What is Secret Network Wallet? How to use Secret Network Wallet

Secret Network is the first blockchain platform focused on developing data privacy, helping users to build and use privacy-preserving applications without permission. The need for security is highly appreciated in the crypto currency market, along with the expansion into many ecosystems, it proves that Secret Network is growing fast in the past time.

So what is a Secret Network wallet? Where to create a Secret Network Wallet? In today's article, I will show you the details on how to create a Secret Network Wallet.

What is Secret Network Wallet?

The Secret Network Wallet is where SCRT tokens are stored in the Secret Network blockchain. You can send and receive SCRT standard tokens as well as interact with applications on the Secret Network platform. In particular, this wallet is owned by you, so no SCRT has the right to influence or use the wallet other than you.

Secret Network 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 Secret Network wallet. Others can transfer coins to you through the wallet address you provide. A Secret Network (SCRT) wallet address will have the format starting with "secret...": secret1xmafl332nuzatdma4vffmm9twx4uxtcqvws0j3.
• 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: boost more luxury curve broccoli bounce shine ruler lead hard gold cap
• 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: 3754dd17dd493b6c08484093e2593c412d158513173ad2b3f4f3804bd5ee2001

To make it easier to visualize, you can imagine that the Secret Network 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 Secret Network Wallet, the user becomes anonymous, no SCRT knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

Where to create a Secret Network Wallet?

You can create a Secret Network wallet through Coin98 Wallet.

Coin98 Wallet is a NFT & non-custodial wallet that not only supports the Secret Network platform but also many other platforms such as Ethereum, Solana, Secret Network, 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,...

Because it is a decentralized wallet platform, users are in complete control of assets, no SCRT has access to your wallet including the developers. You can rest assured when storing SCRT tokens here. 

How to create a Secret Network Wallet (SCRT)

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

Coin98 Mobile Wallet

Download and access the app

Secret Network Wallet is now available on the Coin98 Mobile Wallet for both iOS and Android users.

After downloading the app, you open the Coin98 Wallet application and select the language you want to use to directly access the wallet interface.

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

Create the Secret Network (SCRT) Wallet

Step 1: Open the application, at the homepage click Manage.

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

Step 3: Create a name for 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 VERY IMPORTANT information that directly affects control over your assets.

• Copy and paste the Passphrase/Private key into the Confirm box.
• Tick ​​the box Back up your recovery key 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 any. Otherwise, your account is at risk of being stolen when someone knows these sequences of characters.
• Tick ​​the remaining two 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 Secret Network wallet. 

Coin98 Extension Wallet

Installation instructions

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

For instructions on installing and using Coin98 Extension Wallet, you can refer here.

Create the Secret Network (SCRT) Wallet

Update soon...

How to receive SCRT into Coin98 Wallet

This operation is similar on both the mobile version and the extension, so you should refer to the ways below and follow.

Step 1: Click on the Secret Network Wallet on the main screen.

Step 2: Click Receive.

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

How to send SCRT from Coin98 Wallet

This operation works the same on both Coin98 Mobile Wallet and Coin98 Extension Wallet. Here, I will give an example of how to receive SCRT token stored in a mobile wallet.

Step 1: Click on Secret Network 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 sending. 

In addition, you can also go to the Send section in the main interface, select the Secret Network wallet you want to send from.

Note:

• The gas fee for each transaction is paid with SCRT, approximately 0.002 SCRT.
• The default gas fee on the Coin98 Wallet has been set at the standard rate that offers the most optimized speed at a reasonable cost.

Some notes when using Secret Network Wallet

Is it safe to store SCRT tokens on Secret Network Wallet?

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

Is there a fee to send SCRT or transfer SCRT tokens?

Sending SCRT tokens from Secret Network will cost the blockchain platform fee in SCRT to confirm the transaction.  But the transaction fees on Secret Network is much cheaper than on Ethereum.

Is it possible to create multiple Secret Network wallets?

Yes! You can create as many Secret Network 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 Secret Network wallets. 

Can Secret Network Wallet store other coins?

Secret Network Wallet can store SCRT tokens supported by the Secret Network blockchain platform. In addition, do not transfer any coins on other blockchain platforms to Secret Network Wallet if you do not want to lose your assets

Summary

With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Secret Network. Hope the tutorial can help you to easily create and use Secret Network (SCRT) on Coin98 Wallet.

If you have any questions about the above steps, don't hesitate to leave a comment at the end of this tutorial! The Coin98 team will answer your questions as soon as possible! See you in our future posts!

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