Wallets
A wallet stores your public and private keypairs that you can use to communicate with the chain. A single wallet can ususally store multiple accounts.
The blockchain does not have access to your private key, instead it uses signatures to verify that an action was submitted by you.
Seed Phrase
When creating a new account in your wallet, you usually get a 12-word seed phrase. These words can be used to restore your account in case you lose access to your wallet or if you forgot your password.
DANGER
Keep your seed phrases in a secure place, because it is the only way to restore an account after you lose access to it. Also, anyone with access to your seed phrase has FULL CONTROL over your account (including your NFTs and MOS tokens).
Wallet Providers
We refer to applications or hardwares that provide you with a functionality to generate keypairs, store accounts and generate signatures for an extrinsic as "Wallet Providers".
Some notable wallet providers:
Custodial Wallets
Custodial Wallets are wallets, where you don't have access to the private keys or