The Pi core team has commenced answering of selected questions submitted by the community about the new Pi Wallet!
Here are are some of the Questions and Answers regarding the Pi Wallet that was released recently;
Q: Is Pi Wallet a custodial or non-custodial wallet?
A: Pi Wallet is a non-custodial wallet, meaning only you have access to your Passphrase/Secret Key (of your wallet).
Q: When will the Pi Wallet have the real Pi inside?
A: (It will have it) When Pi Mainnet is live. We aim to launch the Mainnet by the end of this year.
Q: Can I recover or reset my Passphrase if I did not save or lost it?
A: No. Typically this is not possible for non-custodial wallets, since no one else has your passphrase. So, keep your Passphrase safe and do not share with others. The Core Team is also working on a potential new mechanism utilizing your security circles to help with account recovery while maintaining the wallet as (a fully) non-custodial (wallet).
Q: I forgot my Passphrase to the wallet I recently created. Is it possible to create another wallet?
A: Yes. Create another wallet for now and make sure that you keep your Passphrase safe next time. The wallets currently only connect to the Testnet, only containing Test-Pi for testing, thus no real loss for you. But after the Mainnet, losing the Passphrase to your wallet with real Pi cannot be cured by creating another wallet like now and will result in you losing access to all the Pi in that wallet forever.
Q: I accidentally shared my passphrase with others. What should I do?
A: You should create a new wallet with a new passphrase and stop using the compromised one immediately. Since we are in the testing phase right now, it’s ok to create a new wallet. In the Mainnet phase you should immediately create a new wallet and transfer all your Pi to that new wallet, before others do.
Q: Does the Pi Wallet provide a custodial option, storing the Passphrase for Pioneers in the app? If not, will the Pi Wallet have a custodial option in the future?
A: Not for now. However, we may develop an optional custodial wallet in the future only if enough Pioneers show interest in this feature. So please let us know if you want to see that happening.
Q: Can I use other wallets?
A: Yes. Pi Testnet and Mainnet is and will be a public blockchain, thus any wallet compatible with the blockchain can work. Pi is fully accessible not only in your Pi Wallet but also any other Pi compatible wallet. However, the official Pi wallet is where you will get your mainnet Pi when we launch.
Q: Is the Pi Wallet following standards or did we make up our own?
A: It is based on the BIP39 and BIP44 standards. In general, there is a rule in cryptography stating that you should not make up your “own” crypto and should only use widely-accepted, peer-reviewed algorithms and standards.
Q: Why are there transaction fees?
A: Transaction fees (i) avoid spamming the blockchain with useless transactions and (ii) allow for transaction ordering during times of network congestion.
Q: How much is the transaction fee?
A: The current transaction fee on the Testnet is 0.01 Test-π. When you set a higher fee for your transaction, you still pay only 0.01, unless there is congestion, in which case transactions with higher fees are executed before transactions with lower fees.
Q: Where do transaction fees go and what are they used for?
A: All fees are currently simply getting burnt, by being accumulated in an inaccessible pool of burnt Pi. But in the future, fees could be used for mining rewards instead of minting new currency, or other purposes for the benefit of the community.
Q: Will passphrases stay the same after the launch of the Mainnet?
A: For your convenience, we aim for wallet passphrases to stay the same so that people don’t have to create them twice. So we urge you to get Mainnet-ready and create your wallets now. However there is a chance, for technical improvement reasons, we may have to ask you to reset your passphrases before Mainnet.
Q: Will my wallet address be the same on the Mainnet and Testnet?
A: This has not been decided yet. Technically either way is possible, but we need to consider the pros and cons.
Recall that, about two-week ago, the core team announced the introduction of the first version of the mobile Pi wallet and Pi Browser for accessing Pi apps.
Every Pi Network participants’ wallet will initially hold “Test-pi” that tests transactions and Pi apps, preparing you to use real Pi on the Mainnet towards the end of this year.