An Overview of Wallets on the Solana Network and Their Use Cases

Source: Dev.to

Introduction

Wallets are a means of authenticating an identity on a blockchain, in addition to storing funds. They can be compared to a Google account that we use to sign in or sign up on different platforms on the internet.

Types of Solana Wallets

CLI Wallet

A CLI (Command Line Interface) wallet is created and managed from a computer terminal.

When is it used?

• Primarily during development, such as when writing scripts or testing programs.

Limitations

• The private key is stored in a file on the computer, which can be read by anyone who has access to that machine.
• Real money should not be stored in a CLI wallet.

Browser Extension Wallet

A browser extension wallet encrypts private keys and adds a password layer to prevent unauthorized access. It can approve or reject transactions whenever a site requests them.

Advantages

• Safer than a CLI wallet.
• Enables interaction with decentralized applications (dApps).

Mobile Wallet

A mobile wallet adds an additional layer of protection by supporting biometric authentication (Face ID, fingerprint) alongside a password.

Advantages

• Real money can be stored securely.
• Biometric authentication enhances security.