The Theta network offers solutions to issues in the traditional video streaming space. For this, Theta network uses blockchain technology. The Theta team also offers their own official wallet. There are other Theta compatible wallets available. However, this is the only recommended wallet.
So, let’s have a closer look at what the Theta Wallet is all about.
We’re excited to announce that Theta Wallet for iOS and Android now supports @WalletConnect! WalletConnect is an open source protocol for connecting decentralized applications (DApps) to mobile wallets with QR code scanning or deep linking.https://t.co/14Sus9wCGb pic.twitter.com/D6dzNLVANu
— Theta Network (@Theta_Network) April 19, 2023
How to Create Theta Wallet
In a Theta Wallet, you can keep track of your THETA and TFUEL tokens. You can also use it for your TDROP tokens or NFTs. It’s available as a web version and as a mobile app. Here are some easy-to-follow steps to set up a new wallet.
- First, it’s recommended to set up your new wallet when you’re offline. Switch Wi-Fi off or use airplane mode.
- Download the encrypted keystore file as shown in the picture below. You need this file anytime you want to unlock your wallet. So, make sure that you store it in a safe location. Have a copy on a different device.
- Create a password for your wallet.
- Write down the mnemonic phrase and store it in a safe place. This is also known as your seed phrase. It’s optional to use the private keys. You can write them down as well and safely store them.
- You can only access your wallet with either the seed phrase or your private keys. For example, when you lose your mobile or want to use the app on a new device. This is the same in case you lose your keystore file and/or password.
- Once you’re done with the set-up, you can reconnect your device again. Congratulations, you’re done. You can now send, receive, or stake THETA in your new wallet.
You can also follow this set-up guide in their docs. Below is a picture of a wallet when you start to install it.
Source: Theta Wallet site
How to Use Theta Wallet
So, once you completed setting up your Theta Wallet, you can do a few things:
- Sending – You can send THETA to another Theta Wallet or Theta-compatible wallet. You can also send THETA to exchange. This allows you to swap THETA into another cryptocurrency or into fiat.
- Receiving – After you bought THETA on an exchange, you can send it from the exchange to your wallet. It’s also possible to receive THETA or TFUEL from other wallets.
- Staking – You can stake your THETA in your wallet. When staking THETA, you need to stake at least 1,000 THETA. You will also need at least 1 TFUEL to pay for gas fees. You need to make sure your wallet is using the mainnet. To do it, you need to:
- Click the ‘Stake’ tab, followed by clicking the ‘Deposit Stake’ tab. Make sure to select the Guardian node. You will need the Guardian Node text string (Summary).
- Now you can click the ‘Confirm & Deposit Stake’ button.
Here’s an extended explanation in their docs. This will also cover staking from your mobile app. The picture below shows part of the staking process.
How to Withdraw From Theta Wallet
Withdrawing funds from your Theta Wallet is straightforward. Make sure to have some TFUEL in your wallet, so you can pay for gas fees. Here are some easy-to-follow steps:
- You click on the ‘Send’ button.
- In the specified field, add the receiving address.
- Add the amount of THETA or TFUEL you like to send.
- Confirm all information is correct.
- Click send.
Be aware that this wallet does not support any 2FA authentication.
TDROP transfers and staking are now enabled in the new Theta Web Wallet update! Staking works the same as on iOS and Android mobile wallets. If you are staking from Ledger or Trezor, there will be 2 txs to approve – check the step by step guide here:https://t.co/3kE3czy1X3 pic.twitter.com/8r6LZIf36Z
— Theta Network (@Theta_Network) February 1, 2022
Is Theta Wallet Safe?
The Theta Wallet is a safe wallet. Its team has various safety features available to secure your assets. For example:
- Password protection.
- An encrypted keystore file.
- Mnemonic phrase.
- Private keys.
However, the team doesn’t offer 2-factor authentication (2FA). Having said that, you can use this wallet also as a cold wallet. There’s no need to keep the wallet installed once you’re done with your transactions. Every time you want to access your THETA, TFUEL, or TDROP tokens, you can install the wallet again. Simply use your seed phrase to set up the wallet. Hence, there’s no need for a 2FA filter.
Nonetheless, this may not be convenient for everyone. If you like to keep your wallet installed at all times, 2FA would be a good extra security option. Still, your wallet is a secure and safe option.
This is Part 1 of our 2-part series about Theta Wallet. We covered four popular questions about this wallet. For example, to create, use, and withdraw from this wallet. We also looked at how safe this wallet is. You can find three more questions in Part 2.
The current price of THETA is $0.9070. Its market cap is $907 million. There’s a max, total, and circulating supply of 1 billion tokens.
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