📱FLAG Wallet Guide
A guide to the FLAG Network Wallet
This paper outlines the various available wallet options that can be used by users of FLAG Network if they want to transfer, collect and communicate using FLAG tokens on the FLAG Network blockchain.
What is a Wallet?
A crypto wallet is a piece of software that can be a device or application that stores a collection of keys and can be used to transfer, accept, and track the possession of cryptocurrencies. As those keys are the only means to prove the ownership of digital assets and to perform transactions, they are a critical piece of the cryptocurrency ecosystem. Wallets can show up under various appearances. It can be a directory or file in your computer system, a piece of paper, or a specialized device. These kinds of wallets are called hardware wallets. Also, there are various smartphone apps and computer programs that offer user-friendly access to create and manage wallets.
A keypair - just as its name - consists of a securely generated private key and its cryptographically derived public key. As we have two keys, a private key and its corresponding public key are collectively called a keypair. One or more keypairs can be stored and interacted through a wallet by some provided means.
The public key (also known as a pubkey) is recognized as the wallet's receiving address or its address for simply put. The wallet address can be shared and disclosed without any limitations. If any party wants to transfer an amount of cryptocurrency to a wallet, the first thing they need to know is the wallet's receiving address. Depending on the implementation of a blockchain, the address can also reveal some specific information about a wallet such as the balance. However, the viewer has no ability to modify anything about the wallet or withdraw any tokens.
For that reason, the private key is provided and required for the process of digitally signing any transactions to exchange cryptocurrencies with other addresses or to apply any changes to the wallet. The private key must be kept as a secret and can never be shared. If someone happens to know the private key of a wallet, they can withdraw all the available tokens in that wallet. And if the owner of a wallet accidentally loses his private key, all the tokens that have been transferred to that wallet's address will forever be gone.
There are various wallet solutions that offer different methods to secure the keypair, interact with it, and sign transactions to utilize the tokens. Some of them are simpler to use compared to others. Some can provide a safer means to store and back up private keys. Because of this, FLAG Network provides support for multiple types of wallets in order to help users fit themselves in the security and convenience of their own sake.
If you desire to be able to receive, transfer and invest FLAG tokens on the FLAG Network blockchain, you will first need to create a wallet.
FLAG NETWORK provides support for several types of wallets in the FLAG NETWORK native command-line app. Besides, it also supports wallets from third parties.
For most common users, we suggest using one of the app wallets or a browser-based web wallet as they will offer a more familiar user experience. Or else, you will have to learn command-line tools if you want to use other types of wallets.
For the minority of advanced users or developers, the command-line wallets may be a more suitable choice. If you do, you can gain the access to all new features of the FLAG NETWORK blockchain as they will always be introduced on the command-line apps at first before being integrated into other third-party wallet solutions.
Mobile App Wallets
FLAG Network extends support for many third-party apps which can offer a familiar experience for most users who are new or first try using crypto wallets.
Users can transfer, collect & transact cryptocurrencies easily on the world's leading Desktop, Mobile and Hardware crypto wallets.
The Exodus wallet provides live charts as well as a built-in exchange platform. Their human-support team is also available 24/7.
Note: Trust Wallet does not provide support for staking accounts or staking operations
Trust Wallet Security
Tokens stored in Trust Wallet are secure as long as the device on which it is installed is still safe. Please acknowledge that anyone who has the access to your phone or tablet with the app can also be able to use the Trust Wallet app and steal your tokens. To add another layer of security, you can set up a passcode for the Trust Wallet application. In order to set up a Trust Wallet passcode, please open the app and navigate as follows: Settings -> Security -> Passcode.
If someone have the access to your Trust Wallet application, they can also take a look at your recovery seed phrase. In this case, with your seed phrase, they will be able to recreate your Trust Wallet keys on another device. As a result, they could sign transactions via these new devices without using the original phone or tablet. Therefore, the recovery seed phrase which is displayed when you create a new wallet should be kept confidential. You can review it at any time after that through the app by following these steps:
- Click or tap on Setting -> Wallets
- In the “Options” menu for a particular wallet, click or tap "Show Recovery Phrase"
Note: Coin98 does not provide support for staking accounts or staking operation
Zelcore is a multi-currency wallet. It is now extending support for FLAG and all tokens used on the FLAG Network. 3 separate addresses will be provided for each asset on each Zelcore account. Users can store, transact, connect to Dapps, and will soon be able to grant access to DEX trade in a single app as well as hold FLAG tokens along with BTC, ETH, and 270+ other cryptos.
Zelcore Wallet Security
To derive private keys for all assets, Zelcore employs a username/password schema. Blockchain-based 2FA PIN, mobile device biometrics, and passphrases are applied as security layers. In this way, Zelcore allows users to set up as much or as little security as desired. All hashing functions will be done on-device so there will be no login/account info to be stored nor transmitted off your device. The private keys only show up on the device while you are still logging in. As you log out, there will be no digital footprint of your PKs left.
Please pay the ultimate attention to your username, password, d2FA PIN, passphrases, etc. as much as the way you care about your private keys. Never ever let anyone know about these things!
Note: The iOS and Android apps of MathWallet have yet to support FLAG and SPL tokens