This document describes the various available wallet options that can be used by Galactic Union users if they want to transfer, collect and exchange data using GU tokens on the 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, Galactic Union provides support for multiple types of wallets in order to help users fit themselves in the security and convenience
If you want to be able to receive, transfer and invest GU tokens, you will first need to create a wallet.
Galactic Union provides support for several types of wallets in the Galactic Union 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 theGalactic Union 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
Galactic Union 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.
You can download Exodus to easily and safely manage your tokens on the Galactic Union.
The Exodus wallet provides live charts as well as a built-in exchange platform. Their human-support team is also available 24/7.
Trust Wallet is an app available on both iOS and Android. Users can utilize Trust Wallet to send and receive GU tokens.
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"
You can also use any other convenient wallet for you with support for the POLYGON network