Ethereum Wallet Conteghi Libra of transparency
If you are the owner of an Ethereum portfolio, it is essential to understand how the balance of your account is managed and made visible to others. Here’s what you need to know.
** Public transactions on the Ethereum network
Transactions on the Ethereum network are public. This means that anyone who has access to a transaction can view the addresses of the sender’s portfolio and the receiver, as well as the amount of ether (ETH) or other cryptocurrencies exchanged. However, this does not directly reveal the balance of your account.
** How the balance of your account works
When I send Ether using your Ethereum portfolio, it is sent to the Ethereum network. A node on the network checks the transaction and adds it to the blockchain. This process is called “mining”. The block that contains the transaction will be given a unique code, known as “hash”, which is connected to your wallet address.
The hash does not reveal the balance of your account; Instead, it reveals how ether you are sending. Think about it like this: if you send 10 ETH, the blockchain will show a specific block with a hash that corresponds to your wallet address. Eth’s actual amount in your account is still unknown.
** Visibility of the portfolio address
When someone sends Ether to your wallet address, it is not making your entire account balance visible. What they can see is only the specific transaction and the quantity transferred (in this case, 10 ETH). This means that even if more people have access to your wallet address, they will not be able to view the entire account balance.
** Safety considerations
Although it is understandable to want to share your portfolio address with others for convenience, keep in mind that sharing sensitive information can involve risks for security. If someone gets access to your wallet address, it may be able to transfer funds on your behalf or even completely steal your Ethereum.
To stay safe, it is advisable to share only your wallet address with trusted people who have a legitimate reason to access it. Remember that transparency is an aspect of the Ethereum network, but safety should always come first.
In conclusion, while the transactions on the Ethereum network are public, the balance of your account is not directly visible to the others. Only transactions and specific amounts can reveal the balance of your account. It always exerts caution when sharing sensitive information online and consider the use of a safe wallet that offers robust security features to protect resources.