Book Image

Advanced Blockchain Development

By : Imran Bashir, Narayan Prusty
Book Image

Advanced Blockchain Development

By: Imran Bashir, Narayan Prusty

Overview of this book

Blockchain technology is a distributed ledger with applications in industries such as finance, government, and media. This Learning Path is your guide to building blockchain networks using Ethereum, JavaScript, and Solidity. You will get started by understanding the technical foundations of blockchain technology, including distributed systems, cryptography and how this digital ledger keeps data secure. Further into the chapters, you’ll gain insights into developing applications using Ethereum and Hyperledger. As you build on your knowledge of Ether security, mining, smart contracts, and Solidity, you’ll learn how to create robust and secure applications that run exactly as programmed without being affected by fraud, censorship, or third-party interference. Toward the concluding chapters, you’ll explore how blockchain solutions can be implemented in applications such as IoT apps, in addition to its use in currencies. This Learning Path also highlights how you can increase blockchain scalability, and discusses the future scope of this fascinating and powerful technology. By the end of this Learning Path, you'll be equipped with the skills you need to tackle pain points encountered in the blockchain life cycle and confidently design and deploy decentralized applications.
Table of Contents (25 chapters)
Title Page
Copyright and Credits
About Packt
Contributors
Preface
15
Blockchain - Outside of Currencies
16
Scalability and Other Challenges
Index

Difference between online and offline wallets


A wallet is a collection of accounts, and an account is a combination of an address and its associated private key.

A wallet is said to be an online wallet when it is connected to the Internet. For example, wallets stored in geth, any website/database, and so on are called online wallets. Online wallets are also called hot wallets, web wallets, hosted wallets, and so on. Online wallets are not recommended at least when storing large amounts of ether or storing ether for a long time because they are risky. Also, depending on where the wallet is stored, it may require trusting a third party.

For example, most of the popular wallet services store the private keys of the wallets with themselves and allow you to access the wallet via an e-mail and password, so basically, you don't have actual access to the wallet, and if they want, they can steal the funds in the wallets.

A wallet is said to be an offline wallet when it is not connected to the Internet...