This time I held an AMA (Ask Me Anything) on behalf of the users of the D'CENT Wallet. I would like to thank the viewers for sending me many questions. I have posted the original text as I received it from the D'CENT Wallet Officials. I hope that as many people as possible will find these questions useful.
Since there were more than 30 questions, I have divided them into three chapters as follows
Chapter 1: "Questions about product features and support
Chapter 2: "How to restore and questions about the structure of the wallet
Chapter 3: "Questions about the use of the wallet and service expansion
【Q1】 "Features of D'CENT Wallet"
What are the differences between D'CENT and other companies' products?
We will summarize and explain the differences from off-the-shelf wallets.
D'CENT fingerprint hardware wallet is the world's first hardware wallet with fingerprint authentication and Bluetooth connectivity.
It offers users a maximized user experience through four buttons and a large OLED screen.
Using a market-tested security chip, the wallet is designed to encrypt the user's private key and store it offline, preventing information leakage to outside parties.
Three different D'CENT wallets are available from the D'CENT mobile app for Android and iOS with the same user interface.
Dapps of various network infrastructures are available from the Discovery tab of the D'CENT mobile app.
You can manage NFT assets including mints from the NFT tab.
【Q2】 "Regarding remittance fees."
【2-1】 What is the difference between the fee for sending money from D'CENT and the fee for sending money to D'CENT?
D'CENT only displays the expected commission based on the network status on the app, and D'CENT does not take any commission.
In general, the gas fee, which is a network fee, is paid by the owner of the address on the sending side.
When sending from an exchange to a D'CENT address, the owner of the exchange address pays the gas fee, and when sending from a D'CENT address to another address, the owner of the D'CENT address pays the gas fee.
If there are many transactions to be processed in the blockchain network, miners will prioritize transactions with the highest fees, which means that the fees can only get higher, and the time it takes to complete a transaction may also take longer. The time it takes to complete a transaction may also take longer.
【2-2】When sending money from a hardware wallet to a hardware wallet, what are the fees?
The miner who contributes to the transaction execution in the blockchain network cannot confirm which address is the address of which wallet.
The gas fee on the network means that the owner of the sending address pays the "fee that changes in real time depending on the network status".
In other words, when transferring crypto assets from one D'CENT wallet to another D'CENT wallet, the gas fee is not paid by the D'CENT, but by the work of the miner, since it is not the D'CENT that completes the transaction. must be paid by the owner of the sending address.
【Q3】 "Regarding currencies that can be handled."
【3-1】I hear that I can choose 80 different currencies from the more than 1,000 that DCENT already supports. For example, if I create two addresses with one currency, does that mean I used two of the 80 types?
D'CENT currently supports 50 main network coins and over 2600 tokens.
We are still working on new coins, and will post more details on our various channels.
To answer your question, in order to create multiple addresses from the same coin, you must have at least one transaction from the first account.
If you have created a second account, it means that you have used two of your 80 accounts.
【3-2】 Is there a limit to the amount of money I can keep in DCENT?
There is no limit to the amount of coins/tokens that can be stored from each account created by a D'CENT wallet user.
The user's crypto assets are stored on the blockchain, and the private key that can prove ownership of the crypto assets is encrypted in the D'CENT wallet and stored securely offline.
【Q4】 "What about the need for updates?"
Is it possible to continue using D'CENT without updating my computer?
Firmware updates for the D'CENT fingerprint hardware wallet are optional unless otherwise notified.
As you mentioned, firmware updates are currently being developed to work only in the Google Chrome browser environment on PCs, but we will soon be releasing a feature that will allow firmware updates from smartphone devices using an OTG cable.
However, please note that this new feature will only be supported on Android devices.
【Q5】 "How do I check for newly supported currencies?"
Where can I find the latest information on further supported coins?
D'CENT currently supports 50 main network coins and over 2600 tokens, but there are still many more coins and tokens to support.
Our priority is to continue working on making these new crypto assets available in the D'CENT wallet.
When new coins become available, we will announce it on the D'CENT website (www.dcentwallet.com) and through various social networking channels, including our newsletter.
When new coins become supported, users of the D'CENT fingerprinting hardware wallet will be able to add new crypto assets simply by updating the firmware without backup.
In addition, the D'CENT bridge program must be installed in advance for the firmware update and an authorized USB cable must be used.
【Q6】 "Wallet Shock Durability"
What is the durability of the hardware wallet itself to shocks?
The D'CENT fingerprint hardware wallet currently available does not support waterproof and dustproof functions.
We are planning to develop such a product in the future, but please understand that we cannot give you an answer as to when this will happen.
【Q7】 "Regarding travel rules"
Are there any examples of exchanges that have not been able to accept money transfers from D'CENT wallets due to the FATF travel rule?
We are currently preparing and implementing travel rule legislation from various countries.
In the case of South Korea, it was announced that crypto asset transfers between wallets and exchanges would be allowed only when an external wallet is registered at the exchange.
Of course, when the announcement regarding external wallets is made, we will place the highest priority on the related development, and we will proceed with the measures to register D'CENT wallets as external wallets on the Korean exchanges. We also plan to respond to inquiries from users in other countries in the same way, so please refer to our website for more information.
【Q8】 "About security audit"
Where can I check the details of the security audit of D'CENT Wallet?
The OS activated by the D'CENT fingerprint hardware wallet is inspected and verified by an independent technology company, but please note that we cannot disclose which company the inspection is from.
【Q9】 "What is your compensation in case of hacking?"
Is there any compensation for currency in the event that D'CENT is the victim of a hack?
D'CENT is a decentralized wallet. Therefore, it is impossible for D'CENT to confirm which account a user has created and how much crypto assets are in the account.
In a decentralized wallet, the user assumes full responsibility for managing his/her personal information.
Therefore, D'CENT will not be able to compensate for any damage caused by an accident to the crypto assets stored in the wallet.
【Q1】 "Fingerprint authentication does not work properly."
Fingerprint authentication is often rejected. What can I do?
D'CENT fingerprint hardware wallets use products that have already been validated in the market.
If the fingerprint recognition is not successful, it is possible that the fingerprint scan on the user's side did not work.
Fingerprint registration is already done during the initial setup of the wallet, but the fingerprint registered at that time itself may not have been properly scanned.
To ensure that the registered fingerprint is recognized accurately and quickly, as shown in the following image, place the finger that has been registered in the area indicated in yellow so that it covers the entire area.
The fingerprint-enabled hardware wallet allows two fingerprints to be registered.
You can register a second fingerprint by going to [Settings] > [Security] > [Add Fingerprint] on the wallet device.
【Q2】 "Prepare to take over the wallet"
For example, suppose the fingerprint registrant of the D'CENT wallet has passed away. What measures should I take now to make that wallet available to my relatives?
The main information that controls the D'CENT fingerprint-enabled hardware wallet is the PIN code, fingerprint, and 24 recovery words. In case of emergency, you can manage the information in the following ways
❶Register a second fingerprint
D'CENT's fingerprint wallet allows you to register up to two fingerprints.
If you have a family member's fingerprint registered as a second fingerprint, you will be able to transfer coins from one wallet to another as usual.
❷Sharing the restoration word and PIN code
If you share the restoration word with a family member, that family member will be able to use the D'CENT wallet by initializing the D'CENT wallet and restoring the wallet in case of emergency.
【Q3】 "What is the role of fingerprint authentication?"
The fingerprint authentication function is the same role as the PIN code, which is to make authentication smoother than the PIN code. Is that what fingerprint authentication is for?
One problem that D'CENT felt while developing the fingerprint authentication hardware wallet was the authentication method of the PIN code.
If you are already using another wallet, you know how inconvenient it is to enter, for example, a 4-digit PIN code when using the wallet.
With this in mind, D'CENT decided that a more secure yet more convenient authentication method than PIN codes is a biometric authentication method, which led us to create the world's first fingerprint authentication hardware wallet.
Also, as I mentioned earlier, we made it so that it can be accessed with a PIN code in consideration of users who cannot use fingerprint authentication or in cases where fingerprint authentication is difficult.
【Q4】 "Can I use it without a fingerprint?"
Even in the unlikely event that fingerprint authentication stops working, the wallet will not become unusable if there is a PIN code. Is this understanding correct?
Yes, it is okay; D'CENT assumes that there are users who cannot use fingerprint authentication and can use the wallet with just a PIN code. In that case, please delete the registered fingerprint from [Settings] > [Security] > [Delete Fingerprint] on the wallet device.
The PIN code is also designed to allow the user to enter the PIN code in the event that fingerprint authentication fails. However, if the user makes 10 mistakes in entering the PIN code, the D'CENT fingerprint wallet will determine that a third party is attempting to access the wallet and will forcibly delete all information in the wallet and return it to factory settings.
In this case, the only way to restore the wallet is to power on the wallet and enter all 24 restoration words in storage from the [Restore Wallet] menu, so please be careful to store and manage your restoration words.
【Q5】 "Advantages of having two wallets"
What are the advantages of having two D'CENT wallets? And what kind of usage will you be able to do with D'CENT?
There are two main reasons to purchase more than one D'CENT fingerprint wallet. The first is that if your hardware wallet is lost or damaged, you can use a new wallet device to restore it without having to spend time without access to it. The first is to restore it with a new wallet device without having to spend time without access to it in case the hardware wallet is lost or damaged. This is useful in environments where you cannot order immediately, for example, if you are abroad for an extended period of time.
The second purpose is to keep crypto assets separate. The D'CENT fingerprint wallet allows you to manage multiple wallets on a single mobile app.
Of course, you can get a discount if you purchase multiple D'CENT wallets at one time, which is of course an advantage.
【Q6】 "Does it have to be brand new to restore?"
If I want to restore my D'CENT wallet, does the D'CENT always have to be brand new?
If the product was offered as a used product, it is recommended that you purchase a new, legitimate product as the previous user may have installed a virus or malware software on the device.
There was a case in which a hardware wallet, which was supposed to protect the private key offline, was hacked and the recovery word was compromised due to not using a legitimate wallet.
When you receive your D'CENT product, please be sure to check that the black box has been opened and the security stickers on both sides have been damaged.
If the box has been opened, please do not set up a wallet and contact D'CENT at 【email@example.com】.
The D'CENT fingerprint hardware wallet you are purchasing is a product that is shipped from the factory in a factory-initialized state. So they are shipped with the latest firmware installed at the manufacturing stage. We recommend that you perform a firmware update if you are unable to add the crypto assets you wish to use after the initial setup.
Also, the firmware update does not request the user's personal information, including the restore word.
(Tip: It is of course possible to initialize and restore those already in use, as long as they have not been hacked.)
【Q7】"After restoring the wallet, what about the original wallet?"
I heard that if my DCENT is broken, lost or stolen while in use, I can restore it by typing my private key into a newly prepared DCENT. If I do this, will the original DCENT become unavailable?
Yes, it is possible. If an existing wallet device can be found or made to work properly, you will have two fingerprint hardware wallets with the same private key in storage.
Please be sure to add your account for the crypto assets you own to the D'CENT mobile app in order to be able to check the status of the crypto assets you own once the restoration is complete.
【Q8】 "What if my battery runs out?"
If the battery in my D'CENT dies, can I get a replacement?
The lithium-ion battery built into the D'CENT fingerprint wallet is not a permanent product.
In the event that the battery cannot be recharged due to battery life issues, it can be turned on by connecting it to a mobile battery using a USB cable, for example.
To answer your question, please understand that the D'CENT fingerprint hardware wallet is a security product, so we cannot replace the built-in battery.
【Q9】 "How to solve the problem when the screen turns white?
Suddenly the wallet screen went blank and the message "Backup of APP wallet is required. How can I restore D'CENT?
If you see the corresponding message from the D'CENT mobile app, please select the Backup menu, make sure you are offline and use the 24 restore words.
D'CENT's mobile app is designed to ensure that if a user deletes D'CENT's mobile app from their smartphone device without backing up the app's wallet, there will be no way to restore the crypto-assets stored in the app's wallet. Since there will no longer be a way to restore the crypto assets stored in the app wallet, the specification has been changed to allow users to use the app wallet by making sure to back it up.
【Q1】 "Can I receive staking rewards?"
Can I receive rewards for staking while in the D'CENT wallet?
Yes, you can.
Let me explain how it works. Staking means that the user's cryptographic assets are transferred from the D'CENT address to the address of the service that operates staking, using the private key that is encrypted and stored in the D'CENT wallet. This means that
The user pays for the network gas and "approves" the transfer in the D'CENT wallet, and the transfer takes place to the staking address. The staking operator then pays the user based on the transferred crypto assets.
When the user releases the staked crypto assets, the user pays for the gas on the network, and the deposited crypto assets and the reward are sent together to the D'CENT wallet address.
However, due to the nature of all staking smart contracts at this time, crypto assets are only transferred to the address at which you joined staking, so you must carefully manage the restoration word in your D'CENT wallet.
【Q2】 "Can I receive airdrops?"
When I deposit currency on the exchange, I may receive the benefit of a snapshot to record the amount held at that time. Will I receive that service if I place my currency on D'CENT?
Currently it is difficult to receive all services.
It is practically impossible for D'CENT to monitor and respond to all the airdrop events that take place around the world. However, for airdrop events based on coins and tokens that are being handled by D'CENT, please contact us separately and we will send you a response after our team checks the situation.
For your information, airdrop events are usually a snapshot of how many coins/tokens are available at a specific address from the team in charge. If this snapshot can be done from the D'CENT wallet and the new tokens to be airdropped are supported by the D'CENT wallet, D'CENT will announce on various channels how to participate in the airdrop. If the new tokens to be airdropped are compatible with D'CENT wallets, D'CENT will announce on various channels how to participate in the airdrop.
【Q3】 "Can I store NFTs?"
Can we store NFT in D'CENT? If so, what are the advantages over other wallets?
D'CENT wallet users can view their stored NFTs immediately from the NFT tab of the D'CENT mobile app. With just a few taps, NFTs can be minted, purchased, or sold through OpenSea.
The NFTs currently supported by D'CENT's wallet are Ethereum (ETH), Polygon (MATIC), Kraton (KLAY), and Lunivers (LUNI) blockchain NFTs. We will continue to develop to support NFTs based on other networks.
【Q4】 "Address storage functionality"
Will there be a feature implemented in the future that allows addresses to be saved in the wallet application?
Thank you for your suggestion. Regarding the function to save frequently used addresses separately, please send us an inquiry from the D'CENT homepage and we will reflect it in the development roadmap.
However, please understand that we cannot guarantee the development of this function and whether or not it will be supported, as each address system is different.
【Q5】 "Compatibility with other wallet products"
Are there any wallets made by other companies whose secret keys are compatible with D'CENT?
The hardware and software wallets currently on the market offer 12 or 24 recovery words in accordance with BIP39.
However, even if the same 24 recovery words are provided, they are not interchangeable because the route to generate the recovery words differs from one wallet manufacturer to another.
Of course, D'CENT hardware wallets and software wallets are compatible.
【Q6】 "D'CENT's proprietary tokens"
Is there any plan for D'CENT to issue its own tokens in the future?
Due to our policy, we are unable to respond to your inquiry. We appreciate your understanding.
【Q7】 "Future expansion of D'CENT services"
Is there any plan for D'CENT to prepare a platform for staking and pharming in the future?
As a recent example, we have released a new Exchange (token conversion) feature. We have made improvements so that users can intuitively determine which conversion service is most competitive for the coins they wish to convert.
We plan to make these improvements to other services as they become available.
However, due to our policy, we are unable to answer your questions regarding our future plans. We appreciate your understanding.
However, we will continue to make improvements so that users can use the service more easily and stably in the future.
≪Questions about virtual currency≫
【Q8】 "GBEX Staking"
Can I receive daily rewards while storing a token called GBEX in D'CENT?
If you are storing GBEX tokens in your D'CENT wallet, you can receive rewards through the same mechanism as in the answer to Q2.
【Q9】 "WTK conversion in the wallet"
Is it possible to convert "ERC-20 WTK" in D'cent wallet to "XRC-20"?
Currently, it is not possible to convert tokens.
D'CENT only acts as a wallet for all Dapp services, including transactions.
In order to convert crypto assets to crypto assets of other networks, users will need to use a separate conversion service on their own.
Currently, D'CENT's exchange functionality only supports the main network's crypto assets. Please note that gas and transaction fees, which are network fees, must be paid by the sender address holder.
【Q10】 "ALGO Support"
Is there any plan to add ALGO to the currencies handled by D'CENT?
The coin you inquired about is a crypto asset based on a proprietary network, so it will take a lot of development time to support it.
Please understand that we cannot give you an answer as to when the coin will be supported, as we will need to verify and proceed internally after development is complete.
Please use the following Google form to submit your request for coin support.
【Q11】 "IOTA support"
Right now at D'CENT, IOTA supports the BEP20 network, but IOTA's own network is not yet supported. Will this be added in the future?
The IOTA BEP20 network-based tokens you inquired about are currently supported by the Binance Smart Chain (BSC) tokens in the D'CENT wallet, but the coins based on IOTA's own network are not yet supported. IOTA itself is not yet supported, so support will come after that.
【Q12】 "IOTA Staking"
IOTA can be staked by putting it in a wallet called "Firefly" on your computer. Will this feature be added to D'CENT in the future?
Similar to Q11, we will work on this as well so that the coins and tokens of the main network infrastructure can be supported first, and then work will be done so that they can be linked to the Dapp service of the corresponding network infrastructure.
In addition, the network's NFT support will follow.
The D'CENT fingerprint wallet is a mobile wallet, not PC-based, and can be accessed from the "Discovery" tab of the D'CENT mobile app, and the Dapp service you wish to use can be accessed by clicking on the "WalletConnect" link. WalletConnect" or if the Nifty wallet is supported, you can use the same services as in the PC browser environment.
If you have any new questions, we may be able to conduct a second AMA in the future. If any more questions come up, please feel free to comment here. Thank you for reading to the end.
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