What is CMWallet?
Hello from CoinManager Team!
We are happy to introduce you our CMWallet! We will also briefly introduce the concepts of Wallet, Private Key, and BlockChain.
It is a cryptocurrency wallet service that is provided by CoinManager(in short, CM). ETH Wallet is already developed and implemented in CoinManager, and we are planning to build wallets for BTC, XRP, LTC, QTUM and more in a near future.
You do not need to use any other complicated wallet services; You can easily generate and use ethereum wallet in CoinManager. It is very intuitive, and easy to use.
How to use CMWallet?
You can easily use CM wallet just like you manage and view your existing ETH wallet.
How to create CMWallet is really easy and simple. Just like importing APIs from exchanges and adding your wallet address, you can simply select the ‘+’ button at the top right, then select ‘Ethereum (ETH) Wallet Address’ option. You can create a new wallet, import an existing wallet from a Keystore file, import an existing wallet using Mnemonic, or import an existing wallet using a Private Key there.
If you want to send or receive cryptocurrency using CMWallet, you can select your CM wallet from the wallet list and then select ‘Receive’ or ‘Send’ at the bottom to make transactions easy. You can also easily check the transaction history of each coin you have with your CMWallet.
Why do we have to use CMWallet?
Of course, you can just store your cryptocurrency in exchanges. However, many people still use wallets for the following reasons.
Reason why you need to use ‘Wallet’
- To participate in an ICO : If you want to participate in an ICO directly to get your token early, you would have to send ETH (or sometimes BTC/QTUM/NEO/…) from your wallet. You cannot use exchange wallet in order to participate in an ICO. (Exchange does not normally support tokens of ICO teams, therefore you cannot claim it)
- dApp usage: If you want to use various dApps such as DEX (Decentralized Exchanges), play games like CryptoKitties, and use many other cryptocurrency application platforms, you would need to have wallet.
- Security Reasons : Assets held in cryptocurrency exchange cannot be recovered if the exchange is hacked or if an accident occurs. However, the assets that you have in your wallet are kept safe as long as you secure your Private Key, no matter what disaster happens(even if the war breaks out and whole country and all servers are destroyed) — unless all the servers of the entire world get destroyed…
Reason why you need to use ‘CMWallet’
- Easy to use : Many existing wallets are really difficult to use. Those who have used MyEtherWallet or Metamask will agree. CMWallet is really easy to use, especially on smartphones. There are also a number of convenient features, such as selecting the address to send from the recent sent list as well as adding frequently used wallet address to ‘contact’.
- Powerful : CMWallet is comfortable yet powerful. For example, CMWallet supports ETH as well as lots of ERC20 tokens (ex : OMG, EOS, KNC, …). Add custom token feature is also available. In other words, CMWallet is a powerful wallet that is easy both for expert engineers and beginners who are not familiar with cryptocurrency and blockchain.
- Safety : CoinManager’s server cannot access to your CMWallet information. This security design is identical to existing wallet services such as MyEtherWallet and Metamask. (However, your wallet information will be stored in Smartphone or PC therefore you have to be extra careful keeping your wallet information — Private Key, Mnemonic, etc. — safe)
Wallet is where your coins are stored in the blockchain network. Every wallet has a unique address, and there is a Private Key that corresponds one-to-one to this address. Private Key acts like a password here.
- Bitcoin, Ethereum, XRP ,… use different blockchain network(ledger). Therefore you cannot store BTC in ETH Wallet.
- However you can save Ethereum-based ERC20 tokens in Ethereum Wallet : Lots of tokens such as EOS, OMG, REP(Augur), SNT, GNT(Golem), KNC(Kyber Network), BAT, PAY(TenX), … are in fact Ethereum-based ERC20 tokens. (All of these ERC20 tokens are supported in CMWallet!)
- You can access specific wallet with matched Private Key. So you need to make sure to keep your Private Key safe! In this context it can be understood as somewhat similar to password, however you cannot change/recover Private Key unlike password.
- You can never get back your lost Private Key. There is only one Private Key that corresponds to one wallet. Coin information / Private Key are encrypted and stored in blockchain network spread all over the world.
- “Wallet” is a tool used for easy access to blockchain ledger, to monitor ledger, receive, and withdraw assets. It is different from a bank! Even though CoinManager has CMWallet service in application, your money and all coin information is stored in a blockchain network(not in CMWallet!) and CMWallet is just a tool that helps you manage your assets easily.
- Exchanges also have and use wallets. However these wallets are controlled and managed by exchanges. Therefore you cannot participate in an ICO or use dApps with exchange wallet. Also if you store your cryptocurrency assets in exchange, your assets are not stored in your personal wallet but stored in a huge wallet managed by exchange. (Therefore exchange here is similar to a bank)
Since your cryptocurrency is in the blockchain network and does not exist in CoinManager’s server, we can not help you find the lost private key or return coin that is sent wrong. So you need be extra careful securing your private key.
- Never store Private Key in your computer as it is! The private key data stored in the notepad can easily be hacked if your PC is attacked with malicious code.
- If possible, back it up as Keystore file and remember this password! Keystore file is relatively secure because it is encrypted. (If the password is set too easy and easily breakable, it can not be 100% safe)
- For Private Key / Mnemonic, it is the safest way to print it, or write it somewhere, and physically store it in a safe.
- Anyway, a Private Key that is hacked or lost does not have a way to recover it. Always back up and pay extra attention to safely store.
What is Blockchain?
In fact, it is quite difficult to accurately explain and understand the concept of cryptocurrency and blockchain. However, We will skip the complicated technique and try our best to explain it briefly. (You do not have to read from here!)
Blockchain = One form of Distributed Ledger
- In order for the money to be managed, you need to have a detailed ledger containing information of how much A spent on B. Blockchain basically tells how many coins A sent to B … it is a ledger that contains information about every transaction.
- We need ‘faith’ to acknowledge something as currency. For example, when we spend money on a daily basis, we believe in the monetary system of government, banking, and law. We spend and believe money because we believe that a bank cannot make our balance to 0 at will, or a person with power cannot manipulate the balance of money in his account.
- However, this “centralized” system sometimes fail or become inefficient. There are problems like inflation due to the wrong monetary policy, the difficulty of remittance from one country to another, or the commission that every transaction has to pay. To solve these problems, the concept of Bitcoin and Blockchain emerged.
- Blockchain is a concept that allows anyone to view and manage ledger that contains information about every transaction. It is a belief that even if there is no centralized agency, blockchain can not be tampered with if a large number of people see and verify this ledger. For example, the transaction information would remain safe if tens of thousands still had untouched ledgers, even if I manipulated the ledger.
Blockchain Node = Manager & Validator = Miner
- Bitcoin was innovative because it gave incentives to people managing decentralized ledger.
- For those who record transactions and verify transactions on the blockchain (which is also referred to as mining), they are rewarded as much as they participate so that this is designed in a way that more people would want to participate in mining process.
- Mining speed and compensation are also mathematically adjusted to prevent inflation from excessive supply.
Blockchain cannot be falsified or tampered — CMWallet simply helps to deposit and withdraw
- Since blockchain is managed by a number of people, it can not actually be falsified or tampered by a particular individual or group (unless most of the blockchain nodes are taken). Especially for coins such as BTC and ETH, falsifying is more difficult because there are numerous miners (nodes).
- CMWallet, and CoinManager just show your wallet on the blockchain, so that you can easily deposit and withdraw your crypto assets. Therefore, there is nothing that we can help you with finding coin that is sent wrong, or finding lost Private Key, unlike bank.