The backup process will now require users to write down their 12 word seed phrase. This is a big step forward, minimizing the exposure of your seed phrase by no longer saving it on your machine. Other changes you may notice are the color scheme and user experience.
We are grateful to the whole Factom team that made this happen and for their dedication to make this a success. This has been a much requested option from the Factom Community and we believe that this update does those requests justice. Below you will find some important notes and links on how to get started.
We recommend using a Secure (encrypted) wallet to hold your Factoids. To get started with a new wallet, click here.
To learn how to move Factoids from a Not Secure (unencrypted) wallet to a Secure (encrypted) wallet, click here.
To install the wallet, click here.
- Having an Secure (encrypted) wallet greatly increases the security for Factoid holders but there is no way to obtain a recovery password within the Secure (encrypted) wallet.
- When using a Secure (encrypted) wallet, be sure to immediately back up your seed. This allows you to regenerate your wallet if you lose the password or the database gets corrupted.
- Entry Credits are nontransferable by design, you are unable to move Entry Credits from a Not Secure (unencrypted) wallet to a Secure (encrypted) wallet.
Recap on Factoids
The Factom token is a tradable right to obligate the Factom protocol. The original supply of Factoids was set by the crowd sale in 2015. When the full Factom protocol is running, Factoids will be issued at a fixed rate to the servers that run the protocol. For now, until the protocol is completely deployed, new Factoids will not be issued.
In the Factom protocol, Entry Credits are used to publish into the Factom blockchain. In order to get Entry Credits, one must purchase them with Factoids. When a Factoid is used to purchase Entry Credits, those Factoids are burned.The parties that run the Factom protocol must grant the permissions to publish to it; subsequently, they can also revoke these permissions. These parties are rewarded with Factoids, aligning their incentive to make the Factoid as valuable as possible.
We hope that you enjoy this newly updated wallet. Please send any feedback or support requests to firstname.lastname@example.org.
Thanks for being an awesome and supportive community,
The Factom Team