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Wallets

Jay Rusk
Jay Rusk
  • Updated
Wallets store your NFTs, credits, and cryptocurrencies. You should not share any seed phrases or passwords with anyone.
 
The VRYNT Team will never ask for your password, private key or seed phrase. Do not provide them to anyone. If someone requests it, please contact VRYNT immediately.
 

MetaMask Wallet

VRYNT is built on the AVAX (Avalanche) Blockchain. If you do not have an AVAX Wallet, you will need to create one to utilise the platform's full functionality. Make sure to follow all of the steps below to complete the process.
 
We recommend using MetaMask to connect to the VRYNT Platform.
 
You can download Metamask here.
 
Once you have a MetaMask Wallet, you will need to configure it for use on the AVAX blockchain.
 
You can access the official guide here.
 
Store your Key Phrase in a secure location. Anyone with this Key Phrase can access your Avalanche Wallet. There is no way to recover lost Key Phrases.
Please do not take a screenshot of your key phrase, or save it on your computer, as it can be vulnerable to hacks.
 
Only you have access to the password & recovery phrase for MetaMask. Unlike a bank account, there is no customer service support to help you reset the password if it is lost.
 

Torus Wallet

If you opted to sign into VRYNT.io with an email or google, a wallet was created for you with Torus.  Like MetaMask, the Torus Wallet is a non-custodial wallet that allows users to connect to Ethereum and other blockchains using Social logins and biometric authentication.

To view the getting started guide for Torus, click here.

 
With Torus, new users can utilise their social logins for ease of access to Web3 and dApps. Users can also purchase crypto directly from the wallet.
 
1. To enter your Torus wallet, you can head to wallet.tor.us, or if you are signed in, you can select the torus wallet widget at the bottom left of the VRYNT site, and click "Open Wallet". 
 
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2. From the Home Screen of the Torus Wallet, select "Top Up" on the left-hand side of the screen under your account balance.
 
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3. Choose a provider from the list to purchase tokens and fund your wallet.
  • Each provider has different fees and limits; some will offer more crypto tokens than others.

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Your blockchain wallet will not hold:
 
 

What Is a Hot Wallet?

A hot wallet is an online storage account for your crypto and NFTs.  It can be accessed on your phone or computer, as long as it is connected to the internet.  The pros are that it allows you to quickly communicate with any dApps or exchanges.  The drawback is that the same ease of connection to the internet can also make it more susceptible to hacks. 

Examples of Hot Wallets are the following:

  • MetaMask
  • Torus
  • Trust Wallet
  • Exodus
  • Atomic

What Is A Cold Wallet?

Cold Wallets are often referred to as hardware wallets or cold storage.  It's a physical device that stores your crypto and NFTs offline.  They need to connect to a computer or phone through a USB port or Bluetooth to be accessed.  When disconnected from these devices, they cannot be accessed and protect the user from online hacks. 

The downside to hardware wallets is that you must possess them to access your tokens.  If you lose the hardware wallet, you lose your funds. 

 

Should I use a Hot Wallet or a Cold Wallet?

Ultimately the choice is yours, but I would recommend using both.  You can leave tokens and NFTs that you are trading on a hot wallet, and long-term holds or those of significant value can be locked away offline in cold storage.

Again, the choice and responsibility lie with the user and their preference regarding how they will use and access it.

One thing to keep in mind is if you purchase a cold wallet, order it directly through the manufacturer.  It's not worth saving a few extra dollars purchasing it second-hand, as hackers can preload it with malicious software that can be hard to detect.  

 

Private Keys, Public Keys, and Seed Phrases

Crypto wallets are comprised of a public key and a private key.  The keys identify the wallet's owner and carry out secure transactions.

Public keys are the address that you provide to others to receive funds.  Think of it as providing your mailing address to someone to receive mail, except in this case; you are receiving digital funds or NFTs. 

Private keys are just as they sound - private.  It is the key to your digital wallet. 

You should never share your private keys with anyone, as this provides the holder access to all the funds in the wallet.  You should never store private keys on your computer or phone for security purposes.  

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A seed phrase is a randomly generated cryptographic combination of words that serve as a password that allows private keys to your cryptocurrency wallet to be created. This seed phrase sometimes referred to as a ‘recovery phrase’ or ‘mnemonic phrase’, is the key that allows you to unlock access to your stored cryptocurrency. This phrase can vary in length and is sequentially randomised but must be input in a specific order.

Do not store these on your PC or phone like your private keys.

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