ROOTY
Wallet of community coins
| Make a copy of the active wallet to transfer it to an external computer or storage device | |
| Recover a backup-wallet | |
| Create a new wallet | |
| Delete a wallet from your device | |
| Extract the wallet seed from the active wallet |
A wallet can be used to store cryptocurrency and carry it with you. It consists of a bunch of 'receiving addresses', and a special key known as a 'seed'. This seed lets you see how much cryptocurrency you have in your wallet and makes it possible to spend it.
With a backup you copy everything, the seed, your personal settings and a record of all the money coming in and going out (transactions). When you copy the seed you just copy your money.
When you first start using a wallet, it creates a new seed for you. It's crucial to make a backup copy of your wallet on another device or storage system because if you lose your current device, you could lose your money. You can only restore this backup using the community coin software. Alternatively, when you retrieve the seed, made up of twelve words, it can be used to load your money into other suitable wallet apps available in the market.
It's also a good idea to have multiple wallets. For instance, you could have one on your mobile phone and another one at home. This way, you can keep larger amounts of cryptocurrency at home for added security.
Last but not least, you also have the option to store the seed separately in a secure location. For example to write it down in your personal diary or on a piece of paper which you lock away.
Community coins isn't a single coin – it's a collective effort to elevate and distinguish individual coins that comply to a shared manifest. Its success rests solely on individuals like you who embrace and advocate for this concept. In this endeavor, we stand united. We can't rely on organizations, institutions, or governments to champion it on our behalf. This time, the democratic process hinges on your decision to endorse a technology that empowers people who possess it.
The only way to allow free choice is to make it available as an option. You can achieve this by guiding prospects to visit https://communitycoins.org/wallet or by teaching them how to scan the QR code provided above.
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Currently the price of most things you can buy are not expressed in cryptocurrency prices. Also, when you exchange cryptocurrencies you need to be able to value them. This calculator helps you with that, by retrieving prices form the available markets. You can quickly compare three currencies that you use most often and determine the amount you want to pay or receive. There are four groups:
Within the calculator panel, if you change one value the other two values change accordingly
The supported coins selection button(4) is colored green-red to indicate that it is intended as the payment-currency. Before you pay make sure to select the coin concerned. Green represents "Receive" since it has a positive effect on your balance.
You can also do some basic calculations using the % / * + or - keybord keys. A dialog appears where you can enter the amount which is applied tou the field that has the input focus.
If there is no community coin in your area you can contact mail@communitycoins.org to ask if there are known future plans or to indicate you are interested in participating.
Wallet identity settings, such as a wallet name, are not mandatory, but they solve some of the main challenges of cryptocurrencies: - Instead of struggling with complex addresses, recipients can provide a straightforward name that senders can easily identify and trust. - In cryptocurrency payments, the sender often faces greater vulnerability because they initiate the transaction. To address this, receiving additional information from the recipient becomes a crucial step. It not only enhances the sender's confidence but also provides clear assurance about the intended destination of the transaction. - Since cryptocurrency transactions are public by nature, they are not designed to include detailed payment information within them. Here's where a wallet name comes into play. It serves as a dual-purpose destination address, not only for the payment itself but also as part of an accompanying message. This wallet name effectively becomes part of a parallel, peer-to-peer communication channel that ensures privacy and confidentiality. Messages sent via this channel can only be read by the intended recipient, enhancing the privacy and security of your transactions. - Cryptocurrency payments often involve waiting for several minutes for a payment to be confirmed, making them less convenient for quick, cash-like transactions. However, with the parallel peer-to-peer communication channel facilitated by a wallet name, transaction information can be exchanged directly and securely between the sender and recipient. This innovation enables instant, zero-confirmation payments, making cryptocurrency a more practical choice for speedy transactions, akin to cash payments. To meet these challenges the communitycoin teams have established such a practical but optional peer-to-peer communication service. It allows wallet users to register a wallet name and to communicate directly. If the sender uses a destination walletname the following happens: - The cryptic recipient address for the payment is retrieved - A payment transaction is generated and submitted to the cryptocurrency network - In parallel an encrypted message is send to the recipient. That message contains: the transaction ID, the currency used and the amount transmitted - Optionally the message can include: The wallet name of the sender, a personal message (memo) and a contact card. - The entire message is peer to peer because it can only be decrypted by the recipient through the use of asymetric RSA-OAEP encryption
Still a wallet name is not optimal because names can be difficult too. Like yajnavalkya. Without resorting to the cryptic QR-CODE we introduce a five-minute-code, which consists of four large digits the recipient can pronounce or show to his payment partner. It works like this: - The recipient selects the payment currency and het enters the amount, probably using the the fiat currency in the calculator panel. - Optionally he enters text in the memo-field - The recipient presses the receive-button and verifies the payment data - Then the recipient presses the five-minute button and a large random four-digit-code appears, which he shows to the sender
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This wallet is a Federated Initiative of community coin teams. That means that it is created and maintained by groups of friends that work together to make something amazing happen: We put the power of Bitcoin in the hands of everybody in their own country and region. For people that Bitcoin would otherwise never reach.
A backup consists of a string of data that enables you to reconstruct the wallet if the original gets lost or to transfer the wallet to another device. Remember to keep the backup just as secure, or more, as you would keep the original. Don't leave unnecessary copies abandoned on temporary directories or (email) folders. Be aware that a wallet also has a history which becomes frozen in the backup. You have three options:
When you made a backup you recieved an encoded piece of text. Just paste that text directly in the memo-field of the wallet. The backup-wallet will be activated immediately or you will receive a message if something is wrong. For example if it would exceed the maximum number of wallets allowed or if the wallet concerned is already loaded
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- Once claimed, the name cannot be changed
- Use a short, powerful name, because your payment partner needs to type it or recognize it.
- Use only lowercase characters, numbers, a decimal point, single spaces or an @-sign
- use a maximum of 32 characters
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Prepare multiple lines of text to optionally exchange during payments. This could serve for example as a business-card or contain contact options such as your telegram or eMail address. | ||||
