Newcomers to #crypto generally face one big problem — since we use a lot of jargon, many fundamental concepts are hard to understand.

I'm going to attempt to simplify things with plain English explanations for many crypto concepts.

Let's start with: #Wallets

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Blockchain data can be freely read by anybody with the right tool, usually a web app written by a developer.

But in order to make a change to blockchain data such as sending funds to someone or minting an NFT, you need to send a "transaction" to the blockchain.

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A "transaction" (Tx) is an action that changes blockchain data. It has four primary components:

1⃣ What the Tx will do? (ex: transfer funds)
2⃣ Information needed for the Tx? (ex: amount, recipient)
3⃣ Tx fees (aka "gas")
4⃣ Authorization for the Tx via a digital signature

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A digital signature here isn't just your scribbled signature in picture form. It specifically means using cryptographic techniques to create a sealed digital envelope that mathematically proves that "you" approved the Tx.

The "you" in this case is not you, the person.

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"You" really means someone or something in possession of a special piece of information called a "private key"

The private key is a secret piece of information associated with your blockchain account that is used by a special tool to digitally sign the sealed Tx envelope.

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