HomeCoinsStakenet (XSN)The Stakenet Layer 2 Wallet. As development of the Stakenet Web Dex…...

The Stakenet Layer 2 Wallet. As development of the Stakenet Web Dex… | by Stakenet Team | Stakenet (XSN) | Apr, 2021

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Each user will go through a quick setup procedure to create their wallet. The one time Layer 2 wallet creation will incur a small gas fee. This one time transaction fee is required because the smart contract half of the wallet will need to be deployed to your mainnet of choice (e.g. Ethereum or Binance smart chain).

Creating a wallet will result in a unique seed phrase, similar to the current Layer 1 wallet creation. After the initial setup you will be able to encrypt the seed phrase with a password, which will be required upon each visit to the dex.

Unlike a standard Layer 1 wallet (MyEtherWallet, MetaMask etc.), which you are most likely to be familiar with, a Layer 2 wallet can only exist in one place at a time. The state channel half of the Layer 2 wallet is held in local storage on your device, and therefore can only exist on one device at a time.

Your seed phrase will be used to to transfer your wallet between devices or browsers, as well as recover your wallet if your browser loses its cache. (More information on transferring your state channels can be found below).

Though the wallet will feel similar to those on centralized exchanges, it will exist entirely within your browser, and you will be in control of the seed phrase and private keys at all times. Get a glimpse of our current work here:



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