What is a "wallet"? Why do I need one?
What is a Crypto Wallet?
Before explaining what a RealT Wallet is, it is important to understand what a Crypto Wallet is.
A cryptocurrency wallet is a device, physical medium, program, or online service that stores the public and/or private keys for cryptocurrency transactions.
4 Types of Wallet
Hot Wallets
These are free "Wallets" on phones or browser plug-ins such as Chrome, Safari, Brave, etc... The best-known is Metamask, which has been around for many years. Rabby is currently the most suitable solution for beginners.
Cold Wallets
Here, blockchain addresses are created on physical devices not connected to the internet. They require validation on physical buttons for each transaction and reinforce the security of your on-chain assets.
The best-known are Ledger,Trezor and Tangem and you need to buy them.
Multi-sig contracts
These contracts allow you to add security rules to your transactions. The best-known is Safe Account, which is free. You need a blockchain address or a Ledger/Trezor/Tangem to create a Safe Account
Abstract Account (RealToken Wallet)
An abstract account in blockchain is a generalized representation of a user or entity that can interact with the blockchain, capable of holding assets, executing transactions, and performing various operations without being tied to a specific type of implementation (like a traditional externally owned account or a smart contract account). We integrated it into RealT as a type of wallet you can use.
Is a Crypto Wallet Necessary?
For RealT, a Crypto Wallet is where you will store all of your RealTokens, and where RealT will send your weekly Rental Income!
Having a Crypto Wallet is 100% mandatory to invest with RealT, and we want to make it as easy as possible for you to do so – hence, the RealT Wallet!
Wallets work in much the same way. You receive 12 to 24 secret words that generate a blockchain address and a private key.
Your blockchain address is like a bank account number: it's where you receive your "on-chain" assets.
These "crypto" addresses always start with 0x... (Ethereum standard).
Please look at the Ethereum website to see what creating a blockchain address is like. Here is an example from Rabby, it just takes 2 minutes:
Never take a photo or record your secret phrase on an electronic device. Please write it down and keep it safe.
Wallets used with RealT
RealT delivers RealTokens and rents on Gnosis Chain and Ethereum. If you don't want to use the RealToken Wallet and use you own, you can find a list of all compatible wallets on Gnosis here.
We recommend using Rabby or the RealToken Wallet to get started. It is important to use a Ledger/Trezor/Tangem and/or a Safe account to improve the security of your on-chain assets as soon as the amount invested makes it required.
Updated on: 24/06/2024