BCSC 11 1 Wallets mono

Summary

Dr. Chris Smith, CEO of Black Wallet, delivers a lecture on building a cryptocurrency wallet, emphasizing the importance of digital security and the reliability of blockchain encryption. He recommends using top providers like Coinbase, MetaMask, or Phantom for wallet creation and stresses the significance of keeping seed phrases and private keys secure. He also discusses the benefits of KYC (Know Your Customer) seed wallets for government compliance and introduces hardware wallets like Ledger for added security. The talk concludes with an invitation to learn more about Black Wallet's services and its stablecoin 2.0 token, Kiros.

Takeaways

• 😅 The speaker admits to being uncomfortable with standing behind podiums and apologizes for being late due to a conversation.
• 💼 The lecture is about building a wallet, which the speaker humorously notes is ironic since their company, Black Wallet, does not actually make wallets.
• 🔒 The speaker emphasizes the importance of digital security and encryption in blockchain, stating that blockchain itself has not been hacked due to its technology but due to human error.
• 📱 The speaker advises to download wallet apps from official app stores to avoid fake versions that could steal information.
• 🔑 When setting up a wallet, the speaker explains that users will receive a seed phrase, which is crucial to write down and keep private, equating it to a bank card and PIN number.
• 📈 The speaker recommends using a KYC (Know Your Customer) seed wallet for dealing with government agencies and ensuring wallet legitimacy.
• 🔒 The speaker mentions Ledger as an example of a hardware wallet that provides an extra level of security by storing keys.
• 📚 The speaker introduces himself as Dr. Chris Smith, CEO and co-founder of Black Wallet, and mentions his contributions to tokenomics and security audit standards.
• 👥 The speaker points out his girlfriend Remy, who is also the CIO of Black Wallet, and suggests that she can provide more information about the company and its stablecoin 2.0 token, Kiron.
• 🤖 The speaker mentions his involvement with the Dynamic Coalition on Blockchain Insurances and Standards and the IGF, working towards digital asset and exchange laws.
• 🎉 The speaker ends by noting that they have covered the material and have time for questions, inviting interaction with the audience.

Q & A

What is the primary focus of the lecture?

The primary focus of the lecture is on the custody, receiving, and distribution of crypto assets, essentially explaining how to build a wallet.

What is the name of the cryptocurrency company mentioned in the lecture?

The name of the cryptocurrency company mentioned is Black Wallet.

What does Black Wallet specialize in, despite its name?

Black Wallet specializes in tokenization and consulting, not in making physical wallets.

Which wallet providers does the speaker recommend?

The speaker recommends wallet providers such as Coinbase, MetaMask, Phantom, and Soul Flare.

What is the significance of digital security in the context of blockchain?

Digital security is significant because the encryption for blockchain has not been hacked without human error, implying that security breaches are often due to human mistakes rather than flaws in the technology.

What is a 'seed phrase' in the context of crypto wallets?

A seed phrase is a series of 12 to 24 words that act as a backup for restoring access to a crypto wallet. It is crucial to keep this information secure and private.

Why is it important to download crypto wallet apps from official sources?

Downloading from official sources ensures that you get the genuine app, avoiding clone sites that may offer fake software designed to steal your information.

What is the difference between KY seed and non-KY seed wallets?

KY seed wallets are Know Your Customer compliant, allowing for identity verification and legitimacy checks by government agencies, while non-KY seed wallets do not have this feature and lack recovery options if the passphrase is lost.

What is a hardware wallet, and how does it provide an extra layer of security?

A hardware wallet is a physical device, like a thumb drive, that stores your private keys, providing an extra layer of security by keeping your keys offline and away from potential online threats.

What is the role of the Ledger mentioned in the lecture?

Ledger is a brand of hardware wallet that stores users' keys, offering an additional level of protection for their crypto assets.

What is the name of the flagship stablecoin 2.0 token mentioned by the speaker?

The flagship stablecoin 2.0 token mentioned is called Kiros.

Who is the CEO and co-founder of Black Wallet, and what other roles has he undertaken?

Dr. Chris Smith is the CEO and co-founder of Black Wallet. He has also authored the tokenomics standard for the Bmm, is working on the security audit standard, and has been involved with the Dynamic Coalition on Blockchain Insurances and Standards of the IGF at the United Nations.

Outlines

00:00

💼 Building a Crypto Wallet: Security and Recommendations

The speaker begins by humorously acknowledging his discomfort with podiums and apologizes for being late due to an engaging conversation. He introduces the topic of the lecture, which is about building a crypto wallet, and clarifies that despite his company's name, Black Wallet, they do not manufacture physical wallets but specialize in tokenization and consulting. The speaker emphasizes the importance of personal security in digital wallets, noting that blockchain encryption has not been hacked without human error. He then inquires about the audience's experience with crypto wallets and proceeds to guide those unfamiliar through the process of obtaining a wallet app, cautioning against clone sites that could compromise security. The speaker distinguishes between KYC (Know Your Customer) and non-KYC seed wallets, advocating for the former due to its legitimacy and recovery options, and advises on the importance of keeping seed phrases and private keys secure, likening them to bank cards and PINs in the digital world.

05:03

🔐 Crypto Wallet Security and Personal Introduction

In the second paragraph, the speaker continues the discussion on wallet security, highlighting the significance of using a KYC seed wallet for dealing with government agencies and ensuring legitimacy. He contrasts this with non-KYC wallets, which lack recovery options, and stresses the importance of securing a wallet for significant currency storage. The speaker introduces hardware wallets, such as Ledger, as an additional layer of security for key storage. He concludes the lecture by introducing himself as Dr. Chris Smith, CEO and co-founder of Black Wallet, and mentions his contributions to the tokenomics standard and ongoing work on the security audit standard for the Blockchain Token Market (BMM). He also references his involvement with the United Nations in developing digital asset and exchange laws. The speaker invites questions and points out his girlfriend, Remy, who is also the CIO of Black Wallet and can provide more information on the company's services and their flagship stablecoin 2.0 token, Kiron (Kiro).

Keywords

💡Cryptocurrency Wallet

A cryptocurrency wallet is a digital tool that allows users to store, send, and receive digital currencies like Bitcoin or Ethereum. In the script, the speaker discusses the importance of choosing a reputable wallet provider and the process of setting up a wallet, emphasizing the security aspect of digital wallets and the need to protect one's seed phrase and private key.

💡Seed Phrase

A seed phrase, also known as a recovery phrase, is a list of 12, 18, or 24 words that are used to restore access to a cryptocurrency wallet. The speaker in the video script warns against sharing this phrase and stresses the importance of keeping it secure, likening it to a bank card and PIN number in the digital world.

💡KYC (Know Your Customer)

KYC is a process where a business verifies the identity of its clients to prevent fraud, money laundering, and other illegal activities. The script mentions the importance of using a KYC seed wallet for dealing with government agencies, ensuring the wallet's legitimacy and the ability to back-check transactions.

💡Blockchain

Blockchain is a distributed ledger technology that underpins cryptocurrencies and allows for secure, transparent, and immutable transactions. The speaker in the script assures the audience that the encryption for blockchain has yet to be hacked without human error, indicating the security of blockchain technology.

💡Tokenization

Tokenization in the context of cryptocurrencies refers to the process of representing assets as tokens on a blockchain. The speaker introduces their company, Black Wallet, as a cryptocurrency company that specializes in tokenization, which is a key concept in the video's theme of cryptocurrency management.

💡Phantom

Phantom is a type of cryptocurrency wallet mentioned in the script as one of the speaker's favorites. It is an example of a wallet that users might consider when looking to securely store their digital assets.

💡Soul Flare

Soul Flare is another wallet mentioned in the script, which is suggested as a good wallet option. It represents one of the various wallet choices available for users to manage their crypto assets.

💡Ledger

Ledger is a brand of hardware wallets that store cryptographic keys securely, providing an additional layer of security for users' digital assets. The speaker recommends using a hardware wallet like Ledger to protect one's keys.

💡NFTs (Non-Fungible Tokens)

NFTs are unique digital assets that represent ownership of a particular item or piece of content on the blockchain. The script mentions GBA events giving out NFTs, which are part of the emerging trends in digital asset ownership and blockchain technology.

💡Tokenomics

Tokenomics refers to the economic aspects of cryptocurrencies and tokens, including their distribution, utility, and value. The speaker mentions being the author of the tokenomics standard for the Blockchain Marketing and Media Group, indicating their expertise in this area.

💡Kiro

Kiro is a term mentioned in the script, which refers to a flagship stablecoin 2.0 token developed by the speaker's company, Black Wallet. It represents an example of the innovative financial products discussed in the video.

Highlights

Lecture on building a wallet with a focus on digital security and encryption in blockchain technology.

Recommendation to use top providers like Coinbase, MetaMask, Phantom, or Soul Flare for wallet creation.

Emphasis on personal responsibility for digital security in crypto assets.

Explanation of the importance of blockchain encryption that has yet to be hacked without human error.

Discussion on the prevalence of crypto wallets among the audience.

Instructions on downloading wallet apps safely from official app stores to avoid clones.

Clarification on the process of installing wallet apps and the importance of user familiarity.

Differentiation between KY seed and non-KY seed wallet apps and their implications.

Advice on securely handling seed phrases and private keys, equating them to bank cards and PINs.

The significance of using KY seed wallets for government compliance and legitimacy.

Introduction of hardware wallets like Ledger for an extra level of security.

Mention of Dr. Chris Smith as the CEO and co-founder of Black Wallet.

Dr. Smith's contributions to the tokenomics standard and work on the security audit standard for BMM.

Involvement with the dynamic Coalition on blockchain insurances and standards at the IGF.

Introduction of Remy, the CIO of Black Wallet, and her role in providing information on the company's offerings.

Information on Kiron, the flagship stablecoin 2.0 token by Black Wallet.

Transcripts

I'm I'm horrible with standing behind podiums oh  you can't cool okay so um sorry about being a a  

little bit late I was down I couldn't get away  from a conversation um so custody receiving and  

distribution of crypto assets that's a really nice  way of saying this is the lecture on how to build  

a wallet that's my job this year I'm with black  wallet which is hilarious that we don't actually  

make wallets we are a cryptocurrency company we  do tokenization and we do Consulting but we don't  

actually make wallets so I recommend that if you  want to build a wallet you should go to one of the  

top providers you can go to coinbase you can go to  um metamask our favorite is Phantom Soul flare is  

also a good wallet but the big thing to understand  as you're looking at this is you want to make sure  

that you are the security for this the digital  security is not going to fail you the encryption  

for blockchain has yet to be hacked without human  error so if you get hacked if you're worried about  

putting your money on blockchain because you saw  FTX or Mount GX oh it's so scary that was because  

people screwed up the technology is here it is  now and it's ready so how many of you guys have  

crypto wallets I'm guessing most people other than  Ross have crypto wallets so okay those of you that  

have done this this is going to be a little  bit redundant because I'm just going to walk  

you through a very simple process the first step  of the process is go get the app now one of the  

big things is almost every app has a clone site  out there that's going to be a fake version of  

the app you can't actually get it there they give  you a fake software that steals your information  

you don't want to go to those sites obviously what  you want to go to is the formal site the app store  

or the Play Store store if you go anywhere else  you're taking your money in your own hands so be  

very careful with that once you downloaded the app  it's pretty simple you install it now anybody that  

was born after about 1910 has probably installed  an app at some point in their life it's not that  

hard you click on it it does all the work for you  we used to call them Wizards now we don't even  

call them anything they just do it so once you  go in there's two types of apps there's KY seed  

and nonky Seed the KY seed version I'm going to  talk about in a second the nonky seed version is  

pretty easy you go in it is going to give you six  12 or 24 words those are called your seed phrase  

you can take them down and write them down on the  paper on my table downstairs no just kidding don't  

ever give those to anybody your seed phrase and  your private key are basically your bank card and  

your pay pin number for the digital world and you  want to make sure that you keep these private so  

be very careful with that and make sure that  you keep those separate yeah keep those safe  

and keep them in separate places don't store them  all in one place or else if somebody steals your  

little notepad you're out of luck again the good  wallets are K wide seed and uh since Eugene's not  

here to argue with me on an anonymity and privacy  it is very very important that you use a ky seed  

wallet because that means that if you're dealing  with government agencies they can back check and  

make sure that this wallet is legitimate and if  the wallet is not kyc there are no nonky seed  

wallets that have any recovery software involved  with and that's very important so if you lose your  

pass phrase you might not have it if you're going  to be storing lots of money on the blockchain if  

you're thinking about doing that putting lots  of your currency on there get one of these or  

one of the competing Brands LED here's the biggest  one out there this is a ledger it basically looks  

like a thumb drive and what it does is stores  your keys for you and gives you an extra level  

of protection there are several different brands  of them I don't care I'm brand agnostic I'm not I  

just use Ledger I don't get anything from them  so use whichever one you like make sure it's  

legitimate finally the last step is putting  some cryptocurrency in your wallet or an NF  

if you come to the GBA events they actually give  out nfts which the Bitcoin people call ordinals  

and um you'll have them in your in your thing for  free um they have different effects that they do  

with them and they're really exciting so since I  got through the material and I only have about a  

minute 30 left I wanted to say my name is Dr Chris  smithm I haven't introduced myself yet I am the  

CEO and co-founder of black wallet I was more um  more concerned with getting you the information  

before I got you who I was because if you know me  um you know that down on the table there's a whole  

bunch of books I've written um I was the author of  the tokenomics standard for the bmm I'm currently  

working on the security audit standard for the  bmm um I also have been helping with the dynamic  

Coalition on blockchain insurances and standards  of the igf of a little place called The United  

Nations on bringing a digital assets and exchanges  law to Market to protect people's interests and  

if you have any questions about about us um my  beautiful girlfriend Remy who is also our CIO  

is down at the table and she is absolutely not  moving at all she's like completely acting like  

I'm not pointing at her and uh so the person  that is sitting really still in the back row  

that's her if you go down and talk to her at the  table she can give you information on black Wallet  

information on about what we do with tokenization  and Consulting and also very importantly on Kiros  

which is our Flagship stablecoin 2.0 token and  I believe that brings me right in at 7 minutes

thanks everybody