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MyNxt Web Wallet is ready for Ardor distribution singapore
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Author Topic: MyNxt Web Wallet is ready for Ardor distribution  (Read 9151 times)

VanBreuk

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MyNxt Web Wallet is ready for Ardor distribution
« on: June 27, 2016, 12:49:51 am »

In the last couple days, the MyNxt user support email has received several times this question. Since it will keep being asked, we're leaving here stickied the short and long answers about the MyNxt Online Wallet and the Ardor snapshots and distribution.

The Short Version

Q: Is the MyNxt Online Wallet compatible with Ardor snapshots and distribution?

A: Yes, it is. MyNxt Wallet users will automatically participate in the Nxt account snapshots for Ardor distribution and will receive the ARDR asset at the end of the snapshot period, after Nxt block 1,000,000. MyNxt Wallet users will be able to manage their ARDR assets either 1) By using the Asset Exchange plugins in the MyNxt Wallet itself; or 2) By exporting their MyNxt Wallet in order to access the accounts using the Nxt Client - see here how. As usual, the only essential information a MyNxt Wallet user needs to keep safe is the master password.


The Long Version
(taking as example the model question received)

Quote
What happens when Ardor is released? Will NXT holders on mynxt receive Ardor tokens, or do we need to store our Nxt on a local wallet in order to get them?

Quote
Before anything, please note that there is no such thing as a Nxt local wallet - at least not with the principal clients used currently, the core Nxt Client and the MyNxt Online Wallet. All the Nxt accounts are in the blockchain, so the only piece of information a user needs to keep (locally in your computer inside a password manager for instance, or written in a piece of paper stored somewhere safe) is the account secret passphrase; in the case of the MyNxt wallet, this corresponds to the master password for your Nxt account. Using your master password you can export your MyNxt wallet accounts (see https://nxtforum.org/mynxt-info/accessing-your-mynxt-wallet-accounts-in-the-nxt-client/ ) which allows you to obtain the full secret passphrase for your online wallet account/s. And then you can use the secret passphrase to access your Nxt account/s using the core Nxt Client.

The difference between the Nxt Client and the MyNxt Online Wallet is how the accounts are unlocked. Using the Nxt Client, you enter the actual secret passphrase for the account in order to be able to send transactions. Using the MyNxt Online Wallet, you enter your master password. This master password is used to obtain locally, in your web browser, the actual secret passphrase - which is then hashed also locally in your web browser, and then securely compared to the hash stored in the MyNxt Wallet servers for your account. But in both cases, you're accessing a Nxt account with its corresponding balance and assets.

So MyNxt does not need any extra management as some cryptocurrency exchanges wallets may need, where all the NXT and Nxt assets are kept in a central wallet account, and the balances for every user are kept in some off-blockchain database.

This means that all the accounts in the MyNxt Wallet will automatically participate in the snapshots for Ardor starting the 14th of July, and will receive the corresponding amount of ARDR tokens when they are sent once the snapshot period has ended, after the Nxt block 1,000,000.

One thing to note, though, is that in the MyNxt Online Wallet you need to add the Asset Exchange basic plugin in order to monitor the assets you have in your account, and the Asset Exchange Pro plugin (or the full Nxt Client plugin) in order to do transactions with them. But even if you have a bare-bones MyNxt wallet with no plugins, and you cannot see in the online wallet all the contents inside of your Nxt account, the assets your account receives (such as ARDR) are in that account regardless. You can always search for the Nxt account ID in the MyNxt block explorer - https://mynxt.info - to check all its contents.

Another option, of course, can always be to export your MyNxt wallet so you can obtain the Nxt secret passphrases locally in your computer, following the instructions in the link above, and then install the Nxt Client to access your accounts from it using the passphrases.
« Last Edit: August 04, 2017, 10:19:22 pm by VanBreuk »
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