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Does it matter wc Algorithm i select during wallet creation?

There were 2 options......

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Both are good. If you plan on using Ledger in the future, choose EIP.

You can choose anyone: ED25519: Fast, provides high level of security with fool proof session keys among other features. Secp256k1: is an efficient encryption algorithm and it's the same algorithm used by Bitcoin and Ethereum. Learn more - https://docs.casperlabs.io/en/latest/dapp-dev-guide/keys.html?highlight=Secp256k1

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