What it means
Wallet, account and address
The wallet is an interface or signing tool; the account and its assets are represented under the network’s rules. An address identifies a destination or account, while private keys or another authorization mechanism control permitted actions. These are not interchangeable objects.
Custody and recovery
In self-custody, the user controls the required authorization material or account rules. A custodial service controls access on the user’s behalf. Recovery can involve backups, additional signers or a provider process depending on the design. A wallet’s appearance alone does not reveal who ultimately controls spending.
Related concepts
Hardware wallet, Key management, Multi-signature wallet, Cryptocurrency.
In practice
A concrete example
A user reviews the requested asset, network, recipient and amount before authorizing a merchant payment in a wallet application.
Technical notes & boundaries
There is no universal recovery method. A seed phrase, hardware device, smart account and exchange login have different security and custody assumptions.
Go to the source.
Original references used for this definition. Product details and standards can change.