Meaning of “Cryptocurrency Wallet”
Unlike traditional ‘pocket’ wallets, digital wallets don’t store currency. In fact, currencies don’t get stored in any single location or even exist in physical form. All that exists are records of transactions stored on the blockchain. Crypto wallets are software programs that store your public and private keys and interface with a blockchain. This allows users to monitor their balance, send money, and conduct other operations.
When a person sends you RHOC (or any type of digital currency), they are signing off ownership of the tokens to an address that you control. To spend those tokens and unlock the funds, the private key stored in your wallet must match the public address the currency is assigned to. If the public and private keys match, the balance in your digital wallet will increase while the sender’s balance will decrease accordingly. There is no actual exchange of physical tokens. The transaction is signified merely by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet.
HOW TO STORE THE RHOC TOKEN ON HARDWARE & SOFTWARE WALLETS
Hardware wallets offer more security, are not connected to the internet 24/7, and can be stored securely. Designed like USB devices, they can be plugged into the computer you are using to make a transaction and generate keys on the go. Examples of hardware wallets are Ledger Nano S and Trezor.
You can receive tokens to your ETH address no matter what kind of hardware wallet you are using, but hardware wallet manufacturers haven’t yet programmed a way to display these tokens or allow you to send them. This functionality will likely come to later firmware updates. Until then, there are open-source client-side web wallets for Ethereum called MyCrypto which displays the token balances and allow you to send and receive tokens.
- How to interact with ERC20 tokens on a Ledger Nano S hardware wallet
- How to interact with ERC20 tokens on a Trezor hardware wallet
Software wallets come in three types: desktop, mobile, and web. Below we’ll look at using online (web) wallets, such as MyCrypto and MetaMask.
RHOC VERSUS REV
RHOC is an ERC20 token. ERC stands for Ethereum Request for Comments. This is an official protocol for proposing improvements to the Ethereum (ETH) network. ’20’ is the unique proposal ID number. ERC20 defines a set of rules which need to be met in order for a token to be accepted and called an ‘ERC20 tToken’. These tokens are blockchain assets that can have value and can be sent and received similarly to the Ethereum protocol token ETH.
In general terms, a cryptocurrency token is an encrypted digital currency meant to be used as a form of payment for network services or as a means of exchange. Coins or protocol tokens can be standalone cryptocurrencies based on their own blockchain. Tokens are built and hosted on an existing blockchain.
The REV token will be the official currency for the RChain blockchain at main net launch. Among other things, REV will be the currency you use to bond a validator’s stake, pay transaction fees, and deploy smart contracts on the RChain blockchain. See the REV issuance page for more info on REV main net launch.
HOW TO: RHOC wallet setup on MyCrypto
MyCrypto is an open-source, client-side tool for generating ether wallets, handling ERC-20 tokens, and interacting with the blockchain more easily.
MyCrypto is a hot wallet. This means that it is connected to the internet. Be careful if using It to access addresses that have a lot of funds on them.
How To Create a new wallet on MyCrypto
- Click here.
If you do not choose to use a hardware wallet, MetaMask or Parity Signer:
- Click “Download the MyCrypto desktop app“
After you download and install the application. Open the app and you will see the MyCrypto interface(see below):
- Click “Create New Wallet” shown on the side nav pane, and it will display three options. For this tutorial, we will click “Generate a Wallet” in the “Create New Wallet” box
If you want to learn how to generate a “Keystore File“, click here. For now, we will go over creating a “Mnemonic Phrase“.
- click Generate Mnemonic Phrase
Note: You can click “Regenerate Phrase” as many times as you want until you get a set of words that you like.
- Write down the 12-word phrase that you have listed.
- Click the “Confirm Phrase” button.
- Click the words on your phrase in order.
- This will double check that you wrote down your 12-word phrase correctly
Keep the phrase in a safe place!
Search your address here (bookmark this page). This is how you can view your balance at any time
- Unlock your new wallet from the Keystore / UTC file on your USB drive or via the private key that you printed out. Ensure it unlocks the wallet you are sent to and matches the bookmark you have.
HOW TO: STORE RHOC USING METAMASK
Another favorite Ethereum wallet that is free to use Metamask is a browser-based way to access the Ethereum network. It enables you to store and send Ether and to manage ERC20 tokens. You are always in control of your funds via the seed key that you get during the initial setup. With an intuitive design, you can learn more by watching the MetaMask video.
Are Cryptocurrency wallets secure?
Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, aren’t connected to an online network and don’t rely on a third party for security.
Although online wallets have proven the most vulnerable and prone to hacking attacks, diligent security precautions need to be implemented and followed when using any wallet. Remember that no matter which wallet you use, losing your private keys will lead to you to losing your money. Similarly, if your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful.
Are there any transaction fees?
Yes. In general, transaction fees are a fraction of traditional bank fees. They are paid to miners who secure the network.
When will the REV native currency be launched?
REV will be issued at main net launch, slated for Q1 2019. You must have your RHOC on an address you control the private keys to before then. You’re advised to bookmark the official RHOC-REV page to avoid phishing attempts.