Wallet Types

Overview

In this guide, we will introduce the different types of wallets used in Stavax Account. These wallets are categorized based on security and account functionality to help you choose the best option for your needs.

Categorized by Security

At Stavax Account, wallets are classified based on their methods of securing accounts through private key management. We offer two distinct approaches for managing private keys:

• Normal Security: This traditional method involves users managing their private keys through a seed phrase.

• MPC Security: This advanced method employs Multi-Party Computation (MPC) to divide the private key into three separate parts, each stored in different locations. A minimum of two parts is required to reconstruct the private key for on-chain transactions.

The following table compares the key features of these two security methods:

Important Note: To enhance security for all users, we will no longer support the Normal Wallet after September 15th, 2024. We encourage users to transition to MPC Security for improved protection.

Categorized by Account Functionality

The wallets in Stavax can be categorized based on their account functionality:

• Traditional Wallets (or Externally Owned Accounts - EOAs): These wallets are controlled by private keys and are the most common type of account in the blockchain ecosystem. They are primarily used for basic transactions.

• Smart Wallets (also known as Smart Contract Accounts): These wallets are governed by smart contract codes. They leverage this code logic to automate transactions and interactions without user intervention, enabling advanced functionalities that enhance user experience and provide greater flexibility.

The following table compares the key features of these two wallet types: