For people who doesn’t understand Pi Network, read this: Imagine if Walmart was considering opening a store in your area and provided you with a gift card that could only be used at the store they might open.
Daily you just have to visit the potential store’s website and they add more funds to your gift card. If they don’t open, you lose nothing. If they do open, the gift card changes into a Visa gift card you could use anywhere. That is Pi Network briefly explained.
Dear Pi Network participants, Dr. Nicolas is asking for our opinion regarding the type of Pi Wallet to be unveiled.
For those who are new to crypto wallets, I will explain. We have 2 types of crypto wallets: 1.Custodial and 2. Non-custodial.
A custodial wallet is a crypto wallet that is in the custody of the owners or the founders of the wallet. The common type of wallet you see in echanges. For example, Luno, Binance, Coinbase etc…
These exchanges can have access to your account. They can tamper with it or even lock your account if they choose to. The benefit is that, they can help you retrieve or change your login details if you should lose access to your account or forget your login details. But if peradventure, a hacker get access to their server, every of your crypto in it is gone, or they can even freeze your account if irregularities is detected.
A non-custodial wallet is a crypto wallet only you have access to. Nobody can lock or access your account unless you reveal your login details to someone. This type of wallet, even the owners can not see what you have in your account or have any right to lock it. You are the only one solely in charge.
The disadvantage is that if you lose your login details, all your funds are gone. You won’t ever have it back. Examples of these wallets are, Safepal Wallet, Metamask, TrustWallet, Noda wallet, etc…
The non-custodial wallet can be accessed with a private key and a mnemonic phrase or seed of phrase. It can also be called a passphrase.
a) Private Key or Secret Key: this is a mixture of letters and words (eg: Sg67qruoo2689b) and it’s generated to you by nobody, but the Blockchain. Without this, you can’t have access to your account. You can hardly cram this because the arrangements matter which is the lowercases, uppercases (small and capital letters) matter. If you don’t place the arrangement the way it is, you can’t get access to your account.
b) Mnemonic Phrase or Seed of Phrase: this is a 12 – 24 random words also given to you by the system.
bi) 12 words seed looks like this:
- home 2. corner 3. people 4. dirty
- career 6. bailey 7. yatch 8. pet
- thank 10. banner 11. better 12. Zero
bii) 24 word seed looks like this:
1. take 2. mason 3. putting 4. fair
5. bright 6. second 4. bass 8. flicked
9. sermon 10. balm 11. cracker 12. jotter
13. pick 14. figure 15. vacation 16. vacuum
17. tattoo 18. beret 19. balloon 20. fade
21. piller 22. beacon 23. aeroplane 24. astonish
Whether 12 or 24, anyone you choose, if you forget a word or the arrangement, you will lose your account.
Non-custodial wallet is cool because it gives only you the ownership of your account reason majority of pioneers including the core team chosd it but it requires carefulness. You need to write down your details and accordingly and keep it in a safe place where it won’t get into the hands of the wrong guys and it won’t get lost.
If you know you are a careless person, when writing it down, add your own words in between. Me for example, I do add a letter and a number in the private key and two words inbetween the seed of phrase (please mark where you add them o). You can even write it on your wall and save your account but please.. Remember where you position them.
As for me, the two should be there. We should choose by ourselves if we prefer 12 or 24 words.. Just like in Safepal Wallet, you are allowed to choose either 12 or 24. The choice is yours.
What’s your opinion? Feel free to use the comment section. Kind regards.
Credit: Let’s Pi Nigeria