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Author Topic: Proof of Keys Event for a Beginner?  (Read 677 times)
DdmrDdmr
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May 22, 2019, 06:49:43 AM
 #21

<...> Ledger nano s supports 5 coins only?
As stated above, it does have a limited amount of Apps that can run simultaneously on the device, typically around the 5-8 range I find (depending on the actual Apps you load on to the device). Each App can cover one or more coins/tokens (i.e. the ETH app covers ETH and ERC-20 tokens, although to display the tokens I need to link to MEW).

Nevertheless, that does not delimit the amount of assets the device protects. Say you have 15 different types of tokens in your portfolio that are compatible with Ledger Nano S. You can manage them all with the device, although you will need to uninstall/install apps in the process to overcome the App delimitation. Not much of an issue, but you do need to keep an inventory somewhere of what coins your Ledger device (seed really) protects. Ledger Live helps here (the desktop software), but currently does not seem to support all the different cryptocurrencies that Ledger Nanos S does.

You could also take a look at Ledger Nano X, which multiplies the capacity by five, although at a larger expense (see https://support.ledger.com/hc/en-us/articles/360015259693-Choose-your-Ledger-device).

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May 22, 2019, 07:22:13 AM
 #22

How does this person withdraw all of the 25 cryptos balances for the sake of proof of keys? Is there a easier convenient way to do this inconvenient task?

Also does every crypto has its own wallet to accomplish the above task? If so the person has to download 25 different wallets which is another inconvenience and hassle. Is there a user friendly way?

No. You can use multcurrency wallets.


For newbies, I can suggest you download coinomi wallet. It has an Android and iOS version. Download it on the official Google/Apple store.

There all your 25 coins, or most them, will be supported.

You just need to be sure if they are coins or tokens. Tokens are usually erc-20, those can be sent to Your ethereum addresses within coinomi.

Use this proof of keys days to educate yourself about the coins you have.
Is there any wallets that could hold different coins in different platforms? We know that there are many coins now being launched in the market and that includes the ERC20 tokens, bitcoin platform and other strong block chain technology. If there are wallets that hold coins in different platforms then that would do better. For now, only exchanges are operating that hold different wallets for exchange.

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May 22, 2019, 07:47:38 AM
 #23

Is there any wallets that could hold different coins in different platforms? We know that there are many coins now being launched in the market and that includes the ERC20 tokens, bitcoin platform and other strong block chain technology. If there are wallets that hold coins in different platforms then that would do better. For now, only exchanges are operating that hold different wallets for exchange.

Indeed, that's one of the snags that encourages people to keep funds on exchanges -- the inconvenience of maintaining different altcoin wallets.

All your Ethereum-based assets like ETH and ERC-20 tokens can all be held in a single Ethereum wallet like MEW or Mist. Other altcoins are more cumbersome and usually require their own wallets.

There are some multi-coin wallets like Coinomi, Jaxx, and Exodus that support a wide variety of coins. These are closed-source wallets with questionable security, so I can't wholeheartedly recommend them, but they are still probably a better option than trusting exchanges to secure all your coins.

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May 22, 2019, 12:08:46 PM
 #24

Is there any wallets that could hold different coins in different platforms? We know that there are many coins now being launched in the market and that includes the ERC20 tokens, bitcoin platform and other strong block chain technology. If there are wallets that hold coins in different platforms then that would do better. For now, only exchanges are operating that hold different wallets for exchange.

Indeed, that's one of the snags that encourages people to keep funds on exchanges -- the inconvenience of maintaining different altcoin wallets.

All your Ethereum-based assets like ETH and ERC-20 tokens can all be held in a single Ethereum wallet like MEW or Mist. Other altcoins are more cumbersome and usually require their own wallets.

There are some multi-coin wallets like Coinomi, Jaxx, and Exodus that support a wide variety of coins. These are closed-source wallets with questionable security, so I can't wholeheartedly recommend them, but they are still probably a better option than trusting exchanges to secure all your coins.

When it comes to security is coinomi better than jaxx or exodus?
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May 22, 2019, 12:19:40 PM
 #25

Ok is there anything better than coinomi?

Ledger Nano S you already have. If you need to manage your coin, you can use Ledger Live or Electrum.

Ledger nano s supports 5 coins only?

No, what i meant are :
1. Ledger Nano S support many cryptocurrency, you can check it at : https://shop.ledger.com/pages/supported-crypto-assets
2. You only can use 5 application (1 application may support more than 1 coins) at same time. So you can't plug your Ledger Nano S and manage 1000+ coins without repeating install and uninstall application cycle.

Ok I can see from the link ledger nano s supports over a 1000 coins but I can have 5 installed on the device at a time?

What about the ledger live app/software? Can I use this as like a software wallet so I can have like for example 5 coins on the ledger nano hardware itself and 50 types of coins on the ledger live software app or is it strictly only 5 coins on hardware only?

Ok If i install the ethereum app on my ledger nano s hardware device then I can have many different types of ERC-20 tokens under this ethereum app?
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May 22, 2019, 12:46:15 PM
 #26

When it comes to security is coinomi better than jaxx or exodus?

I use coinomi for years. I think it's a good wallet that you can use for free. It is closed source and it is a problem, but you can keep small amounts of money there.
Ledger nano is a much better option on the other hand. Anyway, it is also closed source, but very realiable.


Ok I can see from the link ledger nano s supports over a 1000 coins but I can have 5 installed on the device at a time?

What about the ledger live app/software? Can I use this as like a software wallet so I can have like for example 5 coins on the ledger nano hardware itself and 50 types of coins on the ledger live software app or is it strictly only 5 coins on hardware only?

Ok If i install the ethereum app on my ledger nano s hardware device then I can have many different types of ERC-20 tokens under this ethereum app?

You can install and uninstall very easily any coin at any time. It takes a few seconds only.
Ledger live app is a good software and it will show all your balances and addresses of all coins you have, installed or not. To move the coins, the app of that coin must be installed on the device. So you don't need to install, just to move the coins

And yes, you can use ethereum app or MEW to manage your erc20 tokens from the ledger.

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May 22, 2019, 04:03:22 PM
 #27

When it comes to security is coinomi better than jaxx or exodus?

I use coinomi for years. I think it's a good wallet that you can use for free. It is closed source and it is a problem, but you can keep small amounts of money there.
Ledger nano is a much better option on the other hand. Anyway, it is also closed source, but very realiable.


Ok I can see from the link ledger nano s supports over a 1000 coins but I can have 5 installed on the device at a time?

What about the ledger live app/software? Can I use this as like a software wallet so I can have like for example 5 coins on the ledger nano hardware itself and 50 types of coins on the ledger live software app or is it strictly only 5 coins on hardware only?

Ok If i install the ethereum app on my ledger nano s hardware device then I can have many different types of ERC-20 tokens under this ethereum app?

You can install and uninstall very easily any coin at any time. It takes a few seconds only.
Ledger live app is a good software and it will show all your balances and addresses of all coins you have, installed or not. To move the coins, the app of that coin must be installed on the device. So you don't need to install, just to move the coins

And yes, you can use ethereum app or MEW to manage your erc20 tokens from the ledger.

Ok instead of moving what about sending coins to its addresses on the ledger live app and if I want to withdraw coins from ledger I need the app installed on the nano s device right?

How many erc-20 tokens can I store under MEW or ethereum on the nano s?
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May 22, 2019, 05:05:26 PM
 #28

How many erc-20 tokens can I store under MEW or ethereum on the nano s?

Unlimited.

Tokens are not coins, and no matter how many ERC-20 tokens you have, you only need one Ledger Nano app (ethereum).

So, if you have 30 ERC-20 tokens and bitcoin, you only need 2 app installed on ledger: Bitcoin app and ethereum app.

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May 22, 2019, 07:13:31 PM
 #29

How many erc-20 tokens can I store under MEW or ethereum on the nano s?

Unlimited.

Tokens are not coins, and no matter how many ERC-20 tokens you have, you only need one Ledger Nano app (ethereum).

So, if you have 30 ERC-20 tokens and bitcoin, you only need 2 app installed on ledger: Bitcoin app and ethereum app.

Ok how do I send different types of ERC-20 tokens under the ethereum app installed on my nano s?
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May 22, 2019, 08:34:53 PM
 #30

Ok how do I send different types of ERC-20 tokens under the ethereum app installed on my nano s?

Just Go to MEW myetherwallet.com/
Click on hardware wallet option.
Open your ethereum app on ledger device.

Click on the coins you want, and send them. Using web browser on mew.

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May 23, 2019, 01:33:29 PM
 #31

How does this person withdraw all of the 25 cryptos balances for the sake of proof of keys? Is there a easier convenient way to do this inconvenient task?

Also does every crypto has its own wallet to accomplish the above task? If so the person has to download 25 different wallets which is another inconvenience and hassle. Is there a user friendly way?
Well it depends on which blockchain your 25 tokens are located, if their are erc20 tokens then it will be OK to store them in one wallet that support them because most of the token are erc20 base so you don't necessarily need multiple wallet for your token and can carry out you transactions from there.

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May 23, 2019, 07:11:28 PM
 #32

Ok on coinmarketcap how do i find out whether an altcoin is a erc-20 token?
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May 23, 2019, 07:31:58 PM
 #33

Ok on coinmarketcap how do i find out whether an altcoin is a erc-20 token?

They will be market with an orange tag writeen "token"

You can see all of them here
https://coinmarketcap.com/tokens/

Note that some of those tokens are EOS or NEO tokens. But most of them are erc20

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May 23, 2019, 07:32:17 PM
 #34

Ok on coinmarketcap how do i find out whether an altcoin is a erc-20 token?
After you click on a crypto, at the bottom of the list of things like "Website", "Explorer" "Source Code" and so on, there is a tag as to whether that crypto is a coin or a token. However if it is a token, it doesn't tell you which chain the token is based on, so you don't know if it is ERC-20 or not.

Probably the easiest way to find out for sure is to search the Etherscan database here: https://etherscan.io/tokens

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May 25, 2019, 11:46:49 AM
 #35

Ok on coinmarketcap how do i find out whether an altcoin is a erc-20 token?
After you click on a crypto, at the bottom of the list of things like "Website", "Explorer" "Source Code" and so on, there is a tag as to whether that crypto is a coin or a token. However if it is a token, it doesn't tell you which chain the token is based on, so you don't know if it is ERC-20 or not.

Probably the easiest way to find out for sure is to search the Etherscan database here: https://etherscan.io/tokens

Ok just to confirm everything on that that etherscan database site is erc-20?
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May 25, 2019, 12:09:17 PM
 #36

Ok just to confirm everything on that that etherscan database site is erc-20?
No. Although the vast majority are ERC20, some tokens run on the other Ethereum protocols, ERC223 or ERC721. If you search for the token you are interested in, it tells you at the top (beside the word "Overview") what kind of token it is. For example, BNB says ERC20, while Cryptokitties says ERC721.

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May 25, 2019, 07:04:16 PM
 #37

Please help its confusing Huh:

Let's give a example of Stakenet (XSN):

On here it says its a ERC-20 token: https://etherscan.io/token/0x2ec790bfe8ff91d89b9fe3d360b6c9e414577a4b

But on Coinmarketcap it says its a coin: https://coinmarketcap.com/currencies/stakenet/?utm_medium=widget&utm_campaign=cmcwidget&utm_source=&utm_content=stakenet

Is it a coin or token and how does one make sure before sending to addresses?
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May 25, 2019, 07:25:36 PM
 #38

Is it a coin or token
Apparently both...?

I have never heard of this project, given that it is tiny and has next to no volume. However, it seems to have existed for at least a year and have its own blockchain as per their website, specifically: https://stakenet.io/faq/#why_are_there_many_cryptocurrencies_what_is_the_difference_between_a_coin_and_a_token

However, it also seems that about a month ago an ERC-20 token by the same name was launched. I can't find anything about the ERC-20 token online, whether it is linked to the coin of the same name, whether it is a scam masquerading as a known project, or what.

So to answer your question, pick a larger and more reputable project, haha.

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May 26, 2019, 01:01:00 PM
Merited by o_e_l_e_o (1)
 #39

<…>
Stakenet XSN is a Coin. If you follow the info on CoinmarketCap on the left, you’ll be taken to the original website and Bitcointalk Ann thread.

The entry on Ethescan on the other hand points to what looks like a bogus ERC-20 token created on the 23/04/2019, which has just a couple of token holder addresses and TXs. The reputation on Etherscan states ‘Unknown’, which is the default value for any created ERC-20 token  there (see the little icons shown in the "profile summary" area). It bears no official site link, no social media channels and no market value.    


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May 26, 2019, 10:14:39 PM
 #40

Is it a coin or token
Apparently both...?

I have never heard of this project, given that it is tiny and has next to no volume. However, it seems to have existed for at least a year and have its own blockchain as per their website, specifically: https://stakenet.io/faq/#why_are_there_many_cryptocurrencies_what_is_the_difference_between_a_coin_and_a_token

However, it also seems that about a month ago an ERC-20 token by the same name was launched. I can't find anything about the ERC-20 token online, whether it is linked to the coin of the same name, whether it is a scam masquerading as a known project, or what.

So to answer your question, pick a larger and more reputable project, haha.

Is it possible to be both though?
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