So I know that you all have been waiting very patiently for the web wallets to be released. As per community votes regarding the release dates, the majority asked for a later release date due to the crypto market sentiment that wasn’t so good early in September.
We’ve made a few upgrades while holding off on release which we were saving for V2 of the web wallet in the meantime.
So before we get into full usage of the web wallets, I thought I’d do a write-up of the key elements of the wallets.
Plain and simple… a big YES.
BUT! There are a few things you need to know before you go diving in:
1. The bigger your wallet, the longer it will take to scan and show your balance.
1. Initial scan
2. Client side utxo processing
Let’s talk about Initial Scanning first.
Initial scanning happens when your wallet is seen by the system for the first time and it is not a newly created wallet. The first thing that has to happen is that the system has to scan the block database to find all of your transactions.
This can take a long time especially if you have a large number of utxos (transactions).
We ran some tests with the team and the helpers – some of whom have wallets with so many utxos we couldn’t believe it – the smaller wallets were done in anything from 2 to 5 minutes.
The biggest wallets took from 15 minutes to half an hour to be ready.
Why does it need your transactions? Well, how else is the web wallet going to know what transactions you sent and received and thereby calculate your balance? It needs to have this data sent to the browser in order for the browser to calculate your balance.
The server does not have the necessary data to open up your transactions. Only you do, in your browser.
So the back-end system gathers all the utxos it can find for your keys and then sends them to you to be decrypted so that the wallet can show you your balances.
This is where the client side utxo processing comes in.
The faster your pc, the faster it will process the utxo data and show you the dashboard. Scans of your wallet after the initial scan are always faster because the system doesn’t need to go through the first 600 something thousand blocks again. On average, after the first scan, the web wallet will load in half or a third of the time it took the first time.
This is something we added to the wallets for future integrations and to keep to industry standards.
DO NOT select this option if you are logging in with a desktop wallet (QT wallet) mnemonic.
DO use this option if you created your wallet on the web wallet, SecuX hardware wallet, or the soon to be coming mobile app wallets.
If you select this option but use a desktop wallet mnemonic, you will not see your balance.
I would make a suggestion for our stakers and masternode runners:
If you use your wallet for staking or masternodes, probably make a new wallet on the web wallets. The reason for this is simple. The web wallet doesn’t know if you are staking or running masternodes. If you tell it to send coins, it will. It will not care if your masternodes or staking utxos are used or not.
So to make sure you don’t end up pulling your hair out because half your MN’s just went missing, rather create a new web wallet address and send the coins you want to spend there instead.
Now, with all this said we are very proud of what we accomplished with the web wallet, and we are sure that you will love it too! Up until now, the barrier to entry into DAPS was set by having Desktop QT full node wallets which are relatively heavy, and thus, mobile users had limited options.
But now with the new web wallet, this barrier to entry has been removed, and most importantly: DAPS is now easier to use than ever as you will now be able to use DAPS on any device with a browser and have a new wallet instantly available.