Keypair management involves handling a pair of cryptographic keys: a public key and a private key. The public key is shared with others to receive funds or messages, while the private key is kept secret and is used to sign transactions and prove ownership.Proper keypair management is crucial for security. If the private key is lost, access to funds is permanently lost. Conversely, if someone else gains access to the private key, they can control the associated assets. To enhance security, strategies like using hardware wallets, which store private keys offline, and employing strong passphrases are recommended. Regularly backing up keys and utilizing multi-signature wallets adds additional protection.Clear protocols for creating, storing, and backing up keypairs help individuals and organizations mitigate risks related to theft or loss. Good keypair management ensures that users can safely transact and manage their assets without unnecessary exposure to potential threats.