A blockchain is a shared record of transactions that many independent computers agree on—so you can move value without a single company owning the ledger.
Quick answer
A blockchain is a chain of blocks (batches of transactions) linked with cryptography and maintained by a network. Your wallet does not store coins like a leather billfold; it holds keys that authorize updates to that shared ledger. My Wallet is a non-custodial app that talks to many blockchains from one backup.
The ledger metaphor
Imagine a notebook everyone can read. When Alice sends Bob tokens, the network checks Alice’s authorization, then writes the transfer into a new page (a block). Later pages lock earlier ones in place. Changing history means overpowering the network’s rules—not editing one company’s database quietly.
Different blockchains are different notebooks: Bitcoin, Ethereum, Solana, TON, TRON, and others each have their own rules, fees, and speeds.
What a wallet does on a blockchain
- Derives addresses from your seed / keys.
- Shows balances by reading the public ledger.
- Creates and signs transactions when you send, swap, or approve.
- Broadcasts signed transactions to the network for confirmation.
That is why losing your seed loses access: the ledger still has the balances, but you can no longer prove authority to move them. See What is a seed phrase?.
Networks are not interchangeable
| Concept | Why it matters in a wallet |
|---|---|
| Native gas token | ETH on Ethereum/Base/Arbitrum, SOL on Solana, TON on TON, TRX on TRON, BNB on BNB Chain, BTC on Bitcoin, etc. |
| Address formats | Look different across families; always match network when you paste |
| Confirmation time | Seconds vs minutes depending on chain load and design |
| Tokens vs chains | USDT on TRON is not the same transfer path as USDT on Ethereum |
My Wallet’s product bet is multichain self-custody: one place for Bitcoin, Ethereum, Solana, Hyperliquid, TON, TRON, BNB, Base, Robinhood, Monad, Arbitrum, Polygon, Avalanche, Dogecoin, Litecoin, Bitcoin Cash, Arc—and clear network context so you send on the chain you meant.
Public vs private, L1 vs L2 (short)
- Public chains — anyone can read; anyone can submit valid txs (Bitcoin, Ethereum, Solana, TON…).
- L2 / scaled environments — sit atop or beside an L1 to lower fees (for example Arbitrum and Base relative to Ethereum). You still need the right gas and the right network selected.
You do not need every buzzword to use a wallet. You do need the right network label before you confirm.
Blockchain vs “the app”
Apps like My Wallet, MetaMask, Phantom, Keeper, Trust Wallet, Rabby, Coinbase Wallet, and Ledger Live are interfaces. The blockchain is the shared state underneath. If one app disappears, a non-custodial seed can restore access in another compatible wallet—after you verify derivation and network support with a small test send.
What blockchains do not do
- They do not refund mistaken sends by default.
- They do not guarantee profits or “passive income.”
- They do not replace personal security: phishing still works on humans.
Download My Wallet
Download My Wallet for one self-custodial app across many networks.
FAQ
Is crypto stored “in” my phone?
Balances live on the blockchain. Your phone stores keys (or access to them) that unlock those balances.
Why do I pay fees?
Validators / miners / operators expend resources to include your transaction. Fees are paid in the network’s gas token (or sponsored in special gasless flows when available).
What is a smart contract?
Code deployed on a blockchain that runs when called—swaps, lending, NFTs. Signing a dApp transaction can authorize that code to move tokens; read prompts carefully.
Do all wallets support all blockchains?
No. Chain coverage is a product choice. My Wallet focuses on broad multichain coverage; specialists go deep on one ecosystem.