MYKEY officially Supported the DOT Token

Published in

MYKEY Lab

3 min readJan 5, 2021

Hi everyone,

MYKEY, the multi-chain smart wallet, officially supported the DOT token through third-party custody, and the custody service is provided by Hashkey Hub. To ensure the security of users’ assets, KYC authentication is required(PS: users who have enabled BTC feature no longer need it).

DOT is the token of Polkadot. Polkadot is an open-source sharding multi-chain protocol that can facilitate the cross-chain transmission of any type of data or asset (not only tokens) so that various blockchains can interoperate.

The difference between the MYKEY DOT token and the DOT of other wallets

1. Implementation method: MYKEY uses a decentralized account to authorize centralized custody, and all operations can only be performed after the user’s signature, ensuring the security of the user’s DOT assets to the greatest extent.

2. Cost of Transfers: DOT transfers between MYKEY users can be made in a fast way and free fee (the Network Fee).

3. Asset Retrievable: Based on the recovery mechanism of the KEY ID protocol, even if the MYKEY account/device is lost, users can retrieve the DOT assets.

4. The compliance Agency: HashKey Hub is a product of HashKey Group, committed to providing users with one-stop digital asset management services in a simple, easy-to-use, safe, and compliant manner. An App realizing the safe storage, gain, and trade of digital assets. Free transfers amongst Hashkey platform users, and steady income based on regular financial products in mainstream tokens.

How to add the DOT token

Enter MYKEY and update to the newest version 3.4.0. Click [Assets] > [Token] > [+] > [DOT] and add it.

Note:

1. The single transfer amount of the user to MYKEY DOT account is at least 1.5 DOT. If a single transfer is less than 1.5 DOT, the tokens will be lost.

2. Because the custodian needs to be responsible for users as much as possible and ensure the security of BTC assets, KYC authentication is required to create an account. Please upload the ID card and handhold a note with Hashkey and the application date and your ID. Users who have enabled the BTC feature no longer need it.

FAQ

1. How long does the KYC audit take? What if the submission fails?

Generally, it takes 1–2 working days for the audit, if the application fails to be submitted, please contact the MYKEY Customer Service: @mykeytothemoon in Telegram.

2. How much Network Fee is required for transfer?

There is no Network Fee for internal transfer, and it will arrive quickly. $0.2 Network Fee per transaction is required for external transfer.