. |
|
5. |
Store Securely: Fold and secure the paper in a durable, safe, and fireproof location. |
This paper is now the most secure form of wealth storage available. It is only as safe as its physical location. |
Reinforcement Quiz
-
What is the difference between a Secret Recovery Phrase and a Wallet PIN/Password?
-
Which type of wallet is considered the safest and why?
-
What is the single most important rule when dealing with your Private Key or Secret Phrase?
Homework Assignment
- Install a wallet (e.g., MetaMask). Take screenshots of your public address and explain where you’d store your private key securely. (Note: Never share your actual private key in your homework submission!)
-
Securely store the Secret Recovery Phrases for both your Pera and Solana wallets.
-
Find a Bitcoin Public Address (your new paper wallet address) and share it with a classmate to simulate receiving a transaction.