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What is a non-custodial wallet?
A non-custodial wallet, also known as a self-custodial wallet, is a type of cryptocurrency wallet where the user has full control and ownership of their assets. Unlike custodial wallets, non-custodial wallets do not rely on third-party services to manage your funds.
What is the significance of owning my assets?
Owning your private keys means you have full control over your cryptocurrency assets. It provides security and ensures that you are not dependent on a third party. In the event a third party is hacked or becomes insolvent, your assets are protected.
How do I backup and secure my private keys?
You don't have to worry about managing private keys.
Can I recover my funds if I lose access to my wallet?
Generally, you will be able to recover your funds if you have kept your social web credentials secured.
What are the advantages of using a non-custodial wallet?
Non-custodial wallets provide increased security and privacy. You have complete control over your funds, reducing the risk of hacking or unauthorized access. It aligns with the decentralized nature of cryptocurrencies.
How do I transfer funds in and out of my non-custodial wallet?
To receive funds, share your wallet address with the sender. To send funds, use your wallet's "send" or "withdraw" function, inputting the recipient's wallet address and the amount you want to send.
Are non-custodial wallets compatible with various cryptocurrencies?
Many non-custodial wallets support a wide range of cryptocurrencies. Make sure to choose a wallet that is compatible with the specific cryptocurrencies you intend to use.
What precautions should I take when using non-custodial wallets?
Beware of phishing scams. Never share your social web credentials.
How do I ensure the authenticity of the wallet software?
You don/'t need to worry about this, you're better off if you don't use any wallet software.
What happens if I forget my password or PIN?
Use the social web platform to recover your account.
Can I use the same non-custodial wallet on multiple devices?
Yes, you can use your wallet on any device you can login to with your social web credentials. Ensure you follow security best practices and log out of any public devices when you leave.
Are there fees associated with using non-custodial wallets?
While non-custodial wallets themselves may be free, you may encounter network fees when transferring cryptocurrencies. Be aware of these fees and factor them into your transactions.
What is account abstraction?
Account abstraction refers to ERC-4337, which allows for account abstraction on the Ethereum protocol without requiring any consensus-layer changes. This standard was deployed on the Ethereum mainnet in March 2023 and enables transactions and contract creation from a single contract account.
What does EVM compatible mean?
EVM compatibility refers to the capability of a blockchain to run the Ethereum Virtual Machine and execute Ethereum smart contracts. This means that developers can write and deploy the same smart contracts across multiple EVM-compatible blockchains, without needing to make significant changes to their code.
What is a smart contract wallet?
WeInvest uses smart contract wallets so you don't need to install or have a wallet app. A smart contract wallet is a type of wallet that is based on contract accounts rather than externally owned accounts (EOAs) and offers enhanced security, usability, and interoperability for users, primarily on Ethereum. These wallets can interact directly with decentralized applications (DApps) and enable features like gasless transactions and batched transactions.
What is crypto bridging?
WeInvest uses bridging to move assets across chains. Crypto bridging, also known as cross-chain bridging, is a process that enables the transfer of tokens and/or arbitrary data from one blockchain to another. This is achieved through a connection known as a blockchain bridge. Blockchain bridges can be either centralized, relying on some type of central authority or system, or trustless, meaning they are decentralized and do not require users to place trust in a single entity or authority.
What is ERC-4337?
WeInvest uses account abstraction to make investing easy. ERC-4337, also known as Account Abstraction for Ethereum, is an Ethereum standard that allows for account abstraction on the Ethereum protocol without requiring any consensus-layer changes. This standard was deployed on the Ethereum mainnet in March 2023 and enables transactions and contract creation from a single contract account.
What is a passkey?
WeInvest uses a passkey to enable biometric login on your devices. Instead of remembering a password, you can authenticate with your fingerprint. A passkey is a technology developed to improve security and shares many similarities with two-factor authentication. It reduces the number of passwords used and makes accounts more secure. This technology has been utilized in the development of Smart Contract Wallets to enhance their security and usability.
What is social login?
Login with your existing social media account to buy, sell, and stake. WeInvest uses a concept called delegated key management, to protect your private keys.
What are gasless transactions?
WeInvest uses gasless to simplify buying, selling, and staking. In the Ethereum network, transactions typically require the sender to pay a fee called 'gas'. The concept of 'gasless' transactions, also known as meta-transactions, has been introduced to address this issue. In this scheme, a third party, called a relayer, pays for the gas fees on behalf of the user. The user signs a message containing information about a transaction they want to execute, and the relayer sends a valid Ethereum transaction with this information to the network, paying for the gas cost.