About the platform

Published 11 October 2018

Accounts and Keyfiles

The concept of an account (wallet), what it is used for and how to open it

The concept of an account (wallet), what it is used for and how to open it

An account plays the key role on the CREDITS platform. The concept of an account is associated with the concept of a wallet. The wallet is required for the user to store the currency of the CREDITS platform, transfer and receive coins, and execute smart contract methods. When you start Desktop Wallet, you are prompted to sign in to a previously created account or create a new one. After the user registers and logs in to the Wallet Desktop, the application should look like this:

The concept of a smart contract address

The concept of a smart contract address

When a smart contract is created in the wallet of a user, it is assigned and address in the base58 format. There are several reasons for assigning an address to a smart contract:

  • sending tokens to a smart contract address
  • reverse operation - determining the source of the sent token

The smart contract address type is shown in the figure

Account status (balance)

Account status (balance)

The account status allows a user to determine the current balance of the wallet. In Desktop Wallet, the status is displayed on the left side of the main window:

  • public key of the wallet (“Wallet”)
  • balance

Keyfile, what it is used for, how to create it

Keyfile, what it is used for, how to create it

Keyfile contains information about private and public cryptographic keys. Keyfile is created when you create an account in the Desktop Wallet software. One of the options to login to the previously created account is possible by selecting the keyfile. Keyfile represents a simple json file with key information. The sample file is shown in the figure:

Public and private keys

Public and private keys

A private key is a key that is known only to its owner. Only keeping the private key secret by the respective user ensures that an abuser cannot tamper with the document and digital signature on behalf of the witness.

A public key is a key that can be published and used to authenticate a signed document, as well as to prevent fraud by a witnessing person in the form of a waiver of the document's signature.

Two cryptographic keys are required to operate on the CREDITS platform: private (identifying the user's wallet) and public (transferred to another users of the system). If the public key can be used and transmitted openly, there are strict usage guidelines for the private key:

  • loss of the key entails loss of the wallet and the whole amount of CREDITS currency on it (loss of the key leads to practical inability to decrypt the information)
  • it is unacceptable to transfer private key to third parties
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