Main Wallet & Chaquen Wallet

Main Wallet

There are multiple ways to store crypto and interact with the blockchain. The most common is by using an Externally Owned Account (EOA), a wallet that is secured with a private key. There is no way to access or control the wallet without using the private key. Some prominent examples of EOAs are Metamask and Coinbase Wallet. They also include cold wallets like Ledger and Trezor, which store your keys offline.

Custodial wallets are also EOAs. These wallets are controlled by a separate centralized entity such as Binance. You have a custodial wallet when you are not given the private key and therefore cannot access your coins independently of the exchange.

Chaquen Wallet

Chaquen wallets hold your assets in a smart contract on the blockchain. They are programmable, offering multiple types of support and security that a traditional EOA does not. The opportunities of smart contract wallets are endless, only limited to the creativity of the developer.

Key Differences

Main Wallets	Chaquen Wallets
Reliant on private keys for control. If someone gets your private key, they have access to your funds.	Governed by code (smart contracts) on the blockchain. This allows for more control and features.
It's created when a private key is linked to a seed phrase through a wallet app.	Don't always require a seed phrase. Some use social or biometric logins.
Basic functions like sending and receiving crypto, interacting with dApps (decentralized applications)	More versatile due to programmable logic. They can offer features like: Social recovery: Recover funds even if you lose your seed phrase (involves trusted contacts) Multi-signature: Requires multiple approvals for transactions (adds security) Gas optimization: Batch transactions to save on fees Automation: Program interactions with DeFi (Decentralized Finance) protocols User-friendly interface: Can simplify complex crypto interactions Security (theoretical)
Security depends on keeping your private key safe. A single point of failure	Arguably more secure due to: No private keys to steal Multi-signature options Code audits (ideally) to check for vulnerabilities in the smart contracts