25 Apr FLASH Hierarchical Deterministic Wallet Upgrade – Your Keys, Your FLASH
With this upgrade to a Hierarchical Deterministic (HD) Wallet, FLASH is closer to the goal of complete decentralization by providing users with their own private keys, thus giving them full control over their assets (BTC, LTC, ETH, FLASH, ERC-20 tokens, etc) held in their FLASH Web Wallet.
What is a Hierarchical Deterministic (HD) Wallet?
Simply put, a Hierarchical Deterministic Wallet allows users to possess their own private keys. This means that no other entity, not the banks, not the government, not even the FLASH developers, nor any other third party can access or freeze a FLASH wallet under any circumstances.
Your Keys, Your FLASH
How to Upgrade to the FLASH HD Wallet
Upon logging into the FLASH Web Wallet, users will be prompted to upgrade to the HD wallet.
The seed phrase will be presented here, but has been removed to protect my account.
After clicking OK and logging in, my FLASH balance was available and I now possess the private keys to my wallet.
FAQs on the HD Wallet Upgrade
Q: What happens if I don’t upgrade to the HD wallet?
A: If you don’t upgrade, the old accounts will still work as usual, however, the HD wallet is more secure and gives users more control over their cryptocurrency.
Q: What happens if FLASH is sent to the old deposit address after I upgraded to the HD wallet?
A: After upgrading to the HD wallet, the old wallet for each coin can still be found in “My Account -> Account Settings -> Old Wallet.” Any transactions sent to the old address will be received here and can be transferred to the new wallet by clicking on the Transfer button.
Q: Will the Android and Web wallet still have the same login for both?
A: The same login will still work for Android and FWW for now, in the future that might change.
Q: Where are my private keys held?
A: Your private keys are held on the device you are using and nowhere else. The HD wallet is the 1st step in moving wallets to the decentralized ecosystem.
Q: When we click upgrade, does it convert the existing wallet.dat file to HD or does it generate a new separate wallet.dat file?
A: The FWW and Apps have different way to manage user wallets (a different type of wallet). We are not using wallet.dat for FWW and apps. Upon upgrade, coins migrate from the old wallet to new HD wallet.
FLASH to be Completely Decentralized by Q3 of 2019
The HD FLASH wallet is a precursor to implementation of the novel FLASH consensus (FC) algorithm, with Mainnet scheduled to be launched in Q3 of 2019. This will complete full decentralization of the project, as explained in detail in the FLASH Whitepaper.
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