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Что такое Цифровой Рубль? Как он работает? Когда запустится? Это криптовалюта?

Антон Састрпцин — Thu, 02 Mar 2023 12:55:22 +0000

What is the Digital Ruble? How does it work? When will it be launched? Is it a cryptocurrency?

Антон Састрпцин Thu, 04/06/2023 - 15:26

Contents

Digital Ruble what is it: a quick answer

Highlights:

The digital ruble is not a cryptocurrency, but it is protected by crypto encryption and created on a centralized blockchain
The digital ruble is no different from the cash ruble and the modern non-cash ruble (bank transfer)
1 Digital ruble = 1 cash ruble (and non-cash too).
The digital ruble will not replace cash and non-cash payments, but will only complement them
You will not lose digital rubles, even if your bank closes!
The digital ruble belongs to the Bank of Russia
You can pay with a digital ruble abroad
The digital ruble will be launched in April 2023
The digital Ruble will not be traded on a cryptocurrency exchange, like, for example, USDT
Digital ruble reliable, fast and safe

What is the digital ruble?

The Digital Ruble (CBDC) is a new, official and additional form of the Russian national currency, which will be issued by the Bank of Russia in digital form (electronic). The digital ruble will be able to combine the properties of both cash and non-cash rubles.

Like non-cash money (online payment), the digital ruble makes remote payments possible. At the same time, just like cash, the digital ruble can be used offline - that is, even if there is no access to the Internet.

The digital ruble will be available to the following economic entities:

Citizens
All types of business
To all participants of the financial market
Government

Just like cash and non-cash rubles, the digital ruble will perform all 3 standard functions of money, namely:

Means of payment
Measure of value
Savings

Simply put, a digital ruble is the same ruble as the one used in a bank transfer: it cannot be touched (it has no physical analogue like cash), but at the same time its value is exactly the same as that of cash. It was created as a more convenient, modern means of payment to reduce costs (on logistics, commissions, production, etc.), and most importantly, it is faster, more reliable and safer. Yes, the digital ruble is not a cryptocurrency, but it has a centralized (state) blockchain and is protected by crypto encryption!

Important! If a user starts a digital wallet for a digital ruble only through 1 bank, and this bank eventually closes, then the user will not lose access to their digital rubles! Whatever the amount of digital rubles in the wallet, users will continue to be able to safely use their funds through other banks in which they are serviced!

Each digital ruble will have its own unique number, just like cash, so it will be easy to track their movement in case of theft.

Also, digital rubles can be bequeathed and inherited, while, importantly, close people (relatives) will be able to receive an inheritance from a digital account necessary to pay for the funeral, before the expiration of 6 months from the date of the announcement of the inheritance.

What is the digital ruble equal to?

The digital ruble is the same ruble as cash and non–cash.

Now 1 non-cash ruble = 1 cash ruble, and 1 digital ruble = 1 cash (or non-cash) ruble!

All 3 forms (cash, non-cash, digital) of the Russian ruble will be absolutely equivalent.

Digital Ruble to Dollar

As we wrote earlier, the digital ruble does not differ from the usual cash (and non-cash) ruble. Therefore, a digital ruble will cost the same to the dollar as a regular ruble!

When will the digital ruble be launched?

Initially, the digital ruble was planned to be launched in 2024. However, in February 2023, it was decided that the digital ruble would be launched in April 2023.

On this occasion , the Deputy Governor of the Bank of Russia said:

"The pilot phase will work with real operations for real people, but only for a limited number of them, with 13 banks that have declared their readiness."

List of 13 banks: Alfa-Bank, Sberbank, TKB, Ak Bars, VTB, Dom.RF, Tinkoff Bank, Gazprombank, Rosbank, PSB, Soyuz bank, SKB-bank.

Will the digital ruble replace cash and non-cash payments?

No, the digital ruble will not replace cash! It is considered not as a replacement for cash or non-cash rubles, but as an addition to existing forms of money.

Official response:

Simply put, not all segments of the population will be able to switch to the digital ruble. A vivid example of this is pensioners who will not be able to switch to a new, complex system. Many people are still more comfortable receiving cash and paying only with it.

It takes a lot of time to replace a cash payment with a digital ruble. At this stage, the digital ruble will be introduced to the masses, and after a few generations, when everyone will be able to use digital money without problems, they will be able to replace cash! But a complete replacement of cash is not yet planned.

What is the digital ruble for?

The most important advantage of the digital ruble over cash and non-cash payments:

The digital ruble will make payments even faster, safer and easier.
The development of digital payments will lead to a reduction in the cost of payment services, as well as money transfers.
The sender will be able to label digital rubles at will, so that the recipient spends them only for certain set goals. This ensures transparency of transfers and circulation of the money supply.

Now let's look at this in more detail.

What is the security of this system? All operations with digital rubles will take place on the regulator's platform, and they are also protected using cryptography. The Bank of Russia will be able to track transactions of digital wallets and guarantees the safety of money.

Why will the digital ruble be faster? Transactions with digital rubles pass through a digital wallet and this happens almost instantly and without pauses — 24/7 (for example, how the Fast Payment System (SBP) works now). This applies not only to transfers between people, but also payments to company accounts.

What is the convenience of the digital ruble over cash and non-cash payments? Anyone can conclude secure transactions (so-called smart contracts) directly on the regulator's platform. Under these contracts, payment in digital rubles will be carried out automatically with the strict fulfillment of the pre-prescribed terms of the contract.

What is the transparency of the digital ruble? The sender of digital rubles will be able to label them so that the recipient spends them only for the specified purposes. For example, parents will be able to label digital rubles that they transfer to their children, and the marked funds can be spent, for example, only on paying for lunches and travel (or something else).

All this will serve as an incentive for innovation both in the field of retail payments and in other areas, and will support the development of the digital economy. Reducing the dependence of users on individual providers will increase the stability of the country's financial system.

Will the digital ruble be able to pay for purchases abroad?

The digital ruble has not yet been put into circulation, so this answer is purely theoretical.

Theoretically, it is possible to pay for goods abroad, moreover, various states are already experimenting with cross-border payments in digital currencies.

But at the same time, when using the digital ruble, the same question arises as when using other types of money.

For example, if a user sends a digital ruble to China, then you need to make sure that the Chinese get the coverage they need for it (in rubles, yuan, gold, etc.). It will be necessary to set exchange rates for such types of transactions.

The main question for many is: "Will digital rubles be able to replace the bank cards or SWIFT bank transfers that are not working abroad?" - they may be able to, but, again, the answer to this question is still theoretical.

Advantages of the digital ruble

Recently, there has been a growing interest in the use of non-cash money.

The digital ruble should become a new, convenient, additional means of payment for both sellers and buyers, especially in remote, hard-to-reach and sparsely populated areas where access to financial infrastructure is severely limited.

Thanks to the digital ruble, the coverage of the population with financial services will increase, which will become more accessible, which will eventually improve the quality of people's lives.

In general, the advantages of the digital ruble are many: from reducing logistics costs to security and increasing the coverage of the population with financial services!

How to use a digital ruble?

Using a digital ruble will be as easy and simple as using a bank card or an electronic wallet (for example, Qiwi).

As we wrote earlier, all transactions of the digital ruble can be carried out both online and offline.

To perform transactions offline, without Internet access, users will be able to pay in advance by reserving a certain amount of digital rubles in their electronic wallet (this is similar to how you just put cash in your wallet at home), in places where cards are not accepted.

In the online mode, transactions are performed similarly by bank transfer (as with a bank card).

The main difference is that you can have any number of electronic or bank accounts, and only one digital wallet.

How to create a digital ruble wallet?

Presumably there will be the following procedure:

The user creates a digital wallet of the digital ruble using the mobile application of any bank (in which he is registered) participating in the digital ruble program (platform). Then he gets access through the applications of other banks connected to the platform.
Next, the user puts money in the wallet. Through Internet banking or mobile banking, users will be able to replenish their digital wallet with any amounts they need from their regular (current) bank account.
After that, the user can make transfers to organizations (online stores and others), ordinary people. To do this, you need to: specify the phone number of the recipient of digital rubles (the owner of another wallet), after which he will receive funds instantly. Please note that it does not matter which bank your recipient is a client of — the money between digital ruble wallets goes through the Bank of Russia platform.

How to pay for goods and services in digital rubles? Everything is simple here: digital rubles are transferred from your wallet to the wallet of the company (store). All you will need to make a payment is to scan the seller's QR code through the mobile application in your bank.

It is also very easy to convert digital rubles back into non-cash money. Digital rubles from a digital wallet can be transferred back to your bank account in any of your banks connected to the digital ruble platform!

What are the commissions of the digital ruble?

Users, sole proprietors and companies have the opportunity to create a digital wallet by signing a standard digital account agreement with one of the banks that is connected to the platform.

The bank, in turn, will charge a commission for transactions. However, these commissions will not exceed the amount set by the Central Bank.

According to the chairman of the Central Bank, digital accounts should reduce the cost of settlements.

The tariffs of the digital ruble will not be higher than in the current "System of Fast payments" (SBP), that is, they will amount to 0.4–0.7% of the amount.

Can scammers steal a digital ruble from accounts?

Quick answer: only by tricks such as social engineering.

The main thing here is to understand that the digital ruble is different from the non-cash payment we are used to, since it has cryptographic protection and is based on the blockchain!

All user data is kept in the strictest confidentiality with the use of the latest cyber defense technologies.

Any transaction in digital rubles takes place only if the user confirms it with his electronic signature.

But at the same time, you should not lose vigilance, since scammers will always try to lure money (for example, with the help of social engineering tricks).

At the moment, if the user transfers funds to scammers himself, or accidentally informs them of confidential information that will give fraudsters access to the victim's accounts, then banks will not always help to return the funds, or help, but the proceedings may drag on for a long time.

In the case of the digital ruble, it will be possible not only to compensate for the victim's losses, but also to quickly track down the movement of funds by criminals. All this is possible due to the fact that all operations with the digital ruble take place on a single, centralized platform of the regulator (centralized blockchain) and the actions of the attackers can be tracked and see which wallet the stolen funds went to.

Can the digital ruble create inflation?

The digital ruble will not create inflation, since more or less money will not appear in the country because of the digital ruble.

The digital ruble is just a new form of money! There will be no additional issue of money due to the appearance of the digital ruble, which means that this will not affect prices and their growth.

What should I do if something breaks?

The Bank of Russia will create a single portal for digital ruble users.

Applications from users will be sent to 2 places at once: to the regulator and your bank, in whose mobile application the user could not, for example, receive a transfer or make it.

Users will be able to ask all these or other questions in real time 24/7 in the CB Online chat.

Now let's answer the question in more detail, what is the central bank's digital currency?

What is the central bank's digital currency?

The central bank's digital currency (CBDC) is money that can be issued by a country's central bank. They are called digital (or electronic) because they are not physical money like banknotes and coins (paper/metal money).

The central bank's digital currency can be represented as an amount on a computer or similar device.

The Bank of Russia is the central bank of Russia, and it is carefully studying the idea of a central bank digital currency for Russia.

The central bank's digital currency is a type of digital money.

How does the digital ruble differ from the cryptocurrency?

Most likely, you have heard about Bitcoin, Ethereum and USDT. These are examples of private digital assets (sometimes called cryptocurrencies or crypto assets). CBDC differs from crypto assets in several important aspects:

Firstly, crypto assets are issued privately. If something goes wrong with the crypto asset, the central bank or the government will not be able to intervene.
Secondly, the value of the crypto asset is unstable. It can rise or fall quickly in a very short period of time. This is not ideal when making payments. Unlike cryptocurrencies (such as Bitcoin), digital rubles will be stable and retain their value over time!
Also, cryptocurrencies are decentralized and this is not always good. The digital ruble will be fully centralized and supported by the state.

As we have already said, cryptocurrencies are not regulated and are most often decentralized. Their price is determined by investor sentiment, external political situations, regulations, use and interest on the part of investors.

You need to understand that cryptocurrencies are volatile assets that are more suitable for speculation (earning on the difference in exchange rates, holding coins before the onset of growth - hype, and others). All this makes them impossible candidates for use in a financial system that requires stability.

CBDCs reflect the value of the fiat currency and are designed to ensure stability and security.

How does the digital ruble differ from the modern cashless payment?

From the point of view of the use of bright differences will not be. The digital ruble will be faster than non-cash payments (as for domestic and foreign transfers), and it will also become much safer and more secure.

Also, users affected by fraudsters will now be more likely to return the stolen funds (meaning those that they sent themselves, due to the same social engineering).

In general, all this is very similar to a standard, familiar to everyone, bank account, but with one very important difference.

At the moment, the money of users (enterprises, etc.), lies on accounts in commercial banks. Digital rubles will be stored directly in the Central Bank, that is, with the state, which is more reliable and safer.

Is the digital ruble a cryptocurrency?

Despite the fact that the idea of digital currencies of the central bank (CB) comes from cryptocurrencies and blockchain technology directly, CBDC are not cryptocurrencies.

CBDC are controlled by a central authority - the state, whereas cryptocurrencies are almost all decentralized, which means that they cannot be regulated by one authority, and they also lack guarantees of consumer protection and their value is subject to serious fluctuations (volatility).

On the official website of the Central Bank, there is a detailed answer whether the digital ruble is a cryptocurrency:

"The digital ruble is an obligation of the central bank, implemented through digital technologies and has nothing to do with "cryptocurrencies". This is a fiat currency, that is, a currency whose stability of functioning is provided by the state in the person of the central bank"

How does the digital currency (digital ruble) differ from Stablecoin?

The most important difference between a digital currency (of any country) and a stablecoin is that the stable coin is not official, it was issued by a private company. Yes, most often it is tied to some asset (USD, EURO, oil or gold, and so on), and the digital currency belongs to the state, and it regulates it.

If the stablecoin dies, depositors will lose all funds, and the digital currency is supported by the state, and it will always regulate all processes.

A striking example is the stable TerraUSD coin (USTC), which collapsed in 2022 and all depositors (holders in this coin) lost all their funds!

Also an example of the Tether (USDT) coin, which had courts with the US SEC at the beginning of 2022, because of which the price of the stable coin sank a little.

Therefore, from the point of view of reliability, the digital currency greatly benefits, since it is protected by the state!

Will cryptocurrency exchanges accept the digital ruble?

In our usual understanding for exchange on the stock exchange (example of exchange: USDT / BTC), there will be no such listing, and it is impossible.

Most likely, cryptocurrency exchanges that now allow you to deposit /withdraw Rubles will accept a new type of replenishment with Rubles on their platform – through the Digital Ruble platform.

However, this may not happen.

Is it possible to make money on the digital ruble as a cryptocurrency?

Нет, цифровой рубль, как мы уже сказали, это такой же рубль, как и наличный. Он не подвержен высокой волатильности, как криптовалюты, такие как, к примеру, Bitcoin.

Therefore, you will not be able to earn on a digital ruble as a separate asset (in the usual sense of earning on cryptocurrency), but you can use it as an accumulation!

Conclusion

Цифровой рубль – это будущая ступень развития платежной системы.

This is a really convenient, innovative, modern and most importantly reliable (safe) solution.

The digital ruble has a huge future that will soon affect all of us!

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Blockchain

Что майнить после перехода Ethereum на POS? Список профитных для майнинга монет. Стоит ли собирать майнинг фермы?

Максим Анисимов — Mon, 05 Sep 2022 12:58:32 +0000

What to mine after switching Ethereum to POS? A list of profitable coins for mining. Is it worth collecting mining farms?

Максим Анисимов Tue, 09/06/2022 - 13:45

Contents

On September 15, 2022, Ethereum switched to POS. People have a lot of questions:

Will mining be profitable further?
What to mine? Are there any more profit coins?
Which is better: sell mining farms? Or keep it for yourself?
Is it worth collecting new mining farms?

We will answer these and other questions in this article!

Please note, this article is not financial advice! It's up to you to decide what to mine / buy!

Why can't Ethereum be mined anymore?

Ethereum is one of the most profitable cryptocurrencies for mining on the GPU. Since its creation (July 20, 2015), the cryptocurrency has been working on the Proof-of-Work algorithm, that is, it could be mined on video cards.

Since September 2022, Ethereum has switched to a new algorithm - Proof-of-Stake. This algorithm does not support the usual mining on video cards for everyone.

Now the confirmation of the network will be carried out only with the help of validators. They will carry out work on confirming new transactions using Staking and receive a reward in Ethereum for this.

The current yield for Staking ETH is 4 - 4.5%. To become an Ethereum validator, you must have at least 32 ETH on a deposit contract.

Profit coins for mining after Ethereum leaves for POS

At the time of writing (September 2022), there are many profitable coins for mining on video cards. These are coins such as:

Coin	Algorithm	Miner
Ethereum Classic	Etchash	Phoenixminer
Kaspa (KAS)	kHeavyHash	GMiner
Ravencoin	KawPow	GMiner
Ergo	Autolykos	Lolminer
Neoxa	KawPow	GMiner
Conflux	Octopus	Nanominer
Sero	ProgPow	PhoenixMiner; ProgPOW Miner
Zano	ProgPowZ	T-Rex miner
Aeternity	CuckooCycle	Bminer
Flux	ZelHash	Lolminer
Firo	FiroPow	Nanominer

And many other coins. As you can see, there are a lot of POW coins on the market and they are all trading well:

Therefore, there should be no problems with mining and selling these coins.

The main thing is not to store coins directly on the exchange, use wallets: official, multi-currency, hardware and others. Storing coins on the exchange is very dangerous, since there have been many cases of hacking exchanges in the entire history of cryptocurrencies.

But how profitable are these coins? Will they be able to generate the same income as Ethereum did? We'll talk about this in the next chapter.

How to continue mining after switching ETH to POS (September 15)?

There are several mining scenarios after Ethereum leaves for POS:

On September 15, you can manually switch your mining farms to another coin, for example, to Ethereum Classic, Ravencoin, Ergo or any other coin. To do this, you will need to create in advance .Bat file for the desired coin. The following miners are suitable: Phoenix Miner, Lolminer, GMiner
The second option is to configure the desired coin in advance using the reserve pool (Failover Pools). In Phoenix Miner, you can immediately put Ethereum Classic mining, as soon as ETH mining becomes unavailable, the miner will automatically switch to mining ETC. In Lolminer, you can also use the reserve pool to specify any other coin, for example, FLUX. As soon as ETH becomes unavailable, lolMiner will switch to FLUX mining.

There is nothing complicated in this, just do not forget to set up your rigs in advance in a way that is convenient for you.

We will discuss which coin is better to mine after leaving ETH for POS later in the article.

Mining income after leaving Ethereum for POS. Who will replace Ethereum?

Ethereum has been the leader in GPU mining for the last couple of years! Most often, this coin was the most profitable and helped to quickly recoup the collected mining rig.

But what about now? What coin can replace Ethereum?

As we have already said, there are many profitable coins for mining. From time to time they will compete with each other for the first place.

At the moment, there is no clear leader, but there are top successful, reliable and profitable coins:

Ravencoin
Ergo
Firo, Flux and etc.

Ethereum Classic is a reliable and also profitable coin (which is worth mining for a long time – use a hold), but we did not include it in the top 3, because there is one thing here, which we will talk about later.

Please note that all these places are not stable, and may change frequently (depending on the hype of a particular coin, complexity, and so on).

Why have we singled out Ethereum Classic separately? The thing is that Ethereum Classic is mined not only on video cards, there are still many Asics under this algorithm (the lion's share is with up to 4 GB of memory). The DAG size of the ETC file is 3.063 Gb.

This means that asics with 4 Gb of memory can safely mine ETC. And with the departure of ETH to POS, the complexity of ETC will become even greater (new video cards that left ETH will be transferred), which means that the income from this coin will temporarily decrease.

Etc will overcome the DAG mark of 4 GB only in August 2025, and it is not a fact that even more new Asics with a DAG size above 4 Gb will not appear under this algorithm!

Now let's see how much all these coins bring in mining and how much are they behind Ethereum?

All further calculations will be carried out on 1 video card – Nvidia 3080 LHR.

Ergo

Let's start with the most profitable (at the time of writing) coin – Ergo.

One video card can make a profit:

$2.00 per day (without deduction of the light fee).

At the time of writing, 1 GPU 3080 LHR brings (Ethereum):

$2.13 (without deduction for light).

It turns out that the payback on the Ergo cryptocurrency will be a little bit longer, unlike Ethereum, but this difference is not critical. ERGO also trades well and is represented on 7 exchanges!

Ethereum Classic

Ethereum Classic is the most reliable POW coin after ETH. Unlike other POW coins, it is in the top 20 coins by capitalization, is represented on a huge number of exchanges and has high trading volumes.

And what is important, many believe that ETC (after leaving ETH for POW) will become the new leader in POW mining!

At the time of writing, 1 GPU 3080 LHR brings:

1.13$ (without deduction of the light fee).

Yes, it is less than ERGO, but ETC itself is more reliable and is represented on 80+ exchanges, against 7 exchanges at ERGO.

It's up to you to decide which coin to mine. But do not forget to use the what to mine online calculator to check the profitability of a particular coin!

Ravencoin

This old and quite popular cryptocurrency is represented on 37 exchanges with large trading volumes.

At the time of writing, 1 GPU 3080 LHR brings:

$1.57 (without deduction of the light fee).

These are not bad indicators, considering what is happening on the market right now – "crypto winter".

Neoxa

A new cryptocurrency, the start of trading – 07/19/2022. The coin is traded on only 2 exchanges with a total daily trading volume of $1,319,067.

At the time of writing, 1 GPU 3080 LHR brings:

$2.05 (without deduction of the light fee).

At the moment, this is the most profitable coin for mining, but at the same time the most dangerous. If you have large capacities, then we would not advise you to hold this coin, since it is traded on only 2 exchanges and has relatively small trading volumes, which indicates its unreliability.

At any moment, the coin can be delisted from the exchange, it may turn out to be a scam, or the exchange where it is traded will be hacked at all, and the coin will become useless: there have been many such examples in the history of cryptocurrency

In our opinion, it is possible to mine this coin with small capacities and according to the following principle: sell 80% within 2-5 days, hold 20% for no more than 6 months in anticipation of a small hype and transfer the mined coins into more reliable assets, such as ETH, BTC, ETC.

Mining results after the departure of ETH

As you can see, there are a lot of profitable and reliable coins, and most likely more and more new coins will continue to fill this niche!

It is impossible to single out an absolute winner who will 100% replace ETH right now. At first, you will definitely have to use online calculators in search of a more profitable coin, since the first place will change from time to time.

Of the clear winners now, coins such as:

Ergo
Ravencoin
Flux, Conflux, Firo
Ethereum Classic

Of all the coins presented, the reliability rating will be as follows:

Ethereum Classic
Ravencoin
Ergo
Flux

It's up to you to decide which coin to mine. We will definitely leave part of the mining capacity on ETC and part of the power will be scattered over the remaining profit coins.

Is it worth selling mining farms because of the departure of ETH?

We can't decide for you because there are a lot of key factors here:

Price for electricity
The territorial location of the mining farm relative to your location
Models of your video cards
Video card status
Your attitude to mining

Next, we will reveal all these points in more detail.

Price for electricity

The first and most important point in the matter of selling mining farms is the price of your electricity.

If electricity is expensive in your region, above $ 0.25, then in this case you can think about selling a mining farm, since the rest of the coins (except ETH) are not so stable, and mining, especially in the midst of crypto winter, can be a minus for you!

Otherwise, if you have very cheap or even free electricity, you should not give up mining, since it will bring passive income.

But it's up to you to make the final decision.

Territoriality of mining farms

The second most important point. If you can't switch between cryptocurrencies often to find the most profitable cryptocurrency, then this is a reason to think about selling.

Yes, of course, you can mine one coin at once, for example, ETC or ERGO, but the coin rate may drop significantly, or the complexity may increase dramatically.

And in this case, mining of these coins can become dramatically unprofitable.

Of course, if you mine for a long time and are calmly ready to pay the price for electricity out of your pocket, then this should not interfere with you. However, if you withdraw some of the mined coins to pay electricity bills, this may become a problem for you.

Models of your video cards

If you have outdated models of video cards, such as AMD 470, 480, 570, 580 or Nvidia 1060 (3gb / 6 gb), 1050 T I, 1060, 1070, 1080 and below, then in this case you should think about selling.

Most likely, mining itself will profit you for another year or two, but in the future these cards will become useless.

Example of revenue from 1 AMD 470 graphics card:

They are already quite old in themselves and it makes sense to sell them.

However, if you believe in the hype of cryptocurrencies in the near future, you can wait for it and sell your mining farms much more profitable than selling them now – in the midst of the crypto winter.

Video card status

The state and model of the video card can be partially combined into 1 point. If you have old video cards and they are not in very good condition, then there is definitely a reason to think about selling them.

Even if you have new video cards, and they have not been cared for, they are in constant overheating, dust, then you should also think about resale.

However, if your cards are in perfect condition, the models are not old, then you can mine in plus for a long time!

Your attitude to mining

If you do not believe in the further profitability of mining or for you it has always been passive income, where you assembled a mining farm, put it to mine under Ethereum and did not touch the farm for months / years, then this is a reason to think about selling.

yes, you can also bet on a long-term, for example, ETC, but it is not a fact that it will always be beneficial for your video cards.

Or you can put the ERGO coin, which now occupies the 1st place after the departure of ETH, but it is not a fact that by mining this coin for a long time, it will not collapse in price, it will not lose interest from investors (people to whom you will sell this coin on the exchange) and so on, what was with many coins not from the top 50!

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Mining

Ethereum

Ronin: установка, пополнение и игровые функции в расширении и мобильном приложении

Максим Анисимов — Tue, 28 Jan 2025 11:52:15 +0000

Ronin wallet: Setup, Funding, and Gaming Features in the Extension and Mobile App Максим Анисимов Tue, 01/28/2025 - 15:45

Contents

What you need to know

Ronin is a crypto wallet designed for blockchain games and the Ronin network ecosystem compatible with Ethereum. It supports projects such as Axie Infinity, Pixels Game, Apeiron, Lumiterra and other games in the Sky Mavis ecosystem. The wallet allows you to work with tokens (SLP, AXS, memecoins, RON), NFT and staking, providing players with the ability to manage assets, trade and earn

The wallet supports the following networks: Ethereum, Polygon, Binance Smart Chain, and Arbitrum One.

It is available as a browser extension and mobile app. It offers several key features that distinguish it from alternatives like MetaMask.

Let's dive into the key features:

Gaming Community:

Mavis Store – Buy and sell in-game items using a convenient in-game exchange marketplace.
NFT – Manage unique NFTs by analyzing their attributes that affect rarity and value.
dApps Browser – Manage in-game assets, work with DeFi, and trade on marketplaces.

Economy:

Lower Fees – Transact with a minimum fee of 1 GWEI (0.000000001 RON), ideal for frequent gaming transactions.
Ronin Bridge – Use to transfer assets between Ethereum and Ronin, providing flexibility to interact with external cryptocurrency platforms.
Monetization – Earn real money by converting in-game assets into liquid tokens, opening up monetization opportunities.

Security:

Keyless wallets – create up to 3 wallets using a recovery seed phrase, providing traditional asset management.
Enable Keyless wallets – MPC (Multi-Party Computation) technology splits the private key into parts, increasing security and reducing the risks of hacking and phishing.
App Lock, 2FA – strengthen protection with proven methods, including integration with hardware devices and two-factor authentication.

Having considered the main features of Ronin, it is worth paying attention to its disadvantages. However, in order to draw objective conclusions, you must first go through the process of installing and using the wallet in real conditions. Let's start with installing and working with the wallet.

Download, install and run

The extension is compatible with browsers on the Google Chrome engine, such as Opera, Brave, Microsoft Edge, as well as Firefox

We will install the extension for Google Chrome, but then we will look at the mobile version.

Download the browser extension from the official website.

Version for Chrome
For Microsoft Edge
For Mozilla Firefox

Important: Make sure you are downloading the right extension by checking the number of users and reviews.

After installation, pin the extension in the browser so that it appears at the top.

Creating a new wallet

After installing the extension, a welcome window opens. Click Get started.

During installation, you will see an offer to create a new wallet (Create new wallet) or restore existing (Import your wallet). Since we don't have a wallet, choose to create a new one.

There are two ways to create:

Continue with Recovery Phrase – create a wallet using a seed phrase.
Continue with Email – create a Keyless wallet using an email address or social networks (such as Apple or Google). This type of wallet does not provide access to private keys or recovery phrase, which in theory makes it more secure, but also limits the ability to export assets.

Using Keyless wallets with registration and recovery via email is convenient and modern. However, as experienced cryptocurrency miners, we prefer proven and traditional solutions. Therefore, we will create a wallet with a seed phrase that gives us full control and reliability. We will select Continue with Recovery Phrase.

The next step requires entering a Passcode. It is recommended to use unique passwords that are not used in other applications.

Set and confirm the password. Ronin wallet is non-custodial, meaning you have full control over your funds. If you forget your password, that's it, you can't recover it. That's why you need a recovery phrase (seed phrase).

Please note: We have shown and copied our seed phrase for guidance purposes only. You must keep it secret. Be sure to save the recovery phrase in a safe place.

To make sure you wrote down the phrase correctly, the wallet will ask you to select some words with their sequence.

After confirming the phrase, a new wallet will be generated. We have installed the extension. Click Finish.

First of all, it is always recommended to make backup copies of your wallet, so as not to lose funds in case of loss of access.

Backup

It is recommended to keep backup copies of:

Password
Recovery phrases
Private key

Click Settings

Select address for which we will get the private key and recovery phrase.

Here we see the recovery information.

Click Show Secret Recovery Phrase

A window will open warning you that it should not be disclosed to anyone, even SkyMavis employees. The recovery phrase acts as a master password, giving you full control over your blockchain assets.

Confirm your choice and write down your seed phrase.

Follow the same steps to get the private key - click Show Private Key.

Write down the private key and store it in a safe place place.

We made a backup and now we can start using the wallet.

How to use

Let’s examine the main usage options. To avoid losing funds, it is important to understand the key features of working with Ronin — from simple actions like funding and creating an address to more advanced operations.

Creating an Address

The extension operates in its proprietary Ronin Network. Each wallet has a unique address used for sending and receiving tokens. If necessary, you can create new addresses, and they will be restored in the same order when importing the wallet to another device.

The funding address is displayed at the top and is also available as a QR code in the Deposit tab.

Attention: Use this address only for receiving tokens and NFTs in the Ronin Network, Ethereum, Polygon, Binance Smart Chain, and Arbitrum One networks. If you send tokens from another network, such as BTC, they will not be received.

Funding

You can fund your wallets by transferring from other crypto networks (Ronin Bridge), using credit/debit cards, exchanges, or third-party exchangers.

Let’s fund Ronin through the Binance exchange. Go to the Wallets section on the exchange.

At the top of the screen, select Spot.

Find the AXS token and click on it.

Then select Withdrawal.

Sending method: Send via Crypto Network.

Open Ronin Wallet, copy the wallet address, and paste it into the withdrawal field on Binance. Select the Ronin network. If it is not available, choose Others and enter Ronin manually.

Check all the details, enter the confirmation code from your email, and click Withdraw. Wait for the transaction to complete and verify that the tokens have arrived in your wallet.

Withdrawal

You can withdraw funds either to a bank card or in crypto. We use BingX exchange to withdraw to the card.

Attention: each cryptocurrency operates in its own network. For example, APRS coins are in the Ronin network. The transfer of cryptocurrency is possible only within one network, that is, from the Ronin network to Ronin. If the coin is in another blockchain, you will first need to exchange it for a suitable one inside the wallet.

In the wallet, click the Send button, select Ron, paste the deposit address from the exchange and check that the network matches (Ronin). Enter the amount, confirm the transaction and wait for the notification of crediting.

To withdraw to a card, first exchange RON for USDT in the Spot section on the exchange.

Then open the P2P section to sell USDT for fiat money. Before you begin, add a bank card in the Trade Method tab, to which the merchant will send the payment. Select bank transfer and fill in the card details (number, owner's name and other necessary details).

After adding the card, select a suitable buyer, specify the amount, confirm the sale and wait for the funds to arrive. It is important to check that the money has actually been credited to the card before completing the transaction in the P2P service.

The browser extension has all the same functions as the mobile application. Therefore, for the sake of completeness of the guide, let's move on to the application.

Ronin - mobile application

Download the mobile application via Google Play or App Store.

Since the wallet has already been created via the browser extension, select the Restore Wallet option to restore it on the mobile device.

Restore

To restore, click Import an existing wallet.

There are 3 recovery options:

Continue with Cloud Backup - Restore access using a backup saved in the cloud.
Continue with Recovery Phrase - Restore access by entering the secret phrase created during initial setup.
Continue with Email - restore access using email credentials for authorization and identity verification.

We have a recovery phrase that we saved in the "backup" section of this guide, so we will choose option number 2.

Enter your seed phrase and click Import. The wallet will ask you to come up with a PIN code.

After confirming the PIN code, the recovery process will be completed - we have restored the wallet on the mobile.

In the application, we see the following functions:

Home – View general asset information, get the latest news and updates, and access key app features.
Discovery – Explore new collections, games, and assets in the Ronin ecosystem. Find interesting offers and stay on top of trends.
Browser – Browse and interact with decentralized applications (dApps) on the Ronin network. Find and connect to popular dApps.
Bounties – Browse available tasks and rewards. Complete tasks to earn tokens or other rewards.
Activity – view your activity history, including transactions, dApp interactions, and other events.
Notifications – get notifications about important events: asset changes, new offers, and other account updates.

Let's take a look at the Discovery tab.

Here you can search for new collections, including NFTs, as well as various games such as Axie Classic, Axie Origins, Fableborne, Pixel Heroes, Cambria, Pixels and many more property of others.

Among dApps available:

App.Axie - Manage Axies, transact, and use the marketplace through the central Axie community hub.
Mavis Market - Buy, sell, and display NFTs supported by the Ronin network.
Katana - Swap tokens in the Ronin ecosystem on a decentralized exchange (DEX).
Ronin Name Service - Register unique names for wallets, replacing long addresses.
WOW3 - supports assets on Ronin and TON, providing analytics, NFTs, and social features for interacting with the crypto community.
Metalend - use the platform for crypto asset management and lending.
Mavis Store - buy in-game goods and items using cryptocurrency through Ronin.
Bridge - move tokens between blockchains, such as Ethereum and Ronin.
RON Staking - Delegate RON tokens to earn rewards and support the network.
AXS Staking - Stake AXS tokens to earn rewards and support the Axie Infinity ecosystem.

Let's take a closer look at staking and advanced features.

Advanced Features

Staking

If you have AXS tokens, you can delegate them and earn interest. AXS is the token of the Axie Infinity game, available on popular exchanges such as Binance and Uniswap.

On the staking dashboard, you will see the total amount of AXS staked and the expected rewards (124%). This is an approximate, historical value, the percentages change depending on staking conditions.

Approve the transaction in the wallet and pay a small fee in Ronin tokens. Once confirmed, you will be able to delegate tokens and earn rewards that can be withdrawn or reinvested.

Unstaking

To withdraw delegated tokens, go to the staking page, such as App.Axie where you originally staked your AXS.

Find the Withdraw stake button and click on it. You will then be asked to select the amount of AXS tokens you want to withdraw from staking. Enter the desired amount and confirm the transaction in your wallet. After completing these steps, your AXS will be returned to Ronin.

Ronin also offers the Bridge feature. It allows you to withdraw ERC20 tokens and NFTs from the Ronin network to the Ethereum network using wallets such as MetaMask or Trust Wallet. This allows you to manage assets across platforms.

MetaMask and Ronin via Bridge

To connect MetaMask and Ronin, use the Bridge functionality. To do this:

Connect both wallets to the Axie Infinity dashboard. Log in and make sure the wallets are connected and visible.
Use the Bridge function to transfer funds from MetaMask to Ronin. Select the Deposit option, enter the address, select an asset (e.g. ETH), specify the amount and confirm the transfer via MetaMask.

Withdraw funds from Ronin to MetaMask.

In Bridge select the Withdraw option, paste the MetaMask address and select an asset (e.g. SLP). Confirm the transaction.
Please note the fees that may apply when withdrawing funds.

The second tab - Cross-chain bridge - allows you to either deposit tokens into Ronin from other networks or withdraw tokens from Ronin to other networks.

Using CCIP Bridge:

Step 1: Connect your wallet to the application Ronin, by switching to the CCIP Bridge.

Step 2: Select the source network you want to transfer from and enter the recipient address on the Ronin network.

Step 3: Select the token and amount you want to transfer.

Step 4: Select the token to pay the transfer fee.

Step 5: Review the transaction details and confirm the transfer in your Ronin wallet.

Tokens that can be withdrawn via the bridge include WETH, AXS, SLP, USDC, PIXEL, YGG, and BANANA. As well as NFTs such as Pixels Farm Land and Cyberkongz.

Keyless and Waypoint

Keyless is a wallet without keys, which does not require private key management. It can be created using an email address or social networks (such as Apple, Google or FB). This type of wallet does not provide access to private keys or recovery phrase, which reduces the risk of theft or loss of data.

However, this also limits the ability to export assets, since you cannot transfer funds to another wallet without this data.

When creating a Keyless wallet, you must set a recovery password. If you lose it, access to your assets will be lost forever.

If you lose access to the browser where the wallet was set up, you must Reset the wallet. This will result in the loss of access to all tokens in it, and you will need to contact support to restore it.

On the other hand, Keyless, although convenient, limits control over private keys, which increases the risk of losing access to assets if the recovery password is lost. Also, the inability to export assets to other wallets limits flexibility.

Exchange

To exchange tokens, use the Katana or SkyMavis decentralized exchange.

To exchange, you need to select a token and connect a wallet. When you click Swap, the system displays the current price and other important information. To confirm the swap, click Confirm Swap. After that, a pop-up window will appear notifying you that the transaction has been successfully sent. You can select Close or View on Explorer to view the details of the swap.

Once the swap is complete, the new tokens will appear in your wallet, allowing you to track your assets. Transactions are also free if you have Ronin tokens.

Questions and Recommendations

Forgotten Password

If you have access to your wallet on one of your devices, you can recover your password. However, if access to the wallet is lost and the password cannot be recovered, it will not be possible to regain access to the assets.

If you lose your device, forget your PIN, or reset your Ronin wallet, you will need a recovery password to recover it.

A new wallet is created using email or social accounts to recover it. You will need a new email address, as the old one linked to the lost wallet will not work.

If you have a seed phrase, you can use it to recover your wallet with a new password.

Assets not showing

If assets are not showing, you may have sent them from MetaMask using the Send button, rather than using the Bridge function (which is designed to transfer funds between networks). Don't worry - you can get your funds back.

Open Rolin, find the private key of your current wallet, copy it and import it into MetaMask. Once imported, the funds will be visible and you can transfer them back to your main account for a small gas fee.

Vulnerabilities and hacks

During its existence, the Ronin network has been attacked: $9.5 million was stolen from wallets, and there was theft of $12 million through a vulnerability in the bridge.

Possible ways to compromise a wallet:

Fake sites and extensions, such as the fake Ronin version for Chrome and Android, can spy on users.
Scam support asking for recovery phrases.
Phishing, keyloggers, public Wi-Fi networks, malware.

Be careful: never share your recovery phrase and check the sources before interacting with any services.

Other disadvantages include: dependence on the Axie Infinity ecosystem, difficulties with withdrawals, and the controversial claim that keyless wallets are safer than traditional ones.

Technical support

Write questions in the comments. If you are not sure about choosing a wallet, go back to the comparison section. There are already dozens of them.

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Кошелек Edge: Обзор приложения, настройки, адреса и безопасность

Максим Анисимов — Sat, 25 Jan 2025 11:20:08 +0000

Edge Wallet: App Overview, Settings, Addresses, and Security Максим Анисимов Sat, 01/25/2025 - 15:28

Contents

What you need to know

Edge is a multi-currency mobile wallet focused on secure cryptocurrency management, with full data encryption and staking and swap support for coins such as Bitcoin, Ethereum, Litecoin, BCH and ERC-20 tokens.

One of the creators of the wallet is Paul Puy, who spent over 10 years at NVIDIA where he developed software, identified a key problem in the industry: private key management.

“The traditional method of storing 24 words (seed phrases) is a relic of the past. "Technology should make life easier, not harder" - from an interview with the founder.

That's why Edge Wallet has shifted its approach from storing seed phrases to encrypted passwords, like in traditional applications.

Author's note:

"Users can still use wallet seed phrases. We recommend storing them in a safe place. More on that below."

Is this approach reliable and what else does Edge hide? Let's look at the app's capabilities.

Main functionality

Security:

Encrypted passwords - automatically encrypt data using the Scrypt algorithm, forgetting about complex seed phrases.
Zero-Knowledge Security - encrypt data on the device before sending - without your key, they will remain inaccessible even if intercepted.
Flexibility of login methods - choose a convenient authentication method - use a username and password, PIN code or fingerprint.

Support Cryptocurrency:

Multi-currency - store cryptocurrency from different blockchains, including Bitcoin, Ethereum, Litecoin, BCH and ERC-20 tokens.
Integrated exchange - exchange tokens directly in the application thanks to the integration with Thorchain.
Staking - stake various assets ETH, USDC, USDT, DOGE, LTC, ATOM and AVAX.

Anonymity:

Privacy - create an account without personal data. Support for Monero and other private coins ensures anonymity of transactions.
Access to data - manage transaction metadata and addresses on synchronization servers with two keys - syncKey for authentication and dataKey for encryption.

Let's consider a practical example of using the application. To do this, download and install it.

Download, install and run

This is a mobile-only wallet. There is no PC version or browser extension. There are 3 options for downloading:

Android version 9 and above from Google Play
iOS version from the App Store
APK or QR code from the official website.

Creating a new wallet

When you first launch the app, you are greeted by a welcome screen that displays a slider with the app's capabilities. Click Get Started.

Create and enter a PIN code and click Next.

We will immediately be asked to select coins to add. They can be added later. We have chosen Solana for now.

On the next screen, we will be asked to use Web3 Handle.

FIO Handles replace long wallet addresses with simpler and more readable names, which minimizes the likelihood of sending funds to the wrong place.

FIO Handles require a fee from the FIO network and are not a requirement of Edge. You can opt out of this feature if you don't need it.

The next screen displays a pop-up prompt that you need to make a backup. Click on it.

Backup

To create a backup, you need to register an account that does not require personal information. To do this, click Backup Account.

Create a login and click Next.

Create a strong password. It is recommended to use unique passwords that have not been used on other platforms.

Read, agree to the terms and click Confirm.

You've almost created an account. You can view it or click the Create button.

Your backup has been successfully created.

Password authentication is designed so that the server stores data, but cannot read it, since it does not have access to passwords and cannot extract passwordKey. This technology is Zero-Knowledge. AES-256 is used to encrypt data.

Password recovery

To always be able to recover your password, click on the menu icon (three horizontal lines) and go to Settings. Select Tap on Unlock Account Settings.

Next, select the Set Up Password Recovery option. Specify two recovery questions and their exact answers (case sensitive). Confirm your email to send yourself a recovery link.

Check your email and make sure you received an email with a recovery token.

How does password recovery work?

Edge implements a password recovery mechanism that does not require access to user data. This technology is based on splitting the key into two parts (split-key), which is similar to multi-signature in cryptocurrencies.

Key A is sent to the user via an email link. It encrypts recovery questions and answer hashes.
Key B is stored on Edge servers along with encrypted questions and answer hashes.

How to use

Generate address

To get an address, select the Assets tab on the main page at the bottom of the screen. In the list of digital currencies that opens, find Bitcoin (BTC) and click on it.

Then select the Receive option.

Your Bitcoin address will be displayed at the bottom of the screen along with the corresponding QR code. You can copy the address by clicking the Copy button, or send it to another person via the Share function.

The wallet supports different address formats, such as Wrapped-SegWit. Swipe left to see more options and their QR codes.

How to top up and withdraw

To top up your wallet, click the Send button.

The next screen will display the Scam Warning window – cryptocurrency risk warning:

Edge does not provide financial advice.
Cryptocurrency transactions are irreversible.
Don't send money to people or organizations you don't know.

If you understand the risks, then accept the terms of use by checking the appropriate box and click Confirm.

You will then have 2 options sending.

Buy BTC with a credit card in the app
Transfer BTC from the exchange.

To buy with a card, select the Buy BTC option. Specify your region.

Choose a convenient payment method and specify the amount you want to purchase.

The application will automatically calculate how many bitcoins you will receive in the end.

Please note: not all regions support purchasing via cards.

When the purchase transaction is completed, select the send option again. There will be two options on the screen: you can either scan the recipient's wallet QR code or manually enter their (or your) address.

Attention: if you enter the address manually, be sure to check it for correctness before sending.

After that, click Submit to complete the operation. The application allows you to send bitcoins to any bitcoin address, even if it does not belong to an Edge network user. This makes the wallet universal for transactions.

We have replenished the wallet with Bitcoin. However, you can add other tokens in addition to BTC.

Adding tokens

To add tokens, open the Assets section, select an asset, such as Ethereum, and go to the menu by clicking on the three vertical dots, then select Add/Edit Tokens.

In the Manage Tokens section that appears click Add Custom

Enter the token details such as Token Code, Token Name, Contract Address, and Decimal Places.

Token data such as Token Code, Token Name, Contract Address, and Decimal Places can be found using blockchain explorers such as Etherscan, BscScan, or Polygonscan. To do this, simply enter the token contract address in the search bar, after which the key parameters will be displayed on the page.

Information is also often available on the official website or in the token documentation, where developers publish information about their project.

After adding, make sure the token is checked so that it appears in Assets, where you can store, receive and send it.

To create a new wallet, Open the Assets section and click Add Wallet. Then select a coin, such as BTC, ETH or XMR and click Create Wallet. The new wallet will appear in your account and will be ready to use. You can also use the search bar to find the wallet you are interested in, then click Create Wallet.

The app automatically syncs with the blockchains of the supported cryptocurrencies.

Exchange

To exchange crypto assets, click Exchange at the bottom of the navigation bar or the Swap Crypto tile.

Select the assets you want to exchange and follow the on-screen instructions to complete the transaction.

Change the exchange settings to prefer decentralized exchanges (DEX) if you want to use them instead of centralized exchanges (CEX). To do this, click on the side menu, select Settings, then Exchange Settings and change the setting under Preferred Exchange to Prefer Decentralized.

Staking

To start staking, click Assets at the bottom of the screen. Then scroll through the list of available wallets, select the asset you are interested in and click the Earn button (if available). This action unlocks the staking functionality for the selected asset.

The process of unstaking is also simple. To do this, you need to go back to the wallet from which you staked assets and click the Earn button again.

In this section, you can manage your staking position and withdraw blocked funds. It is important to note that additional funds may be required in your wallet to perform unstaking operations.

Staking risks, as a rule, are mainly limited to the so-called smart contract risk. These may be bugs in the code or exploits that can lead to the loss of funds.

Various assets are available for staking, including BTC, ETH, USDC, USDT, BNB, BCH, DOGE, LTC, ATOM, and AVAX. This is made possible by the integration with Thorchain Savers Vaults. There is also an alternative staking protocol for ETH called Kiln.

Settings Menu

In the settings, you can change various parameters, such as:

2FA Setup – add a second layer of protection by using a code on your device to confirm login.
Change Password – change your password if you suspect it has been compromised.
Change PIN Code – update your PIN for highersecurity if it could be compromised.
Password recovery settings – set security questions to restore access in case of password loss.
Exchange settings – set up cryptocurrency exchange parameters: fees, currencies and other preferences.
Auto-logout – protect your account by setting up automatic session termination after a short period of inactivity.
Recover deleted wallets – restore access to accidentally deleted wallets.

Also, each coin has its own menu, accessible through three vertical dots in the upper right corner. In it, you can perform actions such as:

Rename – use if you have several wallets for different purposes to organize them conveniently.
Export transactions – save transaction history for accounting, analysis or tax reports.
Archiving – hide unused wallets to simplify the interface, saving their data.
Add tokens – add custom tokens by entering their data (address, symbol, quantity).
Master key (seed phrase) – use to restore access to the wallet, keep it in a safe place.

Seed phrase and private key

The application allows you to get the seed phrase. To do this, click on the coin and select Master Private Key.

Read the warning that this information should be kept secret and click Get Seed.

You will see your wallet recovery phrase.

Note: this will only display the seed phrase for the selected blockchain. If we do the same for Ethereum, we will get a different key.

Import private key

To start importing, you need to open the side menu by clicking on the three horizontal lines. Then select the Scan QR Code option from this menu.

You will then be asked to select the wallet you want to transfer funds from. You can either scan the QR code of the private key or enter it manually.

Once you enter or scan the key, a pop-up window will appear asking you to import. Click Import and this will create a transaction on the blockchain for which you will have to pay a mining fee. Once the funds have been successfully imported, you will be able to see them in your wallet by going back to the wallet list screen or the transaction history of a specific wallet.

Mnemonic Code Converter helps you find the derivation path for your key, which is useful when working with different cryptocurrencies. It is recommended to use it offline for increased security to avoid the risks associated with entering private information online.

Questions, Security, and Recommendations

Forgotten Password

Since Edge does not see or recover your password, users are responsible for its safety. The wallet's architecture leaves control entirely in the hands of the user. However, in case of unforeseen situations, security tools are provided, including the ability to restore access and help from the support service.

Opinions

On the one hand, the wallet stands out for its high level of customer support, as evidenced by the reviews on Trustpilot, on the other hand, one of the main problems is theoi in sync, which is why funds do not appear in the wallet,

Edge's fee policy is also becoming a subject of criticism. Although the wallet claims to be flexible in terms of spending settings, some users encounter unreasonably high fees, especially if they choose the recommended levels. This makes people feel unscrupulous, especially when combined with suspicions that positive reviews may be artificially inflated and negative ones are deleted.

Cases of scams deserve special mention. The situations with CredEarn and "Tesla Mining" became especially noticeable and left a negative mark on the wallet's reputation.

Despite the presence of functionality for protecting funds, such episodes emphasize the importance of strengthening control over partner projects and transparency of work.

Open source and White Paper

The wallet is implemented via React Native. This ensures that it works on mobile devices and to automate testing of various flows in Edge Wallet.

According to their White Paper, the project has features for developers, such as Single-Sign-On (SSO) for other applications. The user can log into third-party services while keeping their keys in one place.

Edge Login allows users to securely log into dApps using a single account, with full control over private keys and data thanks to encryption and isolation of each application.

Thus, Edge is suitable for users who need a mobile wallet with multi-currency support, a built-in exchanger, and a reliable security system. The app is more of a traditionalist in the crypto world - the lack of modern NFTs and dApps makes it focused on storing crypto assets.

If you need a wallet with desktop support or a wider range of cryptocurrencies, it is better to consider other options.

Technical support

Support page: support.edge.app.
Phone number: 1-619-777-5688.
Email: support@edge.app.
William Swanson: william@edge.app
Paul Puey: paul@edge.app

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Что такое Парачейны? Полный список парачейнов в Polkadot и Kusama

Максим Анисимов — Sun, 14 Nov 2021 13:12:15 +0000

What are Parachains? Complete List of Parachains in Polkadot and Kusama

Максим Анисимов Sat, 01/25/2025 - 14:13

Contents

The term "parachain" comes from the word "parallel", reflecting the essence of how such blockchains work. Parachains in ecosystems like Polkadot or Kusama operate simultaneously, i.e. in parallel, with other parachains.

Unlike traditional blockchains like Bitcoin or Ethereum, which operate in isolation, parachains distribute the load, process transactions independently, and increase scalability.

This approach removes bottlenecks that arise in monolithic systems where transactions go through a single chain. Parachains are customized for unique tasks without interfering with the work of other chains.

Through bridges, parachains integrate with external blockchains, providing flexibility and opportunities to create decentralized applications adapted to projects.

Kusama has 45 parachains. Five of them were sold at auction.
Polkadot has 112 parachains.

READ
Polkadot parachain auctions on Kraken and Binance explained. How to Participate?

Parachain List

Here's a quick rundown of what each parachain does and where each parachain currently sits on the roadmap:

Statemine is Kusama's first live parachain.
Karura is a decentralized financial services hub within the Kusama ecosystem. It provides the kUSD stablecoin, a decentralized exchange, liquid staking, and a smart contract platform.
Moonriver is a platform for deploying Ethereum-compatible dApps on the Kusama ecosystem. It allows developers to test and implement new solutions in an experimental environment before porting them to Moonbeam on the Polkadot network.
Shiden is a platform for developing dApps on the Kusama ecosystem that supports EVM and WebAssembly. It serves as a testnet for innovations that may later be ported to Astar in Polkadot.
Khala is a smart contract platform for confidential contracts focused on confidential computing. It allows decentralized applications to process data securely while providing a high level of protection.
Bifrost is a DeFi protocol for liquid staking on PoS chains. It allows users to participate in staking while maintaining the liquidity of their assets. This means that you can continue to use the staked tokens for trading or other operations, while receiving income from staking.

At the end of the article, a table will list all the parachains available on the market.

READ
What is DeFi (Ethereum) in cryptocurrency? (Decentralization Finance)

Ultimately, parachains will allow Polkadot to implement its scalable multi-chain architecture. As stated in the Polkadot whitepaper, parachains are the last piece of core functionality provided for the platform.

List Parachains Available in the Marketplace

The table below lists all parachains.

KUSAMA	POLKADOT
Statemine	Statemint
Bit.Country Pioneer	Acala
Karura	Astar
Bifrost Kusama	Parallel Finance
Genshiro	Moonbeam
Shiden Network	Clover Finance
Calamari Network	SubDAO
Heiko Finance	Equilibrium
Moonriver	Crust Network
Altair	Nodle
Khala Network	Manta Network
Kintsugi	Centrifuge
Basilisk	Litentry
Quartz	Phala Network
KILT Protocol	HydraDX
Picasso	Darwinia
Pichiu	Interlay
Crust Shadow	Ares Protocol
Integritee Network	SubGame Network
SubSocial	Efinity
Mars	Composable Finance
Robonomics	Coinversation
Zeitgeist	Bit.Country Continuum
Sakura	Konomi
SherpaX	Bifrost Polkadot
Unorthodox	Kylin Network
Pontem Nox	Standard Protocol
Kpron Network	Pontem
Turing Network	Apron Network
Encointer	Idavoll Network
SubGame Gamma	Unique Network
PolkaSmith	OAK Network
TrustBase	Laminar
Loom Network	Shadows Network
zCloak Network	Polkadex
Valiu	PolkaFoundry
Crab Network	Subspace
SORA	MathChain
Automata Network	OriginTrail
Mangata X	Joystream

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Blockchain

Klever: расширение, мобильное приложение и аппаратный кошелек

Максим Анисимов — Wed, 22 Jan 2025 20:14:54 +0000

Klever: Extension, Mobile App, and Hardware Wallet Максим Анисимов Wed, 01/22/2025 - 23:47

Contents

Klever Wallet is a wallet for buying, selling, exchanging and managing cryptocurrencies such as Bitcoin, Ethereum, Tron, USDT. It supports credit card exchanges, interaction with decentralized applications and work with more than 1400 assets on 40 blockchains.

What You Need to Know

You will learn how to choose between hot and cold wallets to protect your crypto assets, as well as how to use Klever features such as staking, multicurrency, and Swap.

The Klever ecosystem has 3 types of wallets:

Klever Multi-Chain Wallet is a browser extension.
Klever K5 is a mobile app.
KleverSafe is a hardware wallet.

We will also talk about the possible vulnerabilities of these wallets. However, let's start with an overview of the features.

Key Features:

Staking - stake tokens on multiple blockchains, including Tron, Kusama, Matic and others via Klever.
Built-in Exchange - swap tokens using Klever Swap. It uses autonomous bots to find the best rates and make fast trades.
Multi-currency – store over 10,000 tokens and NFTs in one wallet, including BTC, ETH, LTC, USDT, and SOL.

Rare features:

Integration with Travala – book travel (hotels, flights) with cryptocurrencies through the Klever K5 app.

Buy cryptocurrency with credit cards – use Simplex, Moonpay, Mercurio, and Banksa to transactions.

Klever Chain – create your own tokens without deep technical knowledge.

Author's note on security:

"Klever offers different wallets. Each has its own level of security: the hardware wallet is the highest, and hot wallets are less secure"

Below we will look at security in more detail, and now we will look at the main features. To do this, download and install the wallet.

Klever as a browser extension

To install the browser extension, go to Chrome Web Store and click Add to Chrome.

A window will open with a choice: create a new wallet or import a seed phrase.

Let's create a new desktop wallet. Klever is a lightweight client, so there is no need to download the entire blockchain.

After creating a test wallet, let's see how to use it.

How to use

Creating an address

Addresses are created automatically. You need to select the blockchain whose address you want to get. For example, click on TRX and you will see your address and a copy button next to it.

You can also get a QR code to send funds to this address. Click the Receive button.

After receiving the address, you can top up your wallet.

How to top up

Select a top-up method:

Credit cards through integration with providers such as Simplex, Paybis, Banxa, Mercuryo.
Cryptocurrencies – transfer from an exchange, exchanger or other wallet.

To buy cryptocurrency using a credit card, go to https://buy-crypto.klever.io/ and select a provider:

Tip: Exchanges offer more favorable rates close to the market, while wallets that work with payment providers may add markups.

Attention: purchasing through providers does not work in all regions.

How to choose a deposit method?

On the exchange, you can set a limit order to buy cryptocurrency at a more favorable price. Buying via card, on the contrary, is carried out at the current fixed rate, without the ability to influence the price. At the same time, exchanges become especially profitable for large transactions, where commissions are reduced proportionally to the volume.

However, buying via card wins in convenience. This method is suitable for those who want to quickly purchase a small amount of cryptocurrency, without the hassle of registering and verifying on the exchange.

As a result, exchanges are better suited for economical purchases of large volumes, and cards are better for quickly and easily replenishing your cryptocurrency balance.

Let's transfer funds from the exchange:

We have replenished TRX. However, in addition to the tokens provided by default, you can add custom ones. To add a custom token, open the settings menu in the upper corner of the main screen and go to Add Custom Network.

Then select the blockchain you want to add the token from and paste its contract address into the appropriate field.

After that, click Add so that the token appears in your portfolio.

How to withdraw

Select the cryptocurrency to withdraw. Enter the wallet address to which the funds should be sent and specify the amount. Check all the data and confirm the transaction, after which the coins will be withdrawn to the specified address.

Here you can also save addresses, assigning them names.

The browser extension has all the same functions as the mobile application. Therefore, for the sake of completeness of the guide, let's move on to the application.

Klever K5 - mobile application

Download the mobile application via Google Play or App Store.

Since we have already created a wallet via the browser extension, we will select the Restore Wallet option. We will restore it on mobile.

Recovery

For recovery, we use a seed phrase - a set of 24 words that serve as a master key for accessing crypto assets. It allows you to manage all your cryptocurrency accounts within one wallet, regardless of the blockchain network used.

Let's set a 6-digit PIN code:

Enter 24 words from the seed phrase.

Done! We have restored the wallet with all balances.

By clicking on Hub we will see all available functions:

K5 Main Functions:

Swap Center - exchange of cryptocurrencies between tokens and networks.
Buy Crypto - purchase of cryptocurrencies through partners (MoonPay, Simplex) using bank cards.
Rewards Hub - manage rewards and bonuses, participate in loyalty programs.
Send - send cryptocurrency to any addresses in different networks.
Receive - receive cryptocurrency with generation of addresses and QR codes.
Address Book - store and manage frequently used addresses.
Staking - freezing coins to receive rewards.

Let's take a closer look at staking.

Staking

Klever allows you to freeze tokens to receive rewards.

Available assets for staking:

KDAs
AVAIL
ETH (Ethereum)
KLV (Klever)
KSM (Kusama)
DOT (Polkadot)
POL (Polygon)
TRX (Tron)

Klever offers two approaches to staking:

fixed percentage of return (APR) and
flexible rewards system (FPR).

With APR, the user receives a fixed annual rate, which ensures income stability, and rewards are automatically accrued in the same currency.

FPR, on the contrary, allows you to receive a share of the asset pool created by the token issuer, providing flexibility and the ability to adapt to market conditions.

To delegate KLV, you need to stake at least 1,000 KLV in Manage Buckets. Open the app, click Staking and select a coin. For example, KLV.

Go to the KLV wallet you want to delegate from and scroll to the Manage Buckets section. Select the desired pool and click Delegate to select a validator.

Tip: pay attention to the validators highlighted in white - they have free staking space. After selecting a validator, confirm the delegation by clicking Confirm.

To receive staking and delegation rewards, select Claim from the staking menu, after which you will be asked to select rewards.

The next screen will display the transaction details. Check them, click Confirm and complete the transaction by entering the PIN code.

Swap

The Swap function allows you to quickly exchange cryptocurrencies using more than 300 trading pairs on more than 20 blockchains. Automated bots provide exchange rates and high transaction speeds.

Click the Swap button on the main screen. Next, select the token you want to exchange, for example, USDT, and the second token, for example, KLV. Enter the amount to exchange, for example, 100 USDT.

Check the offer at the current market price and click Next. Specify the address to receive tokens and choose a fee payment method: you can pay the fee from the selected token or use KLV to get a discount. After checking all the data, click Confirm.

The exchange will be sent to the network, and soon the tokens will arrive at your address. The details of the transaction will be displayed on the screen, and you can track the status by clicking the Go to swap status button.

The basic swap fee is 0.55% of the transaction amount. Users can reduce this fee in two ways. First, by paying in KLV token, which gives a 25% discount. Secondly, using a VIP tier system where the discount size depends on the amount of KLV stored in the wallet.

Dapp Browser

The built-in dApp browser allows you to interact with decentralized finance (DeFi) platforms

Enter the dApp URL in the top field. Depending on the dApp, the connection may happen automatically, or you may need to click the Connect Wallet button to connect.

Through dApp, you can earn on yield farming, take loans, exchange assets or stake tokens. All transactions are carried out through smart contracts on the blockchain. For example, with dApp, you can use exchange services such as Uniswap or lending platforms such as Aave.

Important: Before connecting a wallet, always check the dApp's reputation, user reviews and security audit. It is necessary to understand the risks associated with security, possible errors in smart contracts and the economic model of the project.

Through this browser, you can sell or buy NFTs. KleverNFT in the dApp will automatically connect to the selected wallet. To go to the assets page, click on the avatar icon at the top and select the Account section. In the Assets section, you will see all the NFTs in the wallet. Click View to expand the list.

It is important not only to understand how the wallet functions work, but also to make backups to prevent the risk of losing access.

Backup

In the mobile application, click Backup Wallet.

A warning will be displayed that this information should be kept confidential.

Select a blockchain and get a private key and/or seed phrase.

Write down the private key or seed phrase on paper.

Important: 24 words are the master key to all your accounts in the wallet, while Each blockchain also has a unique private key. If you need private keys, you need to copy them for each blockchain.

Proper backup will allow you to restore your wallet if the device is lost. But to keep your funds in the safest way, it is recommended to use physical (hardware) devices.

KleverSafe Hardware Wallet

Klever Safe is a hardware solution for storing crypto assets. It has an IP67 protection rating, which allows the device to be completely immersed in water up to a depth of one meter for 30 minutes without affecting its operation. The device is also protected from dust and other solid particles.

The device connects to the phone via USB Type-C or Bluetooth 5.2, and the control is integrated with the Klever K5 mobile application.

How to make a transaction? Fill in the transaction details. After confirmation, you will need to enter the eight-digit KleverSafe PIN code, and then confirm the transaction by clicking on the pink Accept button. After this, the transaction will be successfully executed and signed in a secure offline environment.

You can also use the device to sign in to apps like Google and Dropbox, which increases security.

KleverSafe uses an integral module certified to the Common Criteria EAL5+ standard. This provides the highest level of protection for private keys that remain in an offline environment.

The hardware also provides cyber resistance thanks to built-in security mechanisms - RNG entropy. It creates unpredictable numbers that eliminate the risk of hacking the device or manipulating the software.

However, there have been security issues in the past.

History with about hacking

User @frede_rico lost US$500,000 from his wallet in three transactions on the TRON network. The issue is related to a bug in the code, and only affected users of the iOS version. It was previously called TronWallet. Although Klever acknowledged the problem, he refused to take responsibility for the incident.

Some Reddit users have encountered a similar situation. The incident raises questions about the security of mobile wallets and the vulnerabilities associated with them.

In parallel, it is worth noting that the project's "about us" page looks dubious: the shifted layout and images generated by a neural network add to the lack of trust. And while the team does have public information about the developers and founders, this data is not displayed prominently, which exacerbates the transparency issue.

However, it is important to remember that the team continues to work on improving security and may, based on experience, shift their focus to transparency and interface improvements. We hope these steps will lead to increased trust and security for users.

For example, Klever Wallet has implemented a 24-word seed phrase instead of 12, increasing security. To switch to 24 words in older wallets, it is recommended to update.

Update

To migrate a wallet from a 12-word seed phrase to a 24-word one in Klever Wallet, start by backing up (see section above).

Once you have backed up, do a Reset. In the menu, select Reset Wallet and confirm the action by entering the PIN code.

It is very important that you back up all data before this, otherwise it will be impossible to restore the wallet.

Next, create a new wallet with a 24-word seed phrase. To do this, download the updated version of the application and follow the instructions on the screen. Write down the 24-word seed on paper so as not to leave a digital trace, and confirm it by entering it. After that, set a new PIN for the wallet.

Summary: Questions, Recommendations, and Feedback

If the wallet does not work

There have been cases where the application gets stuck on the PIN entry screen, where the first five digits are displayed normally, but the sixth digit cannot be entered. In this case, it is recommended to restore the wallet via the seed phrase, which will allow you to re-set up the PIN.

It is also worth checking for updates. If they do not solve the problem, try reinstalling the application or contacting Klever support for assistance.

Klever Exchange (Voxswap)

A key element of Voxswap is its close connection with other products in the Klever ecosystem. For example, the Klever Swap and Klever Wallet features are integrated with the exchange, allowing users to easily switch between different asset management tools. This makes the platform the center of the entire Klever ecosystem.

The KYC (Know Your Customer) verification process is carried out through a partnership with the Jumia system, which ensures global coverage.

Wallet Opinions

Based on the platform Trustpilot, Klever gets mixed reviews. The main problem is with MoonPay withdrawals, which often involve a complicated verification process and long waits.

At the same time, some of the negative reviews are related to the fact that users do not understand how to use the wallet well enough or that it is designed exclusively for cryptocurrency transactions, and not for more familiar financial functions.

All in all, Klever Wallet has potential and is great for experienced users who value security, convenience, and additional features. However, newbies may have difficulty understanding the system and handling withdrawals, and the ambiguous work of the support service may be a factor that hinders trust.

Technical support

Discord.
Ask questions on the forum.
Technical support and chat.
Support in Telegram.

Not sure which one to choose? Return to the wallets section, where we compared dozens of cryptocurrency apps.

Ask questions and leave feedback in the comments.

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Enjin Wallet: Web3 кошелек для обмена, стекинга и NFT

Максим Анисимов — Mon, 20 Jan 2025 20:42:59 +0000

Enjin Wallet: Secure NFT, DApp, and Staking Solution Максим Анисимов Tue, 01/21/2025 - 00:16

Contents

Wallet with NFT, DApps and Staking

Enjin is a secure wallet with NFT, DApps and staking features. Primarily designed for the gaming industry, Enjin Wallet enables seamless monetization of game assets.

What problem does Enjin solve?

The project solves the problem of losing game items. In traditional games, players risk losing rare items and achievements, often leading to frustration. With blockchain, this is impossible: virtual assets are stored and transferred without loss via NFT.

For this purpose, the ERC-1155 token standard was developed, allowing the creation of both unique and replaceable items. It reduces transaction costs and simplifies asset management.

Game items converted into NFTs using ERC-1155 retain their uniqueness and their owner. Such NFTs can be transferred between games or sold on marketplaces, which opens up new opportunities for players. Games can be monetized without losing progress when switching games or shutting down the platform.

Key Features:

Use NFTs and DApps

Collect NFTs - Store and manage digital assets, including in-game items and collectible tokens.
Interact with DApps - use the built-in browser to access platforms, marketplaces, and in-game events.
Cross-game compatibility - transfer assets between games while preserving their value.

Monetize Your Gameplay

Sell rare NFTs - find buyers among other users.
Exchange assets directly - convert NFTs into ENJ tokens and exchange them for other assets.
Stake tokens - connect to staking platforms via the built-in browser.
Get Beam drops - collect tokens and immediately exchange them for other assets.

Security

Use a secure keyboard - minimize the risk of keylogger attacks by preventing the recording of entered data.
Use RAM Encryption - protect data while the application is running from leaks via RAM dumps.
Enable Screenshot Blocking - block screenshots to prevent leaks of sensitive information.

Set auto lock when phone is idle and encryption.

Wallet uses AES-256 for data encryption. This is one of the most reliable standards. Private keys are stored exclusively on the device and are never transmitted to Enjin servers, as they claim. This eliminates the possibility of theft when the server is hacked.

Download, install and run

Go to Google Play or App Store, type "Enjin" and install the application. It does not require synchronization with the network.

You can also find APK on the official Enjin website or CoinGecko. After installation, you need to launch the application and create a wallet.

Creating a new wallet

When you launch the wallet, you are given the opportunity to create a new one or use the Import function for an existing one. Let's create a new one.

Set a strong password. Be sure to save it in a safe place.

After creating the password, the window The interface will offer to make a backup. Let's make a backup at the very beginning.

Backup

Backup will help to restore the wallet in the future.

Click Generate Backup and write down the 12 words of the seed phrase on paper in the correct order.

Make sure the phrase is written correctly. Enter all the words in the wallet in the correct order.

After creating a backup copy, we can start using the wallet.

How to use

After creating a wallet, you will see the addresses of your crypto assets. Enjin offers default addresses for 4 coins:

Enjin Relaychain is the main network of the Enjin ecosystem, running on the Polkadot blockchain and ensuring the security and interaction of all components.
Enjin Matrixchain is a subnet of the ecosystem optimized for tasks related to NFT and games. It interacts with Relaychain for scalability and speed.
Bitcoin is the first decentralized cryptocurrency, where would we be without BTC?
Ethereum is a second-generation blockchain that supports smart contracts and platforms for creating decentralized applications (dApps).

This list of cryptocurrencies can be expanded by adding the necessary coins. Click on the Main Wallet menu and select Add Chain.

The interface for selecting a blockchain will open.

In addition to the above, here are the supported blockchains and cryptocurrencies to add:

Binance Smart Chain
Dogecoin
Polygon
Polkadot
Kusama
Litecoin
Acala
Karura
Canary Relaychain
Canary Matrixchain

We have selected Binance Smart Chain and are now prompted to select Derivation Path and get address.

We wrote about Derivation Path in detail in the article about multi-signature. And the address looks like a string of characters.

Create address

Choose any address from the suggested ones and click the Add Addresses button.

Now this address is displayed in the main window of Main Wallet.

After receiving the address, you can top up your wallet.

How to top up

Click on the address of the desired cryptocurrency. Here you can either copy the address directly or click the Receive button to get a QR code or wallet address.

Next, you need to transfer the coins. Buy them on a crypto exchange or in an exchanger.

After the purchase, withdraw to the wallet address. On the exchange, enter the address copied from the application. We will send funds from a hardware wallet.

When sending funds, a fee is charged by the blockchain network.

Fees

Transfer fees are not charged by Enjin, but are paid to blockchain miners who confirm and executing transactions on the network.

The fee amount varies depending on the blockchain and changes frequently. The higher the fee, the faster the transaction will be confirmed. If the fee is too low, the payment may be delayed or stuck due to network congestion.

Read the article about the reasons for high fees and how to deal with them using Electrum as an example.

The fee for a transfer depends on the transaction speed and is measured in Gwei. There are three options:

Slow — the lowest fee, but the transfer may take 30 minutes or more. Suitable if saving is important.
Standard — average fee, the transaction takes about 5 minutes.
Fast — the highest, the transfer will be completed in about 2 minutes.

Staking

Rewards are formed from 5% annual inflation of the Enjin token and transaction fees. The size of the payout depends on the total number of staking participants - the more people participate, the smaller the share of each.

Start staking

Go to the Staking tab and click Continue.

The current rate and pool for staking are displayed here.

Staking tips and rules:

If your tokens are on the Enjin Matrixchain network, they need to be moved (teleported) to the Enjin network Relaychain.
If you want to teleport tokens, use the Teleport function to move them from Matrixchain to Relaychain.
If you have ERC-20 ENJ tokens, you will need to migrate them to native ENJ tokens.
If you have selected a staking pool, click the Stake Now button or browse the available pools and select the appropriate one.
If you want to lock in all of your tokens for staking, click the MAX button to select all of the available tokens in your wallet.
If you want to change the number of tokens for staking, enter the desired number manually or use the Continue button to confirm.

Exiting staking

There are two ways to exit: sell your share through the pool or unfreeze your funds, which takes 28 days.

To exit staking, open the Your Stakes section. Here you need to select the pool from which you want to withdraw your tokens. Once you have selected a pool, click on it and select the Withdraw option. After that, the screen will display the number of tokens available for withdrawal.

Once you are sure that everything is correct, click Release Stake to complete the withdrawal process. This action will remove the tokens from the pool and send them back to the wallet.

If your tokens have been locked for a long time, the default unlock period is 28 days (epochs). During this time, the tokens will not be available for withdrawal. However, you can use the pools' instant withdrawal offers to speed up this process.

Restoration and import

To restore the wallet, use the seed phrase. To do this, click on Settings.

Select Wallets.

ClickAdd Wallet.

Select Import Wallet.

There are two recovery options available here:

Via seed phrase.
Via Samsung Blockchain Keystore is a security system for storing cryptocurrency keys on Samsung devices.

Enter seed phrase . You can recover your wallet with this phrase at any time , if you forgot your password or lost access to the device.

Questions and Recommendations

Token Exchange Unavailable?

The exchange feature is unavailable due to restrictions imposed by the App Store and Google Play.

Forgotten Password

If you do not remember your password, delete the app and reinstall it. Restore your wallet using seed import.

Is there a desktop version, web, or browser extension?

No. Only the Android and IOS client has been officially released.

Results, comparison with MetaMask and other wallets

MetaMask is aimed at Ethereum and EVM network users, works via a browser and supports a limited number of blockchains. In turn, Enjin Wallet focuses on NFT and cross-blockchain assets and works only on mobile.

Trust Wallet offers a mobile wallet and a browser extension with multi-network support. Exodus provides a desktop solution with broad cryptocurrency support and hardware wallet integration.

Parameter	Enjin Wallet	MetaMask
Platforms	Mobile wallet (iOS, Android)	Browser extension (Chrome, Firefox, Brave, Edge, Opera)
Chain support	Supports Bitcoin, Ethereum, EVM networks, NFTs	Supports Ethereum and EVM networks (does not support Bitcoin)
Type	Decentralized (you control the keys)	Decentralized (you control the keys)
Features	NFT-focused, cross-chain activity	Connect to dApp via browser, Infura dependency
Who is it for	NFT-focused, cross-chain activity users	Ethereum and EVM network users, advanced users
Platform limitations	Mobile-focused	Only works on PC (via browser)
Interface	Mobile app with a simple interface for working with NFT	Browser extension with a simple interface

Does Enjin have a future? The platform has potential, but it needs to solve scalability issues and convince large studios to implement blockchain in their games. And implementation is an unnecessary expense.

What do you think of the wallet? Leave your feedback and questions in the comments.

Technical support

Technical support is located at: https://support.enjin.io/hc/en-gb/requests/new

Alternatively: https://enjin.io/contact

Support profile on X (formerly Twitter): https://x.com/enjinsupport?lang=en

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Настройка аппаратных кошельков для мультиподписи в Electrum

Максим Анисимов — Sat, 18 Jan 2025 11:57:38 +0000

Setting up hardware wallets for multi-signature in Electrum

GpfgPf Sat, 01/18/2025 - 21:54

Contents

Electrum is one of the popular crypto wallets that supports multi-signature for Bitcoin. This functionality allows you to distribute control over funds between several users or devices, which increases security.

If you are just starting out with Electrum, it is recommended that you first familiarize yourself with the core wallet functionality before moving on to multisig.

Also, to better understand the advantages and risks of this technology, read the main article: Multisig is your armor against hackers.

Which type of wallet should I choose? Standard or multisig?

When creating a new wallet, Electrum offers a choice:

Standard wallet
MultiSig Wallet

The standard wallet is suitable for small amounts. It is more vulnerable to malware, but can be used for cold storage, which increases security. Multisig is a more secure option, especially if one of the signatories uses a cold wallet, such as Ledger or Trezor. However, setting up multisig is difficult for beginners, although it provides more protection.

When multisig is not needed

Frequent transactions - if you make transactions frequently, a standard wallet will be more convenient, as multisig requires additional steps for each transaction. This can slow down the process and increase the fee.

Experience and time — setting up multisig requires additional effort. Multisig is suitable for long-term storage of assets (for years or decades), as it allows you to distribute private keys across different devices. This makes it more secure.

Amount of crypto assets. If you don't plan to store large amounts, multisig may be overkill. A standard wallet would be a better option.

When multisig is needed:

Current security methods, such as 128-bit keys, may become vulnerable as technologies such as quantum computing advance. New hacks may emerge in the future that will affect existing security systems. A standard wallet uses a single 128-bit key, while multisig uses multiple keys, increasing security. A hack would require access to multiple keys. If single keys become vulnerable, a multisig scheme such as 2 of 2 would offer additional security since two keys would need to be found to access the key instead of one.

If you have more than one wallet user. For shared use (in a company or family budget), multisig is required.

If you have enough experience and are willing to invest time in the setup, multisig will provide a high level of security, creating a nearly hack-proof wallet.

Conclusion: if your goal is long-term storage and you plan to stick to the HODL strategy (holding cryptocurrency for the long term), multisig will be the best choice.

Next we will tell you about the specifics of setting up a multisig wallet for Electrum.

Setting up multisig in Electrum

The first step is to install the wallet. See the main article Electrum: How to use: installation and replenishment, if you haven't installed it yet.

To set up multi-signature, you will need hardware wallets such as Trezor, Ledger or SecuX V20.

It is also possible to create a multi-signature using multiple instances of Electrum. For example, on different computers or virtual machines. However, this option is less secure because the keys remain on the general-purpose devices.

File → New/Restore from the menu. The creation window will open. Come up with a name and click Next.

In opened window select Multi-signature wallet.

The next step asks you to select the number of signatories and co-owners. This is one of the key steps, so let's look at it in more detail.

Selecting the number of signatories and co-owners

When setting up a multi-signature, there are two sliders with a choice:

From cosigners – the number of co-owners who have their own private key and the right to participate in signing transactions.
Require signatures – the number of signatures required to send a transaction to the network.

You need to determine how many signatures from the total number of participants are required to confirm a transaction. This is the basis of the "M of N" security model (where M is the minimum number of signatures, N is the total number of signatories).

The 2 out of 3 scheme is considered the most secure because doing 3 out of 3 is not safe. This is because one signatory can refuse to sign or their key will be compromised.

The table below will help you determine the optimal scheme for the number of co-owners and signatories. It lists best practices:

Scheme	Application	Pros	Cons
2 of 2 (2 co-owners, 2 signatures)	Family or couple wallets	Maximum control	Full dependency on both keys
2 out of 3 (3 co-owners, 2 signatures)	Backup keys, small groups	Flexibility, protection against loss of 1 key	Losing two keys makes funds inaccessible
3 out of 5 (5 co-owners, 3 signatures)	Corporate and DAO wallets	High security, risk sharing	More complex control and coordination
1 of 1 (1 co-owner, 1 signature)	Personal wallets	Simplicity	Lack of protection
1 of 3 (3 co-owners, 1 signature)	Wallets with backup access	Ease of recovery	Risk of unauthorized access
2 out of 4 (4 co-owners, 2 signatures)	Small groups with an additional co-owner	Balance of control and availability	Risk of blocking if 2 keys are lost
3 out of 4 (4 co-owners, 3 signatures)	Companies with a small number of participants	Protection from most intruders	Requires high coordination
3 of 6 (6 co-owners, 3 signatures)	Investment funds	Reliable management, reserve	Losing 3 keys blocks funds
4 of 6 (6 co-owners, 4 signatures)	DAO or large organizations	Balance of flexibility and security	Complexity of coordinating and storing keys
5 of 7 (7 co-owners, 5 signatures)	Mutual corporate funds	High protection, stability	Challenges in managing large groups
7 out of 10 (10 co-owners, 7 signatures)	Large projects and consortia	Distributed Control	Complexity of implementation

5 of 9 (9 co-owners, 5 signatures)	Managing Large Groups	Compromise between security and flexibility	Complex key management

The 2 of 3 scheme is the most commonly used one due to its balance between reliability and flexibility.

Please review the multisig usage examples in this guide. It may further illuminate the choice of scheme depending on real-world use cases.

For example, in the setup we use the "2 of 2" scheme.

Example:

The family wallet is set up for two owners: both parents. To transfer funds, both must sign, which corresponds to the "2 of 2" scheme.

After selecting the number of signatories, the next step offers to add a co-owner using one of 4 options:

Create a new seed phrase,
Use existing,
Use master key or
Connect hardware wallet.

Let's proceed to connecting hardware wallets for multi-signature.

Integration with hardware wallets

Electrum integrates with many hardware wallets. The transaction signing process occurs on the device itself, which protects against PC attacks. Private keys never leave the hardware device.

Ledger, Trezor and BitBox02

To use these devices in Electrum, simply connect them via USB and enter a PIN code. Electrum supports various versions of the devices, including the Ledger Nano S, Ledger Nano X, and Trezor Model T.

Coldcard and SatoChip

Coldcard uses a physical keyboard and screen to enter PIN codes, signing transactions offline via an SD card. SatoChip works via NFC-enabled smart cards and USB.

Continue integrating with Trezor. Connect it to your computer. After Electrum detects the device, click Next.

Enter the PIN code for your Trezor.

Enter a passphrase. Leave blank if you did not use a password.

The next important step will display Script type and Derivation path. This data needs to be saved.

Script type determines how exactly the conditions for spending funds in a Bitcoin transaction will be checked. SegWit addresses minimize fees.

Derivation path defines how keys are generated for different addresses and accounts in the wallet.

Practical advice:

"Copy the derivation path pointing to the corresponding keys for the multi-sig wallet. It is needed for recovery, so it is important to save it."

So, the wallet proposed m/48'/0'/0'/2 as the Derivation path. Most multi-signature wallets use this standard. It provides secure key management and the ability to update keys across devices.

Copy it to your notepad:

Now we get the public key (zpub).

zpub is the key from which your cryptocurrency addresses are generated. It allows you to see your balance but not spend your funds. zpub will be needed to restore your wallet, so make sure to save it as well.

This key (NOT the seed phrase) you will give to your partner so that he can add it to his multi-sig wallet.

Tip: Use a secure, encrypted messenger or secure app) to send zpub and the derivation path to your partner.

Copy your zpub and share it with your partner to enable the creation of a wallet for the second signature.

Creating a wallet for the second signature

Your partner must connect their Ledger and follow similar steps in Electrum:

Select Create new wallet, and specify Multi-sig.

You also need to select the number of owners and signatories.

Then connect your Ledger.

Select Use hardware device.

The Ledger will appear. Click Next.

Repeat the same steps, extracting the Derivation path and zpub for the Ledger. The second signer will pass this information to you.

Enter the co-owner key.

Enter Zpub and click Next.

Encrypt your wallet with a password.

As a result, public keys (zpub) are entered into both wallets (for you and your partner).

After setup, you will see the same addresses in different Electrum wallets.

We have created a shared access to funds. To use cryptocurrency in such a wallet, signatures of both owners are required. Let's consider how to send a multisig transaction.

Sending a multisig transaction

To send funds, one of the participants (for example, you) creates a transaction. Enter the recipient's address and the amount to transfer.

First signature

One of the participants (e.g. you) signs the transaction using their hardware wallet, making it partially signed. Click Sign.

Save the transaction file for further transmission.

Click Export to file.

Export the partially signed transaction to a file and transfer it to the partner via a secure channel.

Second signature

Your partner receives the transaction file by clicking Tools → Load transaction → From File.

A window will open with a choice of .psbt file.

This transaction needs to be signed with a second signature.

Click Sign. Now we see that the status has changed to Signed.

Once both parties have signed the transaction, the file with the full set of signatures can be sent to the Bitcoin network for processing. Click Broadcast.

Both co-owners see the same transactions in history.

If the setup requires more signatures (for example, 3 out of 5), the process is repeated with the participation of other co-owners. Each of them signs the transaction and passes it on until the required number of signatures is reached.

Electrum allows the user to see the list of signatures for each transaction in real time. This is important when working with multi-signature wallets, where it is necessary for all signatories to confirm the transaction.

Multi-sig fees

Signing a transaction by co-owners does not require a separate fee payment. However, the final fee depends on the size of the transaction (each signature increases its volume).

Read in a separate guide about the reasons for high fees in Electrum and ways to reduce them.

Electrum on Android is suitable for multisig, but has limitations (for example, no manual setting of fees and control of coins).

Backup and restore of multisig wallet

A multi-signature wallet created in Electrum will only work in Electrum if the other wallet does not support multi-signature or is not compatible with its format, such as BIP39 or descriptors. This is because different wallets use different standards and formats to store and work with keys and addresses.

Full Multisig Backup

First of all, it is necessary to save the seed phrases of each owner (cosigner). These phrases are the basis for restoring private keys and, accordingly, access to funds.

In addition, you should save the master public (zpub) keys of all participants and the configuration of spending conditions. Namely, the number of signatures required to confirm transactions (for example, 2 out of 2). It is better to store this data in several places to minimize the risk of losing it. Seed phrases should be protected as carefully as possible, as they provide full control over the wallet.

So, save the following wallet information:

Seed phrases and Zpub.
Electrum installation files archives.
Paper or offline backups of derivation paths (m/48'/0'/0'/2).

To avoid being dependent on Electrum alone, also save:

Number of owners (eg 2 out of 2).
Number of signatories (2 of 2).
Derivation path (e.g. m/48'/0'/0'/2).

Even if Electrum becomes unavailable, the chances of finding archived versions of the program or source code are high due to the open license.

Tip: Test your backups by restoring your wallet on other devices.

All this information will be useful when restoring your wallet using other software wallets.

Multi-sig recovery

The process of restoring a multi-signature wallet involves re-creating the wallet in Electrum. You must enter the seed phrases and master public keys for each owner, as well as specify the original wallet parameters.

Select File → New/Restore → Specify the wallet name.

Select Multi-signature wallet → specify your number of signatories. For example (2 of 2).

Enter your seed phrase or connect a hardware wallet.

Paste your public keys into Electrum. The second signer will need his public key (zpub), which he must provide.

Import your seed phrase to recover your private keys and link them to your newly created multisig wallet.

If only seed phrases are saved, then the master public keys that were in this wallet will be generated from them. In other words, seed phrases contain data about public (zpub) keys.
If only public keys are saved, the wallet can be restored in watch-only mode. This allows you to view balances and transactions, but not manage funds.

Full wallet recovery is only possible if all necessary data is available. Losing even one seed phrase will make recovery impossible.

Thus, each participant must provide zpub to restore the shared multi-signature wallet.

Having only one seed phrase does not allow access to a multi-signature wallet if more signatures were specified during creation. Simply put, one signature = 1 seed phrase. If there were 2 of 2, then you need 2 seed phrases, etc.

For increased security, it is recommended to use hardware wallets. If they are lost, they can be restored using a backup copy of the seed phrase associated with the device.

If hardware devices were used, then during recovery you will need to connect them, enter a PIN code and, if necessary, a passphrase.

Problems and Solutions

Wrong key type p2wpkh

Electrum requires the use of Zpub (uppercase) for multi-signature wallets based on P2WSH (native segwit), rather than zpub (lowercase). This decision was made to avoid confusion when generating different types of keys.

To convert zpub to Zpub, use tools such as Bitcoin Extended Public Key Converter. However, this is not recommended for creating a full-fledged multi-signature wallet, as it creates additional risks and complications.

Multisig vs shamir vs threshold signature

Shamir's Secret Sharing (SSS) allows the seed phrase to be split into several parts. It is restored on one device, which creates a single-point vulnerability. In contrast, multi-signature offers a more robust and standard solution by distributing key management among different devices or people.

Threshold signature differs from multi-signature in that a minimum number of signatories are required to create a signature, and the signature is created as a single structure that combines their signatures. In multi-signature, each signature is verified separately, and the transaction is confirmed only after receiving the required number of signatures.

Results: what you need to know

The final summary of the advantages, disadvantages, vulnerabilities and features of multisig in Electrum is presented in the table.

Category	Description
Advantages	- Placing keys in different places increases security, but makes it more difficult to access in emergency situations. - Diversification. Use of different devices (hardware wallets, mobile applications). - Combination of participants in one scheme.
Disadvantages	- Risk of blocking funds if keys are lost or set up incorrectly. - Difficulties with restoring access.
Vulnerabilities	- Connecting to untrusted networks poses a security risk. - Risks of incorrect integration with hardware wallets.
Performance	- Slow process of signing transactions via hardware wallets due to additional authentication.

Author's Note:

"Do not store master keys of all signatories on one device: this contradicts the principle of multi-signature."

Bottom line: Multi-sig makes attacks harder by requiring multiple independent keys to be cracked instead of just one, making it more resilient to threats including supercomputer attacks. However, multi-sig does not add enough additional complexity for everyone.

What do you think about multi-signature in Electrum? Leave comments, questions and remarks.

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Cryptocurrency wallets

Electrum: как пользоваться: установка и пополнение [4.5.8]

Максим Анисимов — Thu, 16 Jan 2025 13:03:48 +0000

Electrum: How to Use It – Installation and Funding [4.5.8] Максим Анисимов Thu, 01/16/2025 - 18:09

Contents

What you need to know

This guide explains how to use Electrum effectively and avoid common mistakes that may result in losing access to your funds. Many years of personal experience will help you understand all the intricacies of security and wallet management.

You will learn how to access three key benefits:

Simplicity:

Lightweight Wallet: install in minutes without having to download the entire blockchain.
Integration: compatible with Trezor and Ledger hardware wallets.
Anonymity: HD wallet creates new addresses for each transaction.

Reliability:

Security: use 2FA and multi-signature features.
Recovery: use seed phrase and encryption for access to funds.
Offline transactions: protect yourself from hacking with the cold storage feature.

Managed transactions:

Fast and Cheap: reduce Fees with Lightning Network.
Replace fees: adjust the transaction fee to expedite confirmation of unconfirmed transactions.
Pay-to-Many: send funds to multiple recipients at once:

Let's figure out how to use all the functionality of Electrum to the maximum. Let's start with the first step - downloading and installing.

Download and System Requirements

Download the official client from the website https://electrum.org/#download.

System requirements:

Windows: 8.1 and higher (32/64-bit).
macOS: versions 10.13 High Sierra and above.
Linux: versions from 3.8 supporting Python.
Android: 6.0 and above.
There is no version for IOS.

RAM: minimum 100–300 MB. Our running program takes up 60 MB of memory.

Disk space: 100–200 MB, including program files and local data cache. The lightweight client does not require downloading the full blockchain.

Processor: any modern CPU with a clock speed of 1 GHz or more will do.

Internet: A permanent connection is required to connect to the wallet servers.

After downloading, you can proceed with installation and first launch.

Installation and launch

Run the downloaded file electrum-setup.exe

Follow the standard installation wizard

Run the installed application. You will be greeted by the initial screen where you can select advanced network settings. We will look at them later, so leave this checkbox empty.

Creating a secure wallet: 2FA, seed phrase and encryption

When you first start Electrum, it automatically creates a wallet named default_wallet unless you specify otherwise.

The Choose button allows you to upload a file of an existing wallet. If you are creating it for the first time, then come up with a name (for your convenience) and click Next.

You will be asked to choose one of 4 wallet types:

Standard wallet — a basic wallet designed for a single user.
Wallet with two-factor authentication— a wallet for increasing security with two-factor authentication.
Multi-signature wallet — a wallet that requires multiple parties to sign a transaction for it to be processed.
Import Bitcoin addresses or private keys — wallet for importing existing Bitcoin addresses or private keys.

The type selection is final for a specific wallet. Once created, the type cannot be changed. If you need a different type, you will need to create a new wallet, selecting the desired option.

For additional protection select Wallet with two-factor authentication. This will enhance security: in addition to the password, you will need a temporary code generated by the application on your smartphone. Even knowing the password, an attacker will not be able to access without this code.

A warning about the specifics of 2fa will be displayed. Read it and click Next. Next need to generate phrase For recovery (SEED).

Please select one of the two options:

1. Create a new seed - will generate a new unique phrase. It consists of 12 or 24 words. Write it down and keep it in a safe place.

2. I already have a seed - Use an existing seed phrase: if you already have a seed phrase from another wallet, such as a hardware wallet, enter it to restore access.

Select Create a new seed. A window will open with your seed phrase. This is an important step. Write down the seed phrase on paper. Keep it in a safe place, away from computers and cloud storage. This will protect the phrase from cyber attacks and hardware failures.

Optional: Click Options to expand the seed phrase with additional words. This will increase security.

Warning! Extending the seed phrase may cause incompatibility with other wallets. For example, a wallet with a 36-word phrase cannot be restored to a wallet that does not support that length. Compatibility can be restored, but this is a complex process.

Use seed phrase extension? Choose whether you need extra security or high compatibility.

Author's experience:

"Extended seed phrases are case sensitive, so be careful when entering them. I once couldn't restore my wallet because I made a mistake with the case of a letter - I entered a lowercase letter instead of an uppercase one."

Next, you need to confirm the main seed phrase and enter it into the program.

You need to manually enter the words to make sure they are correct. This is why the wallet does not support copying and pasting. Click Next.

Now confirm the extension of the seed phrase if you used the Extend option.

The program will display a message about the location of the wallet file and that you need to be online to install 2fa.

Agree to the terms.

Scan the QR code using Google Authenticator or any compatible 2FA app.
Be sure to write down the 2FA recovery key. You will need it if you lose access to your smartphone.
Enter the generated code.

You have linked two-factor authentication. Now you need to encrypt your wallet.

Create a complex password. It is advisable to use capital letters, numbers and symbols.
Check Encrypt wallet file.
Click Finish.

The wallet has been created. The first thing you should always do is backup copies.

Backup

Electrum allows you to create backup copies of your wallets in the .backup format. These files contain information such as seed phrases, private keys, and other settings. Keep them in a safe place to prevent loss of funds due to theft or damage.

Go to File → Save backup.

Choose a safe place to save. This can be an external hard drive, flash drive, or other reliable storage.

Warning: Do not store this file on a device with a permanent internet connection or in the cloud without encryption.

The program will display a message that the copy has been saved.

For extra security, make multiple copies on different devices. Keep the flash drive or hard drive in a safe.

After completing all the security steps, you can start using your wallet.

How to use

Customize the interface: select the preferred language, enable dark mode, and choose the currency for displaying your balance.

Configure the balance display to immediately see the amount in dollars. To do this, go to Menu → Tools → Preferences → Fiat

This will eliminate the need to use a calculator or currency converter to understand the balance.

You can also customize the balance display in different views.

Menu → Tools → Preferences → Units

Instead of long fractional BTC values, compact units like mBTC (0.001 BTC) or Satoshis can be displayed. This is convenient so as not to get confused by zeros. You can set up the balance display in Satoshi or in the traditional representation - BTC.

Creating an address

Different address representations are available:

QR code,
classic address (bc1),
address for the Lightning network
Bitcoin URI.

Go to the Receive tab. Click Create new Request. On the right, you will see your address. Share this address with those who want to send you coins.

Not sure how to properly create and use an address in Electrum? Check out our detailed article where we make the process as simple and straightforward as possible!

Replenishment

To top up your wallet, share your address (Receive tab) or QR with those who want to send you coins.

Use exchanges, P2P platforms, exchangers or other wallets to transfer funds to Electrum.

Checking Balance

All blockchain payments are displayed in the History tab.

View all incoming and outgoing transactions, amounts, and confirmations. History may not be displayed if the address was only used to receive funds but the transactions were not confirmed, or if a third-party signing tool was used. Electrum tracks all transactions that affect the wallet balance.

Withdrawal of funds

To send cryptocurrency, use the Send tab and enter the recipient's address along with the amount you want to withdraw. You can also specify the purpose (description) of the payment.

Check the data and click Pay. A commission selection window will open.

Commission

Electrum automatically adjusts the fee, but it may be too high if the user does not control its level manually.

Use the slider to quickly select the fee level depending on the number of blocks.

Read the main article: how to reduce fees in Electrum. In it you will learn how to control fees, what will protect your transactions from overpayments and help you save.

Additional options are also available when sending transactions:

When you click on the settings button, you can also choose the method for receiving the payment address:

Read QR code with camera: scan QR code with camera.
Read QR code from screen: recognize QR code from image.
Read invoice from file: load invoice data from a file.
Pay to many: make transfers to several addresses at once.
Import invoices: load an invoice into Electrum from a file (e.g. json).
Export invoices: export payment details.

You have learned the basic features of use. Below are the advanced settings for increasing the security and speed of payments. Electrum offers many not obvious functions. Let's also consider all the recovery options to easily restore the wallet in case of failure.

Recovery

The recovery process is essentially creating a new wallet from the seed phrase.

Go to menu File → New/Restore

A menu will open where you can come up with a name for the restored wallet.

Alternatively: you can click the Choose button to select an existing file. For example, if you are transferring a wallet from a USB flash drive.

Important: when restoring by seed phrase, the data in the selected file will be overwritten.

We will choose the option to create a new wallet, because it is safer. Next, you will be asked to choose the type of wallet. We will create a standard one.

There are three ways to restore:

I already have a seed — recovery using a seed phrase (12, 18 or 24 words).
Use a master key — enter a master key (xpub/xprv), suitable for recovery or view-only access .
Use a hardware device — connecting a hardware wallet (Ledger, Trezor, etc.) for integration.

Choose the method with the seed phrase.

If you used the Extend seed with custom words option when creating your wallet, then check the box in the options and enter additional words (passphrase):

Enter your seed phrase. The next screen will prompt you to enter additional words and then create a password for the new wallet. Once all steps are completed, the wallet will be 100% restored (balance, transactions, addresses).

For an explanation of the recovery functions, see the main article Electrum recovery methods.

What to do if you forgot your password

If you forgot your password, restore your wallet from the seed phrase as shown above. If you do not have the seed phrase, you will have to restore your password.

For a detailed explanation of recovery approaches, see the article recovery software overview.

Private Key

There are two functions for working with private keys in the wallet:

Sweep - move funds from an address that you have access to via your private key. Used to transfer from outdated or insecure addresses, such as a paper wallet to Electrum.
Export - export private keys in WIF format to transfer funds to other wallets or create backup copies.

To export a private key, enter your wallet password. You will see a window for saving private keys with a choice of json or csv format.

Important! Only export in a secure environment to avoid loss of funds.

Read more in the main article: how to import / delete a private key in electrum.

Keys xpub/ypub/zpub and xprv/yprv/zprv

The application supports the following key prefixes: xpub/ypub/zpub and xprv/yprv/zprv:

Prefix	Key type	Description	Standard	Format and start of address
xpub	Public (Legacy)	Old format, high commissions.	BIP-32	P2PKH, starts with 1
xprv	Private (Legacy)	Managing Legacy Addresses.	BIP-32	P2PKH, starts with 1
ypub	Public (SegWit)	Compatible with Legacy, low fees.	BIP-49	P2WPKH-in-P2SH, 3
yprv	Private (SegWit)	Managing Wrapped SegWit.	BIP-49	P2WPKH-in-P2SH, 3
zpub	Public (Native)	Native SegWit, minimal fees.	BIP-84	P2WPKH (Bech32), bc1
zprv	Private (Native)	Native SegWit Management.	BIP-84	P2WPKH (Bech32), bc1

SEED-phrase

You can view the Seed phrase for your wallet by going to the menu Wallet → Seed. The application will request a password. After entering it, your secret phrase and extended phrase, if one was created, will be displayed.

Find out in the main article: how the seed phrase is generated.

Update

In the menu, select Help and find Check for updates. If a new version is available, a notification will appear. Click Yes to download and install. The program will update and restart.

If the changes are not compatible with your version or you haven't updated for a long time, then update manually. Download the new version from the official website and run the installer. Don't forget to make backups before updating.

How to update your wallet to the latest version, read the full update guide.

Functionality

Multi-signature and integration

MultiSig is a feature that requires multiple signatories to complete a transaction. This is used both for co-spending and for increased security. Some people use this feature as a "family budget."

To use MultiSig, Electrum can be integrated with hardware wallets. For example, Trezor and Ledger.

Learn how to do this in the main articles:

Offline transactions and cold storage

Offline transactions are used to store large amounts of Bitcoin. With traditional cold storage of cryptocurrency, the wallet is not connected to the Internet, and transactions are not carried out. With offline transactions, you combine cold storage and the ability to spend funds, and here's how:

Create an unsigned transaction in an online wallet
But sign it on an offline computer (without internet)
Submit the signed transaction via an online device.
This way the private key never leaves the offline device. However, we will send funds securely from the online device, even if it is compromised.

Cold storage

On an offline device, create a primary (cold) Electrum wallet. This is where the private key will be stored, and the computer will not be connected to the network. This provides maximum cyber resistance against attacks via the Internet. Let's call this computer HODl.

Go to Address → click on your address. The icon to the right of the address will show the QR code:

Watch-only

On an online device, create a watch-only (a watch-only wallet) into which the public key from the offline wallet is imported using this QR code (or address). This wallet allows you to monitor your balance and transactions, but cannot spend funds. Let's call this online computer watch-only.

Let's create a watch-only. Click File → New/Restore. Select Import Bitcoin addresses or private keys.

Here, on the online device, you either paste the wallet address or scan the QR. This is necessary to get data from our cold (Hodl) wallet.

We will be warned that this is a viewing address. That is as it should be.

Once two wallets have been created, transactions can be created.

Creating and signing transactions (PSBT):

Creating a transaction: in the watch-only wallet, create a transaction in PSBT format to send to an offline device.
Transaction Signing: On an offline device (HODL), sign the PSBT with your private key. Then export the signed transaction as a QR code and return it to your online device.
Submitting a transaction: Import the signed transaction on an online device, verify it, and submit it to the network via the Electrum server.

The QR code example shows how you can securely transfer data between devices without connecting them to the network.

This method does not offer better security than using hardware wallets. However, it is an alternative for users who for some reason cannot use hardware wallets (for example, due to legal or technical restrictions).

Lightning

Lightning Network is a second-layer blockchain technology that allows for thousands of transfers (transactions) per second with low fees through "channels" between users, bypassing the main blockchain.

To open a Lightning channel, you need to have at least 0.002 BTC plus the network fee. It is important that you have a wallet with native SegWit (addresses start with bc1). If you have a wallet with P2SH SegWit (starts with 3), you will not be able to open a channel. Be sure to backup your wallet file (wallet.backup) before proceeding.

Go to the Channels tab and click New Channel.

A warning will appear about the need to create a backup, confirm it. On the next screen, select the amount to fund the channel (minimum 0.002 BTC).

The author's experience shows that for informational purposes it is better to start with a minimum amount.

After clicking OK the payment gateway will be in the OPENING status. Wait for confirmation from the network.

When the transaction is confirmed, the channel status will change to FUNDED and the channel will become active.

When the Lightning Network channel is open and funded, you can send express payments through this channel. To do this, use the same Send tab.

For express payments, get a Lightning invoice or scan a QR code. Paste the invoice (starting with lnbc1) into the Pay to field on the Send tab.

Click Pay and Confirm. The payment will be processed in a few seconds. The Lightning payment service has a lightning bolt icon. They are displayed in the blockchain transaction history.

Warning! Experience shows that you should not open a Lightning channel when the network is overloaded, as this is fraught with high transaction fees.

Pay to many

Use the Pay to many option to send a crypto payment to multiple addresses at once.

Tip: Use the view tab if you can't find the features you need.

Go to Send → click on the settings icon on the right, select Pay to many. Enter the address and amount of each recipient in separate lines.

Replace-by-Fee

RBF (Replace-by-Fee) is a function for replacing an unconfirmed transaction with a higher fee. This function is implemented by the Bitcoin BIP-125 standard.

Read in the main article: Replace-by-Fee: how to increase/change fees.

Sign verify message

The Sign verify message function verifies that the address contains the stated amount of BTC and that it belongs to the person who signed the message. Thus, with the help of crypto signature, other people can verify your ownership of the cryptocurrency. Therefore, the transaction becomes transparent.

Read in the main article: signing messages in Electrum, Ledger Live, and MEW.

Encrypt/decrypt message

The function allows you to transmit confidential data (for example, passwords, links, keys to files) via encrypted messages that can only be decrypted by those you trust.

Navigate to Tools → Encrypt/decrypt Message. Enter the message. Enter the public key of the person to whom the information is sent.

The message is encrypted with a public key that is visible to everyone. For example, you can encrypt a message for a friend using his public key. However, only the owner of the private key associated with this public key can decrypt it. In other words, no one except your friend can decrypt the message.

Coin Control

The Coins tab provides a detailed overview of all unspent transaction outputs (UTXO), which are coins available for use in new transactions.

Each item in the list includes balance and address information. Given that Electrum can use multiple UTXOs for a single transaction, this tab gives a full picture of what specific funds can be spent and how to combine them correctly.

Read more in the article: how to send Bitcoin from a specific address - Coin Control.

Problems, Solutions and Conclusions

Hack

Electrum was the target of a phishing attack in which attackers exploited a vulnerability in version 3.3.3 of the client. They created fake servers that sent messages asking for software updates via malicious links. This resulted in the theft of funds. The attack damaged the wallet's reputation, but the vulnerability was quickly fixed and no similar incidents have occurred since.

Network settings

The settings are located in the menu Tools → Network.

Blockchain connection: electrum does not store the entire blockchain, but connects to remote servers (SPV) to retrieve transaction and balance data.
Security: Choosing a trusted server reduces the risk of a data manipulation attack (e.g. MITM).
Privacy: Using a proxy hides your IP address, protecting you from being tracked.

If it doesn't connect

After importing the private key, the Electrum wallet may not show the balance. The main reason is a problem with the connection to the server.

How to solve according to bitcointalk:

Make sure you have the latest version of Electrum.
Check your network, server and proxy settings.
Go to Tools → Network. In the Overview tab, see which server you have installed. Try checking the select server automatically.
Disable Proxy.

Enable logging:

Tools → Preferences → Misc → Write logs to file.

Logs are located in the folder:

C:\Users\[Your user]\AppData\Roaming\Electrum\logs

Additional steps:

Check the internet: make sure the network is working, TCP ports 50002 and 443 are open.
Add Electrum to your antivirus and firewall exception list. Avoid disabling your security software entirely.
Flush DNS: Run ipconfig /flushdns and change DNS to 8.8.8.8 or 1.1.1.1
Use the portable version: download it from the official website and run it from a separate folder.

Plugins

According to the documentation, the lightweight client supports the following plugins:

Audio modem - offline transaction signature.
Cosigner pool - working with multi-signatures via an encrypted server.
Email - payment requests via email.
Labelsync - wallet label synchronization.
Revealer - encrypted backup copies of seed phrases.
2fa - two-factor authentication.
Virtual Keyboard - virtual keyboard for passwords.

Classic Electrum only supports Bitcoin. But there are forks that support Dash, Litecoin, etc.

Tech support

Electrum has no support. You use a non-custodial wallet, which means you are the owner, manager, CFO, and marketer of your crypto space all rolled into one.

The software client was developed in 2011 by programmer Thomas Voegtlin and is a non-commercial platform. Like Bitcoin Core, Electrum is an open-source project supported by the community. Therefore:

You can ask questions at bitcointalk.org.
And also on Reddit.
Create Issues on Github.
Documentation: https://electrum.readthedocs.io
Official announcements are posted at X.

And also pedestrians in the comments about their experience of using it.

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SecuX V20

Максим Анисимов — Mon, 23 Dec 2024 14:09:25 +0000

SecuX V20 Максим Анисимов Wed, 01/15/2025 - 15:27

Contents

The world of cryptocurrencies is actively developing, more and more new people are learning about them. Most of the newcomers who enter this market for the first time, most often do not understand how and where to securely store cryptocurrency.

There are many ways to store cryptocurrency:

Official Wallet
Multi-currency wallet
Hardware Wallet
Exchange

In this review, we will talk about one of the most reliable ways to store cryptocurrencies – a hardware wallet. We will talk about a specific hardware wallet - SecuX V20.

As a bonus for our readers, you can get a 10%-15% discount on your order using a promo code!

SecuX V20 and W20 wallets - 15% discount with promo code - "bytwork".

SecuX W10 wallet - 10% discount with promo code "bytworkw10"

SecuX Store: https://shop.secuxtech.com/

What is SecuX V20

SecuX V20 - this is the flagship hardware wallet from SecuX, which is a relative newcomer to the cryptocurrency market: it was created in 2018.

The device has a large color touchscreen display, a battery for offline/offline operation, and communicates with the host via USB or Bluetooth.

The wallet is equipped with an Infineon secure element chip, certified CC EAL5+. Externally, the wallet looks nice, somewhat resembles a flattened hockey puck.

SecuX V20 Overview

SecuX V20 is elegant, durable and, most importantly, a convenient hardware wallet. The V20 is very similar to the company's other model, the W20, but has a premium metal body.

This gives it a value that can be appreciated by experienced users who own large amounts.

But is it really worth the extra money compared to the W20?

SecuX V20 is a hardware wallet that supports many major cryptocurrencies and thousands of Ethereum-based tokens. This is the top version of the offers of the Taiwanese manufacturer SecuX.

Other SecuX models are the W20 and W10.

Important! SecuX supports more than 1000 cryptocurrencies. The use of this company's products provides security, flexibility and ease of wallet backup using hierarchical determinism (HD) capabilities.

The SecuX V20 hardware wallet model provides secure cold storage by creating and storing your wallet's private keys offline. To do this, a special security chip is used to keep your private keys safe. More on this later.

It can also be integrated with third-party wallets to manage ERC-20 tokens.

The release of SecuX V20 has shown that it has become the flagship premium product of SecuX.

Read more about the characteristics of the wallet on the official website!

Who should buy SecuX V20?

Users who need a Bluetooth-enabled hardware wallet
Users who have many different coins
Traders who frequently make trades

Price

While the basic W10 model can be bought for just $69, the SecuX V20 costs a bit more.

If you need the latest hardware from SecuX, you'll have to shell out $139.

The real question is: Is the increased price of the additional features that SecuX V20 offers worth it?

Let's find out! To do this, let's compare it with other hardware wallets.

SecuX V20 vs Ledger Nano X?

Ledger Nano X is one of the most popular hardware wallets on the market. What are its differences from SecuX V20?

The Nano S doesn't have a touchscreen, but the SecuX V20 does
The SecuX V20 power button is more ergonomic
The SecuX V20 case is much stronger

The SecuX V20 is much heavier and stronger.

Ledger Nano X has Bluetooth connectivity, but the cheaper Nano S leaves you completely tied to your computer via USB, so no mobile transactions with it are really possible.

Using your mobile device (with the SecuX app installed) is less cumbersome and more discrete if you make transactions with SecuX V20 on the go.

However, it is worth noting that with the Bluetooth function, there may be some additional risks. SecuX V20 users should be aware of these risks and make a decision weighing them in terms of convenience.

And, of course, you can always go back to using the USB-C cable if it's more convenient for you.

Package contents of SecuX V20

After you unscrew the protective seals and open the SecuX V20, you will find the device itself, a microfiber cloth bag, as well as a USB Type C cable.

The delivery package also includes:

Two sheets for recording Seed phrases
Getting started guide explaining how to update the device firmware, enable Bluetooth and solve a couple of common problems

SecuX V20 design

Externally, the V20 is made of polished aluminum. This gives the device an excellent appearance and great elasticity.

The touchscreen is responsive and does not slow down!

One SecuX V20 button is the power button - it is well designed, even emits a soft pleasant click!

Compared to the Ledger and Trezor devices, the V20 is much larger. It also seems to be more durable, as its aluminum body is more resistant to loads than the plastic of many other hardware wallets.

SecuX V20 Security

Considering that SecuX is a fairly young company, it uses some of the most advanced security technologies.

Let's talk about some of them:

CC EAL5 + Secure Element

All SecuX hardware wallets use the so-called security element. The chip shown below is the latest generation chip that is installed in SecuX V20:

SecuX hardware wallets use the Infineon SLE Solid Flash CC EAL5 + Secure Element chip manufactured by a German company.

Your PIN code and private keys are created on this device and are protected from all outsiders (intruders).

Read more about the protection technology on the official website!

PIN code

When you turn on SecuX V20 for the first time, you will need to set a 4-digit PIN code.

This PIN is similar to the PIN of a regular debit card when you use it at an ATM. A PIN code is required to access and control the device.

The fault tolerance inherent in the PIN code is that the device erases itself after entering the PIN code incorrectly: maximum of 5 attempts!

No one will be able to access your device by PIN-picking, which means stealing your funds!

Passphrase support

SecuX V20 now includes support for a passphrase (seed phrase), also known as 25-word protection.

That's why it's important:

Remember - anyone who owns your seed phrase can access your wallet and empty it.
Another reason is to create a "dummy account" on your device, which stores a small amount of funds. The fictitious account acts as a defense against the so-called "five-dollar key attack".

Important! A hidden wallet is one of the unique features of SecuX Crypto hardware wallets. This is the equivalent of a "secret pocket" hidden inside a wallet. This is an alternative function, and if you choose "Create a hidden Wallet", you will have to set a different PIN (4-8 digits), which should be different from your first PIN. Then the wallet will ask you to set a "passphrase" (from 1 to 99 characters) to set up a hidden wallet!

In other words, if you create a hidden wallet in your hardware wallet, you will have 2 sets of private keys. The first private key manages your original wallet accounts with a seed phrase, and the second private key manages your Hidden Wallet accounts with a seed phrase and a given passphrase.

Creating a new wallet

When you launch your new SecuX V20 device, you will be prompted to create a new wallet or import an existing one.

Creating a new wallet is quite simple. V20 will show you a Seed phrase of 24 words.

Then you need to rewrite each word of the Seed phrase. Each word will need to be confirmed (that you have rewritten it) so that the next word of the Seed phrase appears.

Be sure to save the Seed phrase in a safe place. Don't take pictures of her. It is best to rewrite it on paper, and hide it!

Connecting SecuX V20 to a computer

The easiest way to send and receive funds to the SecuX V20 hardware wallet is to use an online interface called SecuXcess.

Go to SecuXTech and click "Secuxess" at the top right.

A new window will open. Here you can choose how to connect the device: USB or Bluetooth. You will need to enter a one-time password that will be displayed on the device.

Once this is done, you will be taken to the wallet homepage.

You will be able to view your account balances, as well as send or receive coins in your wallet.

Please note that Chrome and Opera are the only two browsers currently supported by SecuX.

SecuX Coins Supported

SecuX wallets currently support over 1,000 coins and all ERC20 tokens.

SecuX supports Bitcoin, XRP, Litecoin, Ethereum (and all ERC-20 tokens), as well as all the most popular coins, including:

Bitcoin Cash
Stellar
Litecoin
Tether
Doge
Binance Coin
Dash

Which OS does SecuX support?

Android
IOS
OS X
Windows
Linux

Conclusion

SecuX V20 is a great hardware wallet.

In addition, the touch screen and various connectivity options are its advantage.

Storing your keys offline with a SecuX hardware wallet is an excellent protection to ensure the security of your coins.

Pros:

2.8-inch touch screen
Bluetooth
Improved display
Support for multiple signatures and passphrases
The device timeout expires after a period of inactivity

Cons:

Higher price than other companies/models
Simple interface

As a bonus for our readers, you can get a 10%-15% discount on your order using a promo code!