Blockchains
General
The integration of iMe Wallet with the Ethereum platform gives users a new level of use of decentralized financial instruments.
The combination of a messenger with a crypto wallet makes working with cryptocurrency assets simple and convenient.
The messenger is based on the security and progressive messenger Telegram, and the structure of the crypto wallet is built on the Ethereum blockchain and Binance Smart Chain.
Ethereum was launched in 2015 and is the leading programmable blockchain in the world. Like other blockchains, Ethereum has its own cryptocurrency called Ether (ETH). ETH is digital money that can be sent instantly to anyone in the world. The creation of ETH is not controlled by any government or company, it happens in a decentralized manner.
To learn more about Ethereum, we recommend visiting the official website https://ethereum.org/en/.
What is ETH and how can I get it?
ETH is the internal currency of Ethereum. This is digital money that can be sent instantly and cheaply over the Internet and is used in many applications built on Ethereum.
The easiest way to get ETH is to buy directly in the app. Or transfer ETH to your address from other resources.
The purchase of ETH in iMe occurs through the Simplex processing service.
Purchasing via Simplex
You can find out what Simplex is, as well as how to buy cryptocurrency through this service, in the Simplex section.
Ethereum tokens in iMe
The ETH cryptocurrency and Ethereum tokens can use the same address for storage and transfers.
In iMe Wallet, the Ethereum account is the main one and all tokens in iMe have the same address, because are tied to an ETH address via a smart contract.
The Ethereum platform allows you to create your own tokens, in particular the ERC-20 standard.
Lime is a utility token based on the ERC-20 Ethereum platform, which is also supported by BNB Chain BEP-20 and Polygon. This token was issued by the iMe project and has already been placed on crypto exchanges.
How do cryptocurrency wallets work?
Contrary to popular belief, cryptocurrency wallets are not designed to actually store crypto, instead they provide the tools needed to interact with the blockchain network. In other words, these wallets can generate the necessary data to send and receive cryptocurrencies through transactions. Among other things, this data consists of one or more pairs of public and private keys. The wallet also includes a public address, which is an identifier in the form of a set of letters and numbers that is generated based on the public and private keys. Such an address is a kind of location in the blockchain where you can send coins. This means that you can share your public address with another user to receive funds, but you must never show your private key or passphrase (Seed phrase) to anyone.
The private key gives you access to your cryptocurrencies, no matter what wallet you use. Thus, even if your computer or smartphone has been compromised, you can still access your funds from any other device, provided that you have the appropriate private key (or Seed phrase). Note that coins never leave the blockchain, they just move from one address to another.
The iMe Wallet mobile wallet is software, in the form of an iMe application, that you install and use on your smartphone. This type of wallet gives you full control over your keys and funds. When you create a new wallet, a set of words of the passphrase (Seed phrase) will be stored on your smartphone encrypted with a personal password.
Since you are encrypting your wallet, you will need to enter your password every time you start the program. For the convenience of logging into iMe Wallet, a PIN code is implemented, which additionally encrypts the password itself. If you lose your smartphone or forget your password, you will lose access to your funds.
For this reason, it is always necessary to make a backup copy of the passphrase (Seed phrase) and keep it in a safe place.
Seed-phrase
Typically, non-custodial wallets use a seed phrase to restore access to funds.
Seed is a sequence of 12, 18 or 24 words, BIP39 standard. This standard contains a dictionary of 2048 words and BIP32-44-49-84-141 key generation protocols.
With a wallet seed, you can access funds in almost any non-custodial wallet application.
Accordingly, the reliability of seed-phrase storage is a top priority for a cryptocurrency user.
In some wallets, funds are accessed through the Private Key (private key), which is a sequence of alphanumeric characters. It is worth noting that the private key provides access to only one specific coin address, while the seed phrase gives full control over all the coin addresses that have been generated in the wallet. In simple words, the Seed-phrase contains all the private keys from all the addresses in the wallet at once.
Backup copy
If you don't have a backup, be sure to create one. Otherwise, if you lose your smartphone or delete the application, you will not be able to restore your account and all funds will be lost forever.
After creating an Ethereum account, go to settings in iMe Wallet and select "Backup".
Record and save your 24 passphrase. Do not store the passphrase on electronic media and devices with Internet access.
Only you have access to the wallet, private keys and funds in the accounts.
With this phrase, you can always restore access to your wallet.
The security of your wallet is only in your hands. Do not share your passphrase with anyone and keep it in a safe place.
Recovery
To restore your Ethereum account, prepare your passphrase - these are 12 or 24 words that you had to write down and save when creating a backup copy in iMe Wallet. If you are restoring an account that was created in other cryptocurrency wallets, then there may be fewer control words, for example 12.
Next, you need to create a password (minimum 8 characters) that encrypts your key, and create a PIN code for added security and easier account login.
What will happen to my savings if iMe Wallet fails?
Nothing, you just need to find another interface.
Your funds are not actually in iMe Wallet. Your wallet exists on the blockchain itself, and iMe Wallet simply offers a convenient way for anyone to easily interact with the blockchain.
If the iMe Wallet went down, you would only need to find another Ethereum blockchain interface, such as MyEtherWallet (MEW), that would give you access to your wallet.
The information used to access your wallet on iMe Wallet is the same information used to access your wallet on another platform. We always recommend doing your own research before entering your details into an unfamiliar app or site.
How to make a transaction?
iMe Wallet allows anyone with an ETH balance to send a transaction at no additional cost. Using the Ethereum blockchain requires gas, which is paid for by ETH, so we recommend having at least 0.01 ETH to pay for about 2 - 3 transactions.
If you get an error that looks like this: “Not enough ETH to send”, it means that you do not have enough ETH in your account to cover your gas costs.
Every transaction (including transactions with tokens and contracts) requires gas, which is bought with ETH. You can think of this as a transaction fee.
Solution: Buy or send 0.01 ETH to your account to be able to complete the transaction.
More about gas:
A standard transaction would cost 21,000 units of gas and the price of gas would be 0.00000002 ETH, so the total fee would be 0.00042 ETH.
With tokens, the amount of gas is usually 50,000 - 100,000 units, so the total fee increases to 0.001-0.002 ETH.
The amount of ETH or tokens you send does not affect the amount of gas you need.
The gas limit is the maximum amount of gas you will send during a transaction. This is in units of gas.
Can I cancel, replace or do anything after the transaction has been submitted?
In 99.999% of cases, the answer is NO.
Once miners have added a transaction to a block that has been included in the blockchain, it cannot be reversed or replaced.
During periods of normal load, transactions are “mined” within a few seconds and do not stay in the transaction pool for long. After sending a transaction, there is simply no time to cancel, replace, or overwrite it.
You can check the status of the transaction through the Ethereum blockchain explorer, for example Etherscan.io or Ethplorer.io.
ETH or tokens did not appear after the transaction
If you cannot find your funds, you will first need to verify that the transaction has been successfully transferred. If you have the hash of the transaction, enter it into the search bar at Etherscan.io.
Example: Successful transaction
Example: Failed transaction
The absence of any red symbols or errors means that your transaction was successful! You can click on the "To:" address in the transaction overview to navigate to the destination of the funds.
Check the address carefully to make sure it is 100% the same as the address where you wanted to send the funds.
Even one wrong symbol means that the funds were sent to another wallet.
If you see an error in your transaction, it means that it was unsuccessful and your funds did not leave the original wallet. You will need to make a few changes and resubmit the transaction for it to be successfully transferred. Depending on the error displayed, this can usually be easily fixed.
My transaction didn't "go through". Why was my money debited?
On the Ethereum network, transactions require gas to complete. Ether (ETH) is the fuel that is used for this purpose. When you send tokens, interact with a contract, send ETH, or perform other actions on the blockchain, you must pay for this calculation. This fee is expressed in gas, and gas is always paid in ETH.
You pay for calculations regardless of whether your transaction was successfully completed or not.
Even if it doesn't "go through", the miners have to validate and complete your transaction, which requires processing power. You must pay for these calculations, just as you would pay for a successful transaction.
You can view the transaction fee (gas limit * gas price) in ETH and USD when you find your transaction on Etherscan.io.
This is not a commission that iMe or any other service provider receives. This fee is paid to miners for mining transactions, verifying and adding them to blocks, and protecting the blockchain.
You can find out more about LIME deposits in the Lime Staking section.
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