In the Kinesis platform, there is a difference between Accounts created for you by Kinesis and Wallets for which you initiate the creation:
- Kinesis holds the private keys to the Accounts and this facilitates balances in them to be used at the Exchange.
- Only you hold the private keys to Wallets. This offers a greater degree of security, but also responsibility. Hardware wallets such as the CoolWallet S 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, inside your browser.
For hardware Wallets, the keys are on the hardware device.
For Accounts, the keys are on Kinesis servers.
When you create an account on the Kinesis Money 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, inside your browser.
What is a public key?
Your public key is an address that allows other users to deposit cryptocurrencies and/or tokens to 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.
Mary wants to transfer Tom some Digital Gold. Tom sends Mary his public key, Mary then sends Tom 10 KAU. Tom receives this straight to his wallet.
Please also see What is my 12-word recovery phrase, and how do I keep it safe?