Musings on the Built-In Platform Wallet
With thousands of people reaching out to us and registering for our platform there are common questions about the built-in wallet feature. This post serves to clear the questions around the built-in wallet feature and the ability to transfer your ClearCoin (CLR) tokens to a different wallet address.
At the time of this writing, the most successful platform for launching tokens is Ethereum. The ERC20 token standard has been adopted by most the lion share of companies that raised funds through ICOs. ERC20 tokens are tracked on publically scannable block explorers like Etherscan. See The ClearCoin (CLR) Token Contract on Etherscan to learn more about how our token is tracked on the website. ERC20 tokens can be sent to any Ethereum address.
Some wallets are considered “ERC20 compatible” because they allow you to input a token contract address so you can see how much of that token you have. Publically scannable block explorers like Etherscan and Ethplorer will show you your token balance regardless of whether or not your Ethereum wallet address will show you. With that said, it’s important to only send ERC20 tokens to wallet addresses that are ERC20 compatible. A few that come to mind are MyEtherWallet, MetaMask, and Mist.
Many platforms have discussed the idea of having a built-in wallet for their utility token. It makes sense because the platform is used to secure services with that token so the platform should be able to hold the token. At ClearCoin, we already have a built-in ERC20 compatible wallet for holding ClearCoin (CLR).
Transferring your ClearCoin (CLR) to Another Wallet Address
This feature is to come available by the end of the token sale. The token sale is a four-month process but it may end sooner than that.
Private Key for the Wallet
The private key belongs to the account that you signed up with. The private key is set to be encrypted just as your password is encrypted. The private key is only used when you choose to send your tokens to a different wallet. Many of you have used exchanges like Kraken and Poloniex or a service like Coinbase. You never see the private key on these platforms. They are using the same methodology that we’re using.
Receiving ClearCoin (CLR) Tokens to your Platform Wallet Address
By default, all token sale purchases will be sent to your built-in platform wallet address. You can learn more about this process on The Guide to Buying ClearCoin (CLR) Tokens.
Originally published at clearcoin.co on November 28, 2017.