Introduction
Web3 wallets are pieces of software which enables anyone to access applications running on blockchains or make transactions directly with blockchain networks. They essentially work on the same technology which enables digital signatures with some blockchain specific modifications. Some important aspects to understand about wallets are:
- They contain cryptographic material (also known as public and private keys) which gives you an “identity” on the blockchain through a unique set of numbers – this is your wallet address, similar to how an email id is a proxy for your identity.
- They are called wallets because they can hold assets. Similar to how your physical wallet can hold your cash, credit cards, tickets and key cards, Web3 wallets can hold cryptocurrencies, NFTs, tokens and any other digital asset created on the blockchain.
They come in 3 main flavors:
- Non-custodial wallets (or self-custody wallets) - where the keys are held by you (on your device or browser)
- Custodial wallets – where the keys are used by you, but ultimately controlled by someone else, typically a firm offering this service.
- Smart Contract wallets – where the code making the wallet enables more advanced features such as multi-signature wallets (like joint accounts in a bank), social recovery (where you can still regain access to your assets even if you lose the passwords) etc.
You can find out more about wallets here.
Wallets in Primero DAO
Members of the Primero DAO would need to utilize Web3 / Blockchain wallets to be able to vote on proposals made by the DAO. These wallets enable 2 things:
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Your voting rights (either based on your wallet address or the wallet holding some special tokens)
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Your signature (when you vote for a proposal, you sign the vote with your unique signature, which enables accountability)
Which Wallet to use
There are hundreds of wallets available. We would need a wallet capable of connecting to Ethereum blockchain and Gnosis Chain.
Some factors to consider are:
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Popularity, given by number of users
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Open source
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Availability of a mobile app
We prefer open source, non-custodial wallets. The most popular and battle tested wallet in this category is Metamask.
This guide will give details on metamask, but we do not limit this pilot to only use metamask.
How to get started with Metamask
Metamask is supported on your browser (as a browser extension) or as an app on iOS and Android.
Goto this website (Download MetaMask: The Premier Blockchain Wallet App and Browser Extension) and download metamask on your device of choice.
Instructions on how to install can be found here - https://support.metamask.io/hc/en-us/articles/360015489531
Important note
Please note that at some point in the installation process, you will be shown a 12 word “secret recovery phrase”. MetaMask requires that you store your Secret Recovery Phrase in a safe place. It is the only way to recover your funds should your device crash or your browser reset. Metamask recommends you write it down. The most common method is to write your 12-word phrase on a piece of paper and store it safely in a place where only you have access. Note: if you lose your Secret Recovery Phrase, MetaMask can’t help you recover your wallet. Never give you Secret Recovery Phrase or your private key(s) to anyone or any site, unless you want them to have full control over your funds.
Note on other wallets
If you already have a wallet which is not metamask, please ensure that the wallet supports tokens on the Ethereum blockchain and Gnosis Chain. The wallet should also be supported by Wallet Connect. Please see a list of supported wallets here. Since there are multiple options possible, we are unable to print guides for all of them, nor have we tested all of them.
Note on wallet usage for the Primero DAO
All transactions and wallet usage in the Primero DAO does NOT involve the use of any Cryptocurrency which has value and/or is tradeable in an exchange. In this pilot the wallet is used in 2 ways
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We may transfer to you blockchain tokens to grant an individual voter rights
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The wallet is used to digitally sign when you vote on Snapshot
If you choose to utilize this wallet at a later point to store any digital asset which has a $ value, you do so at your own risk. We advise that you inform yourselves on wallet fundamentals, security, privacy and other related topics in the appropriate learning resources provided by the wallet maker.