Sending and Receiving with the Secure Wallet
Now that you have access to the worlds most secure and simple to use cold storage device, it’s time to learn how to use it! If you are yet to pair the device for the first time, please take a look at our quick start guide on setting up your Secure Wallet. If you are paired and ready to go, continue reading for a quick explanation on how to send and receive tokens, organise your accounts, check balances and get the most out of the hardware device.
Supported Currencies and Wallets
At the time of writing, the Secure Wallet can hold Bitcoin, Litecoin, Ethereum, Bitcoin Cash, XRP, more than 600 ERC20 tokens, GoChain, and soon NFTs and our own token (OMI).
The available tokens are visible on the ECOMI app home screen. As functionality for new coins is added, you will be prompted to download and update the firmware of your Secure Wallet, ensuring you can instantly take advantage of the new token storage capabilities.
Please keep in mind to restore your accounts after a firmware update you may require the seed phrase, which you recorded when you set up the Secure Wallet.
First, a Few Simple Terms
Sometimes, when discussing crypto and wallets, things can get confusing. So for the purpose of this explainer, let’s cover a few simple terms:
- Hardware card/device- refers to the physical Secure Wallet card.
- Wallet- refers to the individual token wallets, which are displayed on the home screen of the ECOMI app.
- Accounts- The individual accounts created for each wallet. You can create up to 5 individual accounts for each token.
Let’s use Bitcoin as an example. The private keys which grant access to your wallet are stored on the Secure Wallet hardware device (1). You can access your Bitcoin Wallet from the home screen in the ECOMI app (2) by tapping the orange Bitcoin image. Within this Bitcoin Wallet you can create 5 separate accounts for your bitcoin, and store as much (or as little) as you want in each one. For example, you might choose to have a savings account and a spending account, similar to your traditional banking accounts.
Accessing Your Wallets/Accounts
Accessing your accounts is incredibly simple. The home screen displays each of the available wallets, including how much of the token you own, its ticker symbol, a graph mapping its price movement, and the current value in USD. To access any of them, simply ‘tap’ the token header. Please also note you do not need the card to be switched on to check balances.
Creating Your Accounts
Once you’ve opened an individual wallet, you can name and organise your accounts (you can create up to 5 accounts per token wallet). Just by looking at the screen it is easy to see how to do so, but in case you’ve missed it:
- You can rename your accounts by tapping the ‘pencil’ icon next to the account name- see where it says ‘BCH Wallet 1’ in the image left.
- Tap the + symbol to create new/individual accounts for your token wallet (max 5 per wallet).
- Rename those accounts as you wish, using the same ‘pencil’ icon as in step 1. Note: each new account will also generate a new sending/receiving address so you can choose where to receive your tokens.
Receiving Tokens to Your Secure Wallet
Once you have opened your token wallets and organised your accounts, it’s time to secure your crypto in the safest way possible, on the Secure Wallet.
- Access your account address by hitting ‘receive.’
Note: each new account you create will generate a new address to receive tokens.
- You can either have someone scan your QR code to automatically enter your address, or choose to hit ‘copy’ or ‘share’ depending on who you’re sending it to and how.
- If sending tokens to yourself from an exchange or another wallet, simply paste the receiving address into the ‘send’ section, or share your address with whoever is sending you tokens.
- Decide how much to send, and approve the transaction. The ‘send’ process will be specific to your exchange or existing wallet, and you should be able to access their help pages if you get stuck.
That’s it! Depending on network congestion it may take a short while for your accounts to update. Your new balances will be displayed when the transaction has been fully confirmed (usually within 30 minutes). Your balances will also display on the e-paper screen on the Secure Wallet itself, however, this can take up to 24 hours, so don’t panic if you don’t see it straight away. Future updates to the ECOMI app will have a sync button to speed up this process.
Sending Tokens from Your Secure Wallet
Sending tokens is just as simple as receiving them, however there is an additional security feature to protect your assets.
- Make sure your Secure Wallet is on and in range (connected).
- Open your token wallet, and select the individual account you wish to send from.
- Hit ‘send’ to open the send tokens screen
- Enter the recipient's address in the ‘To’ section, or hit the small QR code image if you are scanning a QR code.
- Enter the amount you wish to send, and select/confirm the transaction fee. This will determine how quickly the transaction is processed.
- Hit next, and you will see a screen similar to the one pictured below (right). In this example, we are sending from our XRP wallet.
- The Secure Wallet will display the amount you are choosing to send on the e-paper screen. You are required to press the physical confirmation button twice before it can be sent (this is the same button you use to turn on the card).
The first time to confirm the amount you are sending is correct, and the second time to confirm the transaction and complete the process.
Using the physical button means there can be no ‘man-in-the-middle’ attacks and your funds cannot leave the Secure Wallet without your confirmation.
Once you have visually confirmed the transaction and hit the physical confirmation button your tokens will be sent. As with receiving, the transaction will be confirmed by the network and balances will be updated accordingly.
You can also view all previous transaction history by tapping the ‘history’ tab on your accounts (image above left), which will detail the addresses involved in the transaction, the date, the amount sent/received, the fee and the transaction ID. You are now ready to use the Secure Wallet to its fullest potential, keeping your crypto safer than ever on a device that offers everyday convenience!
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the ECOMI Collect app bringing pop culture and entertainment into the 21st century.
The Collect app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the Collect community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class which offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market and the next to join this digital trend is the pop culture and collectibles industry.