Education and awareness around Web3 technologies is key to driving enterprise adoption. An explanation of Web3 Wallets for Salesforce Administrators is an important example of this.
We at Web3 Enabler are dedicated to simplifying concepts related to managing Web3 wallets that are compatible with our products.
Best Practices for Key Management
A user’s Web3 wallet address is a public key belonging to that user. Other individuals and businesses need that public key to send funds to the user. Those wallet addresses, as well as their associated transactions, are also visible on Block Explorers, such as Etherscan for Ethereum or Blockcypher for Bitcoin.
A user’s wallet also has a private key, which must only be known to that user. If a malicious actor discovers a user’s private key, that bad actor can steal that users’ funds!
Check out the “Understand the Basics of Public Key Encryption” section of our Primer on Cryptocurrencies to learn more.
Web3 Enabler only stores public keys. For EVM networks, this is the public key to the “Account” you are using with Web3 Enabler.
For UTXO networks, this is the “extended public key” that creates transactional addresses. In all circumstances, Web3 Enabler relies upon publicly available information to report transactions. Only the “wallet holder” with the private keys can “spend those coins” – including transferring them to a fiat off-ramp.
Create Policies Around Wallet Access
Whoever controls the private keys controls the cryptocurrencies. You should generally have at least two people with access to the wallet to avoid losing your coins. You should decide how much crypto exposure you want to have, and convert to fiat when your coins on hand exceed it. One of Web3 Enabler’s wallet management best practices is that the uses your public key only, and does not have access to your coins.
Simplifying Web3 Wallets for Salesforce Administrators
Web3 Enabler’s Blockchain Payments product simplifies wallet management for our users. The product includes a familiar user interface directly from your Salesforce organization.
Our future development plans also include simple, secure wallet interfaces for specific blockchains. Keep posted for future updates, as we have them!
