What is xDai Chain Wallet? Instructions to Create & Use xDai Chain Wallet

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2021-11-10 14:39:07

xDai Chain is an Ethereum Virtual Machine (EVM) blockchain developed to solve problems that are currently unsolved by Ethereum such as low transaction throughput, low transaction speed due to frequent network congestion, and Very high transaction fees compared to other blockchains. You can even predetermine transaction costs because the xDai token is stable.

In today’s article, I will show you how to create a detailed xDai Chain (xDAI, XRC20) wallet.

What is xDai Chain Wallet?

The xDai Chain wallet is a place to store xDAI and the XRC20 standard token in the Ethereum blockchain platform. xDAI is the native token of xDai Chain. You can send and receive xDAI and standard tokens as well as interact with applications on the Ethereum platform.

Is one EVM blockchain With the goal of improving transaction speed and fees for users, xDai Chain has now launched 2 tokens: the xDAI stable token to help maintain stable transaction fees, and the STAKE governance token to support the POSDAO consensus mechanism. Proof-of-Stake.

At the end of September, CHK Wallet officially integrated xDai Chain. CHK Wallet users can now create/restore xDai Chain wallets, as well as store, send and receive xDAI and STAKE tokens on the CHK Extension Wallet.

xDai Chain wallet has 3 extremely important information you must note:

  • Wallet address: Is a sequence of numbers and characters used to send assets to xDai Chain wallet. Others can transfer coins to you through the wallet address you provide. An xDai Chain wallet address (xDAI, XRC20) will have the following format: 0x2A792C28C422c0A6169a1a672170169C27895A8d
  • Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: spatial mansion boring penalty despair practice bounce own garlic horn bitter innocent.
  • Private key: A string format for connecting to an account, quite similar to a bank account password. Format of a Private Key: 0x7f19a9e9081760eb8373ae2d34003568ff6a4d76060b1bd2947bab829c0ef989

To make it easier to imagine, you can imagine xDai Chain wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.

The difference here is that with a bank account, other people will know your personal information. As for the xDai Chain wallet, you become anonymous, no one knows who, but only transacts through the address encoded into a sequence of numbers and characters.

Read more: Learn about xDai Chain

Where to create xDai Chain wallet?

You can create xDai Chain wallet through CHK Wallet.

CHK Wallet is a decentralized wallet (non-custodial & NFT Wallet) that not only supports Ethereum platform but also many other platforms such as Kucoin Chain, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & X- Chain), Polkadot, Cosmos, Terra, Fantom, Persistence, Bitcoin, TomoChain, Celo, Binance Chain, Tron, THORChain, OKExChain, BandChain, Kava, xDAI, Ronin, GateChain, Klaytn, KardiaChain, Optimism, Arbitrum on Ethereum, Arbitrum on xDai, Boba Network, …

Because it is a decentralized wallet platform, users have complete control of assets, no one has access to your wallet, including developers. You can rest assured when storing xDai and standard tokens here.

Instructions to create xDai Chain wallet (xDAI, XRC20)

I will guide you how to register and create a wallet on both mobile and desktop interfaces, you can also install both to flexibly switch use.

Download CHK Mobile Wallet

Before you start, you need to download the app or update the app to the latest version:

After downloading the app, you open the CHK Wallet application and select the language you want to use to be able to directly access the wallet interface. At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to CHK Wallet.

Create xDai Chain wallet (xDAI, XRC20)

Step 1: Open the application, at the homepage click Manage (Management).

Step 2: Choose Add Wallet (Add Wallet) and click on the icon xDai Chain (xDAI, XRC20) to create xDai Chain wallet or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create (Create wallet).

Step 3: Name the wallet (name something that you can remember or convenient for later use). Choose Next (Continue).

Step 4: Backup Passphrase in a safe place:

  • You copy and paste the Passphrase/Private key into the box Confirm (Confirm).
  • Tick ​​the box Backup the recovery key and click on the copy icon to confirm that you have saved your Passphrase / Private key. You must save the security key in a safe place and absolutely do not disclose it to anyone. Otherwise, your account is at risk of being stolen when someone knows these sequence of characters.
  • Tick ​​the remaining two boxes to confirm you understand the risks if you lose your Passphrase / Private key.
  • Choose Create Wallet (Create wallet).

Note: Passphrase and Private key are extremely important information that directly affects your assets, so make sure you have them backed up and stored in a safe, secure place.

Explore more: What is Private Key & Passphrase? The safest and most secure way to store

Once done, you can also access Manage (Management) → USanage All Wallets (Manage All Wallets) to check the newly created xDai Chain wallet.

Instructions to receive xDAI, XRC20 into CHK Wallet

Way 1

Step 1: Click on the xDai Chain wallet on the main screen.

Step 2: Choose Receive.

Step 3: Copy the wallet address or use the QR code address.

Way 2

Step 1: Choose Receive on the homepage.

Step 2: Enter the token name (xDAI, XRC20) in the search bar.

Step 3: Click the icon to copy the wallet address or get the QR address.

You can send xDAI, XRC20 to the address copied in step 3.

Instructions to transfer xDAI, XRC20 from CHK Wallet

Here, I will give an example of how to send stored xDAI to a mobile wallet.

Step 1: Click on xDai Chain wallet

Step 2: Choose Send (Send).

Step 3: Select the token and enter the amount of the token you want to send & the wallet address to send it to. Adjust the Gas fee slider to suit your needs → Slide the bar Send to confirm sending.

In addition, you can also go to Send In the main interface, select the xDai Chain wallet you want to send.

Note:

  • Gas fees on the xDai Chain wallet are calculated in xDAI and take approximately 0.00042 xDAI per transaction.
  • The default gas fee is the one that has been optimized so that you can transact with the fastest speed and the most reasonable cost.

Some notes when using xDai Chain wallet

Is it safe to store xDAI and XRC20 standard tokens on xDai Chain wallet?

CHK Wallet is a non-custodial wallet, ie full control of your assets belongs to you, no one has access to your wallet except you unless you disclose the key to others.

Is there a fee to send xDAI and the XRC20 standard token?

Sending xDAI and other tokens from the xDai Chain wallet will cost the blockchain platform fee calculated in xDAI to confirm the transaction. But the transaction fees on xDai Chain are very cheap and insignificant.

Is it possible to create multiple xDai Chain wallets?

Sure! You can create as many xDai Chain wallets as you like, each wallet will have a different address and passphrase, so remember to save it. What name should be given so that you can easily manage if you create many xDai Chain wallets.

Can xDai Chain wallet store other coins?

The xDai Chain wallet can store xDAI coins and tokens according to the XRC20 standard supported by the Ethereum blockchain platform. In addition, absolutely do not transfer any coins on other blockchain platforms to xDai Chain wallet if you do not want to lose your assets unfortunately.

summary

So I introduced to you what xDai Chain wallet (xDAI, XRC20) is. If you have any questions about xDai Chain, leave a comment at the end of the article or join the group CHK Insights Chat to exchange, discuss with admins and many other friends!

See you in the next posts!

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