Understanding Wallets

A wallet is a particular kind of software that allows users to store, send, and receive digital assets, such as cryptocurrencies and tokens, using their public blockchain address. In the context of our platform, a wallet is essential for receiving both your Mineral Vault tokens and the ongoing dividend payments associated with them.

When users purchase Mineral Vault tokens or other digital assets on the blockchain, their assets aren’t on wallets; rather, they’re on the blockchain and are associated with their public blockchain address, which is simply linked to the wallets for the purpose of control of the assets. This is similar to how your actual “money” is not on your bank debit card but instead is in your bank account. Like debit cards for bank accounts, wallets are simply interfaces for  control of assets which are stored elsewhere (on the blockchain).

All blockchain addresses have a corresponding “private key” that allows users to restore control of their assets from a different wallet should they lose access to an existing wallet or device that a wallet was installed on.  It is critical that this “private key” is kept in a safe place, advisably offline, so that access to digital assets can always be restored from a different wallet at a later time if needed.

Creating A Mineral Vault-Compatible Wallet

The following steps will create a wallet which can be used with Mineral Vault:

• Step 1: Choose a Wallet Provider: Because Mineral Vault tokens are exchanged on the Plume Network blockchain, the selected wallet should be EVM-compatible.  All EVM-compatible wallets work with the Plume Network.  There are many wallet providers available, each with different features. Popular options include MetaMask, Trust Wallet, and Coinbase Wallet.

• Step 2: Download and Install the Wallet:

  • Mobile Wallets: Go to the App Store (iOS) or Google Play Store (Android) and download the wallet app of your choice.

  • Desktop Wallets: Visit the official website of the wallet provider and download the desktop application or browser extension.

• Step 3: Create a New Wallet:

  • Open the wallet application and select the option to create a new wallet.

  • Follow the on-screen instructions to set up your wallet. This usually involves creating a strong password and, in some cases, setting up additional security measures such as two-factor authentication.

• Step 4: Backup Your Wallet:

  • During the setup process, you will be given a recovery phrase (also known as a seed phrase or mnemonic phrase). This is a series of words that can be used to restore your wallet if you lose access.

  • Write down this recovery phrase and store it in a safe place. Do not share it with anyone, as it grants full access to your wallet and its contents.

• Step 5: Access Your Wallet:

  • Once your wallet is set up, you can use it to receive, store, and manage your tokenized assets. To interact with the Plume Network, ensure your wallet is compatible and connected to the network.

By following these steps, you will have a secure and functional wallet ready to manage your Mineral Vault tokens on the Plume Network blockchain. If you encounter any issues or need further assistance, please refer to the support documentation provided by your chosen wallet provider or contact our support team.