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Do wallets requiere a copy of the whole blockchain?

Hi, I have been reading about Monero and trying to understand how it works. When it comes to the wallet I understand that it needs to evaluate all the blockchain in order to get the actual balance of the account.

How does this works exactly? Does the wallet client requires to download all the blockchain and then try to decrypt block by block to collect transactions for the wallet’s address and subaddresses?

How is this efficient and how long does it takes? Would there be a moment when the whole blockchain is just too big to store in an embedded device or mobile phone? Is there an index or hash lookup of some sort?

Thanks!

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