BCSC 11 1 Wallets mono
Summary
TLDRDr. 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
💼 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.
🔐 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).
Mindmap
Keywords
💡Cryptocurrency Wallet
💡Seed Phrase
💡KYC (Know Your Customer)
💡Blockchain
💡Tokenization
💡Phantom
💡Soul Flare
💡Ledger
💡NFTs (Non-Fungible Tokens)
💡Tokenomics
💡Kiro
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
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