Wallet
The Grams Wallet is a decentralized digital wallet for managing cryptocurrencies and other digital assets. Here are the core concepts you need to understand when working with the Grams Wallet:
Accounts
In Grams, an account is a collection of funds and assets that are controlled by a single private key. Accounts are used to receive and send funds and to manage associated assets, such as collectibles or tokens. Each account has a unique name, which is used to reference it in the Grams ecosystem.
Private Keys
A private key is a secret value that is used to sign transactions and authorize the transfer of funds or assets associated with an account. Private keys are generated by the wallet and are kept securely on the user's device. To protect the user's funds, it is important to keep the private key secret and not share it with anyone.
Mnemonic Phrase
A mnemonic phrase is a set of words that is used to generate a private key for a wallet. This is a common backup and recovery mechanism used by wallets in the Grams ecosystem. The mnemonic phrase is usually 12 to 24 words long and is generated from a randomly generated seed. With the same seed, the same mnemonic phrase can always be generated, and vice versa. It is recommended that users write down their mnemonic phrase and keep it in a secure location.
Transactions
A transaction is a record of a transfer of funds or assets between two accounts. In the Grams ecosystem, transactions are cryptographically signed using the private key associated with the sender's account. Once a transaction is signed, it is broadcast to the network and added to the blockchain if it is valid.
Blockchain
The blockchain is a decentralized ledger of all transactions that have ever occurred on the Grams network. Each block in the blockchain contains a set of transactions and a reference to the previous block in the chain. The blockchain is maintained by a network of nodes, which reach consensus on the state of the blockchain through a consensus algorithm.
Gas
Gas is a unit of measurement for the cost of executing a transaction on the Grams network. Each operation in a transaction requires a certain amount of gas to execute. The total gas cost of a transaction is calculated by summing the gas costs of all operations in the transaction. Gas is paid for in Grams tokens, and the cost of gas varies depending on network congestion and other factors.
Non-Fungible Tokens (NFTs)
Non-fungible tokens (NFTs) are unique digital assets that are stored on the Grams blockchain. Each NFT has a unique identifier and a set of associated metadata, which can be used to describe the asset and its ownership. NFTs are commonly used to represent collectibles, such as artwork or game items, and are traded on various NFT marketplaces.
Governance
Governance refers to the process by which the rules and policies of the Grams ecosystem are established and enforced. Grams uses a decentralized governance model, in which stakeholders can propose and vote on changes to the protocol and ecosystem. Governance decisions are made through a decentralized autonomous organization (DAO) that is built on the Grams blockchain.
Security
Security is a critical aspect of the Grams wallet. Private keys are encrypted and stored securely on the user's device. The wallet uses best practices for secure key management, such as hardware wallets or encrypted key stores. Additionally, the wallet is regularly audited by third-party security firms to ensure that it meets industry best practices and is protected against known vulnerabilities.