Part 4: EXOS Wallets Primer
We get a lot of questions about the various wallets for EXOS. So, I’m going to do a summary of the wallets and why each one exists. First, a couple of definitions:
Cryptocurrency Wallet - A piece of computer software the holds the keys necessary to transact with any blockchain. There are two types of keys. They are public and private. Sometimes you’ll hear a cryptocurrency wallet compared to a bank account or even a bank. In reality, it’s more like the keys to the account in the bank. The bank is more like the blockchain itself. The coins or tokens are not technically in the wallet, the keys to be able to spend or move them are. You do not want to lose your keys; ever. Protecting your keys is the subject for another post.
Wallets and the EXOS Blockchain
On the EXOS Blockchain, the wallets enable any person in the network to send EXOS to any other without any centralized authority.
In the ExO Economy, there are several types of wallets. Each has an intended primary purpose that makes it more suitable for certain tasks. Let’s go over them one by one.
IMPORTANT NOTICE: NEVER accept a wallet binary or installer or source from a 3rd party. You should always go to source on the official Github repository for this software.
EXOS Cloud Wallet
If you are picking up a gift, new to crypto currency and EXOS, are running your primary EXOS treasury then this is your best starting point.
Technically, this is our Heuristic-Deterministic (HD) Cloud Wallet. It stores your EXOS safely on the blockchain, is recoverable with your seed, and has a robust multi-signature capability.
The intended primary purpose of the cloud wallets is day to day general use and multi-signature wallet management for treasury and distribution usage.
Install Guide: https://economy.openexo.com/exos-cloud-start-guide
EXOS Staking Wallet
The EXOS Qt based Full node staking wallet is a full-node client that provides the ability to use your EXOS to stake on the ExO Blockchain and be an important part of the network helping to encapsulate transactions, validate, and extend the blockchain in return for staking rewards and transaction fees.
Staking the network is making the network work. We count on our community members to be a part of the network. The resource commitment is trivial to help support your economy by staking.
The intended primary purpose of the Staking wallet is to act as a light weight, stable wallet that is capable of staking the EXOS Blockchain to help process transactions and provide security to the network. In this was, it also earns it’s owner EXOS through staking activities. Unlike proof of work networks, our proof of stake networks use very little compute time and power.
Install Guide: https://economy.openexo.com/exos-quick-start-guide
The full node is a special wallet in that it has extended programatic interfaces that allow anyone that runs one to have a full copy of the blockchain at all times and create applications that interface directly with the blockchain. Full nodes are a critical part of the infrastructure of the EXOS blockchain. In a previously article we explained how we had them running in many cities around the world.
Most people will never run a full node. But, for an example of an application running on an EXOS Blockchain full-node see http://stats.exos.to. The DevOps team integrated Grafana to the EXOS Blockchain on a full node. Or, take a look at the EXOS block explorer. This is another application that lives directly on and interfaces with the EXOS Full node.
The intended primary purpose of the full node is as the anchor points in the network for the blockchain database. It is also used as the application programing interface and application development platform today for blockchain applications.
Source: Release Pending.
Install Guide: Release Pending
We have created something called the Tipbot. Today, it only lives in the discord community. But, it does act as a form of wallet for EXOS inside discord. Unlimited transactions in EXOS can occur between users in Discord via Tipbot. But, those transactions are effectively happening off-chain. They are not recognized on-chain until funds are withdrawn or deposited.
The intended primary purpose of the tipbot is to allow members, in a peer to peer fashion to be able to send each other small thank yous as tips whenever they wish without issue.
We are not currently deployable on any of the industry standard hardware wallets like Ledger or Trezor. There is nothing keeping us from this except time and resources. We do have test hardware in the lab and we know it will work. It’s just not been something we have been able to prioritize to date.
IMPORTANT NOTICE: Always be mindful about backups. Computers are fallible machines and you want to have a disaster recovery and business continuity plan in place for your wallets. The install guides reference above provide how to guides for backing up keeping your tokens safe.
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This Post is Part of a Multi-Part Series, The ExO Economy Primer. To learn more about the economy read the first posts in the series and stay tuned for more.