For Beginners! Thorough Explanation of How to Use PLT Wallet

HashPalette_Global
6 min readAug 10, 2022

A handy tool to manage NFTs and crypto assets

In the previous article, we introduced PLT tokens. To use the PLT tokens, we need a “wallet” to keep our assets safely. This is a guideline about how to use PLT Wallet and gives you a brief introduction to its essential functions. If you know less about PLT Wallet, let’s read the following contents.

What is PLT Wallet

The PLT Wallet is a wallet that can manage NFTs and crypto assets and is compatible with Palette and Ethereum. On August 27, 2021, we announced the release of PLT Wallet, a smartphone application that allows users to manage PLTs, ETHs, NFTs, etc. PLT Wallet has already been released in both iOS and Android versions and can be downloaded from both “App Store’’ and “Google Play Store’’. The PLT Wallet has three basic features:

1. Token Management

As its name suggests, PLT Wallet is a wallet application that allows users to manage not only crypto assets but also NFTs. By using the latest technology, it is compatible with Palette Token (PLT) and Ethereum (ETH). In addition to performing necessary activities such as receipt and payment, you can also view past transaction history through the app.

2. Transfer of Assets between Blockchains

Since Bitcoin launched, a lot of different blockchains and tokens are created every day. Different tokens may build on totally different blockchains, and in general, you can not move crypto assets between each other. However, the implementation of cross-chain features allows the PLT tokens to move freely between the Palette and Ethereum, which brings great convenience to the users.

3. Palette Token (PLT) Stake

You can use the PLT Tokens in your wallet for staking on the application. Staking is a popular way to earn passive income with your crypto investments. Staking often requires a “lockup” or “vesting” period, where your crypto can’t be transferred for a certain period of time. If you deposit your PLT tokens in the PLT Wallet, Under normal circumstances, you can receive your staking rewards every three days.

How to Register for PLT Wallet

1. Step One. Install the Application

Download the application from the app store or the link on the official website. Downloads are available for both iOS and Android systems.

2. Step Two. Create a PTL Wallet

After downloading, please open the application. Agree to the user agreement, click on “create”, and select the type of wallet on the next screen. You don’t have to rack your brain to figure out which wallet to choose, we generally register both PLT and ETH Wallets for ease of use. Name your wallet and enter the password you like.

3. Step Three. Save and Input the Mnemonic Phrases

Save the mnemonic (12 English words) as a backup from which the wallet can be restored. Follow the sample screenshot below and write down the mnemonics (12 English words) on a piece of paper for safekeeping.

Obtaining mnemonic equals owning all assets. If the mnemonic is lost, it cannot be retrieved. So please keep your mnemonic safe.

After the backup is complete, you will have to confirm on the next screen. The mnemonics (12 English words) are randomly displayed, so select the English words in the order of the numbers assigned to the words, and confirm that the backup was completed correctly. After confirmation, you will be redirected to the wallet screen.

Some Basic Operations about PLT Wallet

1. Receipt and Payment

PLT Wallet has a very simple page design, all functions can be found easily. Open the application, we can see the tokens we hold and their balances. Before you send the tokens, you must check the icon displayed on the right side of the address. Confirm that the Ethereum icon is displayed if you want to send PLTs on Ethereum (ePLT), or the Palette icon if you want to send PLTs on the Palette Chain (pPLT), and tap “Send”.

Then, enter the address and the quantity of PLT tokens. By the way, There is no gas fee for remittance on the Palette Chain. Just enter only the quantity to be transferred. But remittance on Ethereum requires ETH as a gas fee. As for receiving money, clicking on the “receive” button will bring up the user’s QR code and wallet address. This allows others to pay you.

2. NFT Management

You can view the NFTs you own on the PLT Wallet and transfer them. Some of the NFTs can even be transferred across chains.

You can check your NFTs by tapping the “Collections” button on the wallet screen. If you own NFT, then it will show up here.

3. The Cross-Chain Bridge

In the cryptocurrency world, a bridge is a protocol that allows cryptocurrencies built on different chains to interact with one another. Here are the steps to bridge from an address on the Palette Chain to an address on Ethereum. First, we need to click on the “bridge” button at the bottom of the wallet, and then we will be redirected to the following page.

Enter the quantity of PLT tokens to be bridged and the address on the Ethereum chain in the red box, and tap “Next”. Confirm the gas fee as it appears, and tap the “Confirm” button. After security authentication, the bridge operation will be complete. For the first time to bridge, the bridge operation needs to be performed twice because the address needs to be authenticated.

4. Staking

The PLT tokens which can be used for staking must be the tokens on Palette Chain(pPLT). However, PLT tokens transferred from the exchange service are PLT tokens on Ethereum, so they must be converted to PLT tokens on Palette Chain(pPLT) by bridging on the PLT Wallet. First, open the application and tap “stake”.

Enter the quantity of PLT tokens and select the node, then tap “stake”. Staking will be executed after a staking application period and lock-up period. The cycle is 3 days, but the cycle does not start with the application, but switches based on the generation of blocks on the blockchain, so the time until completion varies from 3 to 6 days depending on when the staking application is submitted.

5. Transaction history

Tap the token symbol on the wallet screen to view the transaction history for that token. The following image is the screen of Palette address, so if you tap PLT on this screen, you can see the transaction history of PLT (pPLT) on Palette.

Concluding Remarks

That is the introduction to how to use the PLT Wallet. The way of operating is very simple, even first-time users can also quickly get the hang of it. Try downloading a PLT Wallet and start your PLT investment journey! We will also develop more functions for the PLT Wallet, so please stay tuned to our official account.

Contact

💗Official Site

Twitter

https: //twitter.com/hashpalette_en (English)

https: //twitter.com/hashpalette (Japanese)

💗Discord

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HashPalette_Global

Development of blockchain network PALETTE optimized for distribution in #NFT format, development, sales and consulting of NFT related systems. $PLT #metaverse