Ecto Wallet — The Basics

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PhantasticPhantasma

5 min readMar 12, 2021

To facilitate the smooth onboarding of new SOULdiers from the Ethereum ecosystem, Phantasma has been hard at work to create and upgrade Ecto wallet with advanced functionality. Ecto is a web extension wallet similar to MetaMask, but Phantasma has taken things to the next level by integrating support for the Neo and Ethereum blockchains into the Ecto wallet. Providing interoperability between Phantasma, Neo and Ethereum allows smooth cross chain swapping of assets between all three blockchains. Ecto also has full support for GHOST NFTs. These are the custom NFTs that artists — including yourself — can create using GhostMarket’s self minting service uMint.

This tutorial is set up to help SOULdiers get familiar with the basics and get an understanding of how the Ecto wallet works. The guide assumes that you have downloaded and installed the Ecto browser extension.

1 — Create Wallet

1.1 Open the Ecto wallet and click Create.

To create your new Ecto wallet, click the Generate A New Wallet button.

1.2 Back up your private keys.

Note: Make sure to back up your WIF or your HEX — if your device malfunctions, you will need one of these to recover your funds. After you have created the account you can click your address at the top of the UI. You will see a screen that says Select Wallets. Click the button with 3 dots to extract your private keys. Make sure to back these up and never reveal them to anyone. Do not store your WIF or HEX on a computer or laptop. We suggest using a thumb drive or on paper with a duplicate copy and stored in a safe place. A best practice is to use either a metal backup like CryptoSteel for seed words or stored encrypted with Keypass XC on a (preferably encrypted) removable drive in a secure location.

Click the Import Wallet button.

Make sure you back up your *private key*

1.3 Wallet password

You are asked if you want to add a password to your wallet. We strongly advise you to do this. Choose a strong password, back it up, and click on Import Wallet.

After clicking Import Wallet you are done creating your new Ecto wallet. Next up, you will learn how to stake your SOUL.

2 — How to stake SOUL

2.1 Click Stake

To access the staking and sending options click on the SOUL asset and the options to send and stake will appear. Click Stake.

2.2 Enter the amount of SOUL to stake

Input the amount of SOUL you wish to stake

Press Stake after you have entered the amount of SOUL you want to stake.

2.3 Authorize transaction

You will need to authorize all transactions in the wallet with your password. Enter your password here and click Sign TX in order to proceed with staking.

Input your password to confirm the transaction

2.4 Verify the transaction

You can verify that the staking transaction was successful by clicking the Activity tab.

You may also get an error with the following text:

When that happens, the transaction most likely went through. Check the Activity tab, or just restart the wallet and you’ll find that your tokens are being staked in your Phantasma wallet.

2.5 You have now staked SOUL

Congratulations on staking your SOUL! You can now claim your daily KCAL. If you stake 50k SOUL or more, you will also be eligible for monthly Soul Master rewards.

Everyone who stakes a minimum of 2 SOUL will earn KCAL at a rate of 0.002 KCAL per SOUL staked per day.
Users who stake 50,000 or more SOUL will earn the title of Soul Master and earn extra rewards from a pool of 125,000 SOUL every month.
Soul Masters staking consecutively will receive a special CROWN NFT every 90 days starting from the time of Phantasma’s genesis block. This applies from the first full such 90 day period you have staked. Each CROWN NFT boosts the user’s KCAL generation rate by 5% up to a maximum of 100% if you have 20 CROWNs.
CROWN NFTs contain a portion of the ecosystem’s total KCAL fees for the last 90 days, as well as 20% of the ecosystem incentive allocation — evenly distributed to all qualifying wallets.

Enjoy the ecosystem!

The Phantasma Team