What is Conflux Wallet? How to use Conflux Wallet

Conflux (CFX) is a fast and secure DeFi ecosystem that builds a cross-border, multichain not only in Asia but also in North America, Latin America, Europe,… Specifically, Conflux is the only regulatory compliant, public, and permissionless blockchain in China. For that reason, Conflux plays a vital role in advancing education and research in the market through the Tree-Graph Research Institute in Shanghai.

To be able to skin in the game with this blockchain, of course, you will need a Conflux Wallet.  In today's article, I will show you the details on how to create a Conflux Wallet.

What is Conflux Wallet?

A Conflux Wallet is where CFX, CRC20 and CRC721 standard tokens are stored on the Conflux blockchain. You can send and receive CFX, CRC20, CRC721 standard tokens as well as interact with applications on the Conflux platform.

In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.

Conflux Wallet has 3 extremely important pieces of information you must note:

• Wallet address: A sequence of numbers and characters used to send assets to the Conflux wallet. Others can transfer coins to you through the wallet address you provide. A Conflux (CFX CRC20 CRC721) wallet address will have the format starting with "cfx:...": cfx:aastnmtyvr3xsckex8dzk3d14b38uf86xemdgu78b3.
• Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: quick cow join random snap claw multiply income member blue roast subway.
• Private Key: This is a string format to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 0x7a1f198f646a1b4ee87e649f348507945364febd8e976b45af37d2e1c914f61d.

To make it easier to visualize, you can imagine that the Conflux Wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.

The difference here is that with a bank account, other people will know your personal information. As for the Conflux Wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

Where to create a Conflux Wallet?

You can create a Conflux wallet through Coin98 Wallet.

Coin98 Wallet is an NFT & non-custodial wallet that not only supports the Conflux platform but also many other platforms such as Ethereum, Solana, Conflux, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & X-Chain), Polkadot, Cosmos, Terra, Persistence, Bitcoin, TomoChain, Celo, Binance Chain, THORChain, BandChain, Kava, xDAI, GateChain, Klaytn, OKExChain, Ronin, Harmony, KuCoin Chain, Boba Network, Arbitrum on Ethereum, Arbitrum on xDai, Optimism, KardianChain, Harmony, Tezos, Aurora,...

Because it is a decentralized wallet platform, users are in complete control of assets, no one has access to your wallet, even the developers. You can rest assured your CFX CRC20 CRC721 tokens are safe here. 

How to create a Conflux Wallet

This tutorial will guide you on how to create a new Conflux wallet on both the mobile and desktop interfaces, you can also install both to flexibly switch use.

Coin98 Super App

Download and access the app

Conflux Wallet is now available on the Coin98 Super App for both iOS and Android users.

After downloading the app, open the Coin98 Super App application and select the language you want to use, then you’ll be directed to the wallet interface.

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.

Create the Conflux Wallet

Step 1: Open the application, click the wallet icon at the bottom right corner, then click Manage.

Step 2: Click Add Wallet and click on the Conflux icon (CFX CRC20 CRC721) to create a Conflux wallet, or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create. 

Step 3: Name the wallet (name it something that you can remember or is convenient for later use). Click Next. 

Step 4: Back up the Passphrase/ Private key in a safe place.

Note: These are CRUCIAL information that directly affects control over your assets.

• Copy and paste the Passphrase/Private key into the Confirm box.
• Tick ​​the Back up your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account will be at risk of being stolen.
• Tick ​​the two remaining boxes to confirm that you understand the risks if you lose your Passphrase/Private key.

Select Create Wallet.

Once done, you can also go to Manage → Manage All Wallets to check the newly created Conflux wallet. 

Coin98 Extension Wallet

Installation instructions

You can access chrome.coin98.com to install the Coin98 Extension Wallet.

For instructions on installing and using the Coin98 Extension Wallet, you can refer to this guide here.

How to create a Conflux Wallet

Updating

How to receive tokens into Coin98 Wallet

This operation is similar on both the mobile and the extension versions, so you can conduct these steps for both.

Step 1: Click on the Conflux Wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code.

How to send tokens from Coin98 Wallet

This operation works the same on both Coin98 Super App and Coin98 Extension Wallet. Here, I will give an example of how to receive CFX, CRC20, CRC721 tokens stored in a mobile wallet.

Step 1: Click on the Conflux wallet.

Step 2: Choose Send.

Step 3: Select the token and enter the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm. 

In addition, you can also go to the Send section on the main interface and select the Conflux wallet you want to send from.

Note:

• The gas fee for each transaction is paid with CFX, approximately 0.00005 CFX.
• The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.

FAQs about Coin98 Wallet

Is it safe to store tokens on Coin98 Wallet?

Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no CFX CRC20 CRC721 has access unless you disclose the key to others.

Is there a fee to send or transfer tokens?

Sending CFX CRC20 CRC721 tokens will cost the blockchain platform fee in CFX to confirm the transaction. But the transaction fee on Conflux is much cheaper than on Ethereum.

Is it possible to create multiple Conflux wallets?

Yes! You can create as many Conflux wallets as you want, each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Conflux wallets. 

Can Conflux Wallet store other coins?

Conflux Wallet can only store CFX CRC20 CRC721 tokens supported by the Conflux blockchain platform. Otherwise, do not transfer any coins on other blockchain platforms to the Conflux Wallet if you do not want to lose your assets.

Learn more:  What is Harmony Wallet? How to use Harmony Wallet