SFM Labs - The SafeMoon Wallet: Features explained

SFM Labs - The SafeMoon Wallet: Features Explained with open discussion. This Twitter Space took place on 7th February 2022 - 2 PM EST / 7 PM GMT / 8 PM CEST


A quick disclaimer upfront: All information given in this presentation is researched and intended to be educational and illustrative to the specific topic as always. Every owner has to do their due diligence, as the owner's decisions and responsibility about any investment lie with themselves.


What is the SafeMoon Wallet?

The SafeMoon Wallet is SafeMoon's application for holding, managing, and trading cryptocurrencies.


How can you start using the wallet?

You can create a wallet or import an existing wallet.


When you click on 'Create', you create a seed phrase directly in the app and have to take note of the newly given series of words.


When you click on 'Import', you are given the possibility to import an existing 12 or 24-word seed phrase.


The wallet has several features displayed in the fitting tabs:

  1. A tab with an overview of the cryptocurrencies you own and market information, called 'Wallet'

  2. A tab in which exchanging and converting cryptocurrencies takes place, called 'Swap'

  3. A tab with different setting options, called 'Settings'

In the 'Overview' tab, you can see the current cryptocurrencies you hold and the current top 100 coins on the market. Both overviews can be set and changed with one click by clicking on the respective currency. For any currency, you can also click to view past transactions (if available) and graphs of the current market development. At the top, you can access a calculator to calculate exact values based on current prices (e.g. SafeMoon). In another subsection, there is the Reflections item where you can view the development of your coins and token that assign reflections. Notifications will be hidden on the top left, adding custom tokens will be set up on the top right.


In the upper center, the current total value of the portfolio is displayed and you have the option to send, receive, or even buy cryptocurrencies with Moonpay. You can also interchange between the BSC- and ETH-Chain.


With this setup, businesses can easily utilize the possibility to integrate the wallet into their daily businesses. You can receive or send out crypto by using one of two methods: wallet address or QR Code. By entering the wallet address, you can either receive or send cryptocurrency to the designated wallet, while by using the QR code you can integrate the designated target address within seconds by scanning or handing out the fitting code. This ensures a secure and easy way to transmit unique payment data without the fear of mistyping wallet addresses or accidentally sending it to the wrong wallet.


In the 'Swap' tab of the SafeMoon Wallet, you can exchange cryptocurrencies. When looking at the the Swap area in the center, the currency you have are in the top field and the cryptocurrency you want to receive and exchange your holdings for are located in the bottom field. Make sure that the slippage (the value which is set at the top to ensure that when a trade happens and price differences accurate in terms of the fee you don't cancel out the transaction) is set correctly according to the trading pair that you have (e.g. Binance Smart Chain to SafeMoon has to be set to 12% slippage.) If you feel comfortable and secure, you can also change the transaction speed and the transaction limit time based on the desired change you wish to do according to trade. Existing holders of SafeMoon V1 can still use the migration at the bottom of the tab, make sure to use it as long as it is still possible. Follow the instructions given to initiate the migration process, do not buy, sell or trade SafeMoon V1 at all times.


In the 'Settings tab', you can rename existing wallets and add additional wallets in the Multi-Wallet Feature. The security settings provide additional options to enable security (which is highly recommended to be activated), such as 2-layer authentication, transaction signing, and 2-step transaction verification via the Google Authenticator. Direct connections can be established via the Wallet Connect feature (make sure to cancel them after using them). You can also add contacts to secure direct addresses and not re-enter them again, change the default currency and turn on the most beloved Dark Mode.


Lastly, you have the option to see your seed phrase and private key, change your password, and log out.


The SafeMoon Wallet does not collect any data, all data is held on your phone and can be removed by logging out and wiping the data completely.


An additional feature has been spotted some days ago by my friend and Senior Scholar CatsRus posting a picture with another, new tab called 'Collectibles'. More for that is coming in the future, but it hints at a possibility to ensure that people can hold and see collectibles inside the SafeMoon Wallet.

 

Credit:

Gandalf - SafeMoon Educator

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