In recent posts we have looked at the Ethereum Merge and the Binance Smart Chain (BSC). As Juiice will be a token on the latter chain, we will in the next few blogs go into matters that concern how to prepare for the (hopefully soon) coming launch. Today your wallets.
According to Wikipedia — for this case suited, but not always a trustworthy source- a cryptocurrency wallet is:
“a device, physical medium, program, or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification or legally signing a ‘document’.”
On Alexandria -frequently a superior source on crypto related information- we find many articles about wallets in general (https://coinmarketcap.com/alexandria/search?term=wallet), but as Juiice will be a standard BEP20-token, we limit the scope to BSC-wallets and particularly focus on the needed level of security, ownership vs. custodianship, and interacting with smart contracts.
Smart contract interaction
To start with the last, as a BEP20-token on the Binance Smart Chain, which is an Ethereum Virtual Machine, Juiice users will need a wallet that is capable of interacting with smart contracts, like e.g. a token. For this your wallet needs to be able to add crypto-networks -like the Ethereum main chain, or the Binance Smart Chain. The reason is obvious, then in order see and to have access to your tokens, you need to be on the right network and be able to add the Juiice smart contract address. The same will go for connecting with dApps and if -and for now only if- Juiice, in the future, will add non fungible tokens (NFT) to their project.
Important:
· Your wallet needs to be able to connect to the Binance Smart Chain
· Your wallet must be able to add the Juiice token contract address to display your saldo
The key to the keys
Safety and ownership are key to crypto, then all that is digitally part of the evolving metaverse, is far less tangible than a silver coin in your hand. We cannot see crypto-networks with our own eyes, then what exists digitally as ‘0’ and ‘1’ in bits and bytes, can only be accessed by electronic devices, such as a computer, a phone, or a software wallet. For that reason, having a safe access, safe devices, safe software and especially a safe wallet is paramount.
Now, like with the money you lend to your bank -and pay bank-costs for an account with money, that you lend out to them!- there are custodians in cryptocurrency too. Some of these larger centralized exchanges are properly firewalled, have a fit IT-security system, good hot- and cold wallet management and very often, are also insured against theft, but it boils down to a matter of trust, then, we all learned from Satoshi … if you do not have your keys, it is not your money.
Only when you have your private keys or access to them, you own your coins and tokens, and contracts, identities, NFT and digital rights. For that reason, we endorse Juiice users to pay attention to their wallets — to their actuality with regard to future changes on the BSC, to their safety, to their functionality and to the extend of control you need.
IDO
As Juiice will first become available to users and investors as an initial decentralized exchange offering (IDO) -which at least for now is still the plan- we advise those following the Juiice project to get acquainted with trading BNB and BEP20-tokens on the Binance Smart Chain. Once the team fires up the scheduled distribution you will be fit and ready to buy, trade and store Juiice tokens … and of course, use them on the Juiice social media platform.
Online information
Naturally, we leave it up to the user to choose their wallets and will not prefer one market player over the other — after all, crypto-related developments change rapidly, and yesterday’s laggard, can be first next week. More about wallets that support managing, sending, receiving and storing your Juiice tokens on the BSC network can be found online (e.g. on: https://www.cada.news/best-wallets-for-binance-smart-chain/). Of course, also Binance itself has a wallet and information on its functions (https://academy.binance.com/en/articles/the-best-crypto-wallets-for-binance-smart-chain-bsc).
