Introducing Pi Wallet
Introducing Pi Wallet
The Pi Wallet is currently available to all Pioneers through the Pi Node Desktop software. To create a Pi Wallet, anyone can download the Node desktop software from node.minepi.com, install the desktop software on your computer, and access the wallet in its side menu. You do not have to run a blockchain Node to use the Pi Desktop interface that contains the wallet.The mobile version of the wallet will be inside a new mobile application that is currently under review by iOS and Android stores and will be available once the review finishes in a few days. If you prefer the mobile version, please wait for a few days until we announce the new mobile app release on the Pi App home screen. Beware of fake apps claiming to be the Pi Wallet.
To introduce the Pi Wallet, it’s worth briefly going over what a crypto wallet is. A crypto wallet is essentially a pair of “keys”: a public Address and a secret Passphrase (or a secret key). While the wallet address must be shared with others to transact with you on the blockchain, the passphrase must be kept secret as it is like a password to your bank account required to move any assets. Today, the launch of the Pi Wallet means that Pioneers are invited to generate their wallet Address and Passphrase.
The Pi Wallet can generate wallet addresses on multiple blockchains and hold different crypto assets on such blockchains using the same passphrase, but initially we are focusing on Pi assets only. Currently, it is only connected to the Pi Testnet blockchain, hence it only holds Test-Pi for testing purposes. When the Mainnet launches in Phase 3, the same Pi Wallet can also connect with the Pi Mainnet, thus holding the real Pi you will have mined at that time. As we’re in the phase of the Testnet, the purpose is to make improvements on everything including the wallet, thus it is a possibility that we may ask everyone to completely reset their wallets with Test-Pi before moving to Mainnet. Pioneers will also have the choice to reset their wallet by choice before Mainnet is live.
In general, crypto wallets are categorized into custodial and non-custodial wallets with a difference in whether there is someone else helping you manage your passphrase/secret key or assets in the wallet. The Pi Wallet is a non-custodial wallet, because the Pi servers never have access to your secret key or passphrase. To be more user-friendly and based on feedback from early testing Pioneers, the Pi Wallet secret key is represented by a list of more legible words called “Passphrases”. The secret key can be dynamically derived from the passphrase so people only need to store a passphrase without actually saving a secret key. Using passphrases instead of the derived secret key for safekeeping reduces the chance of human mistakes in recording, and at the same time, achieves the same level of security as the secret key itself. In the mobile version of the Pi Wallet to be released soon, if your phone has biometric authentication (fingerprint or face recognition), the passphrases are safely stored on your phone and can be retrieved through fingerprint or FaceID. If not or in the desktop version of the wallet, you need to copy and save it somewhere else safe, because no one else will ever have access to it to save it for you.
Although a non-custodial crypto wallet provides the self-sovereignty benefits for people, a difficult problem for any crypto assets holder is the case of losing their secret key or passphrases – the account recovery problem. The Pi Wallet is and will be a non-custodial wallet, and we aim to also innovate a mechanism to solve the difficult account recovery problem by utilizing part of your security circle while maintaining its non-custodial property. This mechanism will be released in a later version of the wallet.
After your Pi Wallet is created, the Pi Testnet faucet will initiate it with 100 Test-Pi for you to test transactions with Test-Pi on the Testnet, just like you would on the Mainnet after its launch in Phase 3 (the end of this year). We want to emphasize that Test-Pi (or test-π) is NOT REAL Pi! This does not enable trading of real Pi. Test-Pi is solely for the purpose of testing transactions on the Pi Testnet and contains NO VALUE. The Test-Pi balance in the wallet may be reset because Testnet will be periodically reset as part of the testing. Please remember that currently sales of Pi are unauthorized and violate the terms of service, which may result in the freezing of the account.
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