What is a Crypto Wallet?
Empyrean Source uses the Ethereum blockchain to record the ownership of all digital assets, voting inside ESI, and tradable items. Crypto wallets are tools that work as a bridge between the blockchain and the dApp (decentralized applications). This means that with a wallet you will be able to monitor your available funds, transaction history and security options.
Do I need a wallet to join ESI or use Empyrean Source?
Currently we use a Web2 system for our membership website and ecosystem. As our token is launched we will be integrating our login system with Ethereum. At that time, you would use your wallet to login to your account or transverse Empyrean Land. Why do you need a wallet? Because it will work as your personal account, allowing you to connect from different devices, keeping all your digital assets (such as Land deeds, names, and collectibles) and progress safe.
How do I get a digital wallet?
Our future upgrade will require you to have a wallet to enter ESI Terminal or transverse Land, you must use a wallet that is integrated to your web browser, so we will be recommending you our favorite, MetaMask. Feel free to use any Ethereum based wallet.
All wallets have a public and private key. A public key Is a unique identifier for your wallet and it looks like this: 0xcba113f589805095a892ecefdb4eb83eff45d98. It is basically a name that you can share freely with others and it’s used to direct assets to your wallet.
The private key is used by your wallet to sign each transaction and certify that it was truly sent by you. It is also used to restore your wallet in case you forget your password.
Keep in mind that a digital wallet is like a bank account, so make sure you don’t forget your password, or backup phrase. Keep them in a safe place and don’t share them with anyone.
What is Ether and how do I send it to my crypto wallet?
For executing transactions, you’ll need to put money in your wallet. dApps based on Ethereum, like Empyrean Source, use Ether: a digital currency that powers the Ethereum network. It acts like any other currency, in that its value fluctuates with the market.
What is ‘gas’?
‘Gas’ is a shorthand term used to describe the cost of powering a transaction or contract in Ethereum. Because blockchain is decentralized, every transaction is distributed through multiple computers, not a central server. This ensures each token – in this case, each collectible – is secure and one-of-a-kind. It also takes a lot of computational power, which is covered by the cost of gas.
To summarize, Gas Price (gwei) is the amount of Ether offered per gas unit to pay miners to process your transaction. The higher the gas price you set, the faster your transaction will get processed. So, for more important transactions – think about increasing the suggested gas price.