Both the Kinesis desktop and mobile applications give you access to the Assets tab (where you can keep each of your currencies stored in a separate currency account). You can also access your Kinesis Wallet on your desktop computer. The differences between these aspects of the system are as follows:
Assets Tab: The location within the Assets tab on the Kinesis platform where your separate currency accounts are held for individual currencies
Kinesis Wallet: Your e-wallet provides higher security and anonymity at the cost of you being completely responsible for your access to the wallet (please note that we cannot “reset” your recovery phrase).
Hardware wallet: This is outside of the app, but provides a further level of security. The CoolWallet is an example of a hardware wallet, which supports Kinesis currencies.
What are my currency account and Kinesis Wallet addresses used for?
In the Kinesis platform, there is a difference between currency accounts (in the Assets tab), created for you by Kinesis, and Wallets, ones that you create:
- Kinesis holds the private keys to the separate currency accounts and this facilitates balances in them to be used on the Exchange.
- Only you hold the private keys to your Wallets. This offers a greater degree of security, but also responsibility. Hardware wallets such as the CoolWallet S or Pro offer further levels of security.
For software wallets, such as the one available in the Kinesis platform, the handling of these keys happens entirely on your computer, in your browser.
For hardware wallets, the keys are on the hardware device.
For currency accounts, the keys are on Kinesis servers.
When you create an account on the Kinesis platform you are generating a cryptographic set of letters and numbers, commonly known as 'public keys'. The handling of these keys happens entirely on your computer, in your browser.
What is a public key?
Your public key is an address that allows other users to deposit cryptocurrencies and/or tokens into your wallet. These addresses are typically a sequence of letters, numbers, or both, this is similar to that of a bank account in terms of transacting with other users, friends, family, or merchants.
If you send your public key (address) to someone, they can send you cryptocurrencies or tokens.
Example:
- Mary wants to transfer Tom some Kinesis gold.
- Tom sends Mary his public key, and Mary then sends Tom 10 KAU.
- Tom receives this straight to his wallet.
Please also see What is my 12-word recovery phrase? article to find out more.