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Back again this week for another whirlwind tour around a Crypto wallet? Well look no further, we've got another heavy hitter this week that has stormed onto the crypto wallet scene. However, before we take a look around the sights and sounds that it has to offer please feel free to check out my previous wallet articles here:
In the last tour we took a look at a coin specific wallet, this time we're returning from the detour to dig into the multi-coin solution called SafePal. If you've not heard anything about this wallet yet then you may well be a crypto-social media minimalist because it has been plastered all over Twitter for the last few months, and for good reason as well find out.
Being partnered with Binance has some serious benefits. Not least the speed and ease with which SafePal catapulted themselves into the crypto-sphere's consciousness. One of the most obvious campaigns was the initial SFP token (a BEP20 token) offering for completing tasks on Twitter and Telegram as well as in the wallet app itself. These tasks included things like moving funds into the wallet, sharing links on Twitter and activating Hardware wallets (to name a few). The cypto-world being what it is we all jumped at this massive airdrop and, as it turns out, there was some abuse of the campaign though they did honor the bulk of the promised tokens, which if you completed them all at the time you'd be sitting on a pretty penny.
But other than an excellent marketing push what was it they were selling. Well, as indicated in the introduction this was a drive to onboard users to their multi-coin crypto mobile and hardware wallets. As the tagline below suggest the goal being that this one interface can serve as a singular point of access to all of your separate crypto wallets. You see rather than focusing on just having people generate new wallets SafePal included, front and center, an easy way to link all your wallets together. Which, given that the market is saturated with wallets is definitely an excellent selling point.
If after reading this article you're interested at learning more about how to connect one wallet to another then consider reviewing my previous article below. Note that while the article is not SafePal specific the principles are the same and it will give you a good grounding on how it should work. Remember, crypto wallets are really just storage solutions for your private keys. Be careful what you do with them and never ever.....ever, share your keys or mnemonic phrases with anyone.
Given the close ties with Binance it only standards to reason that they will be integrations between their products. One place this is very apparent is in the trade functionality of BNB and related tokens.
1.) From the main screen clicking on an asset takes us to a more detailed view
a.) Firstly we have the standard balance, send and receive functionality
b.) Next up there is the ability to in-app purchase funds as well access the block explorer for the network
c.) Finally we see a detailed breakdown of the wallet transactions with easy filtering functionality
2.) Note that at the top of this page (for applicable coins/tokens) it is possible to access the Binance DEX (decentralized exchange)
a.) As with a traditional exchange this works on orders submitted through the panel on the left
b.) With the details of the order book on the right
3.) After moving from the main page the next icon we have are the charts.
a.) This represents a quick view of the market data, with upcoming addition of DeFi market data in the works.
In order to be a one-stop-shop the SafePal wallet needs to contend with other all-rounder software wallets like TrustWallet or MetaMask. As such one of the most important additions (and doing a great job of it) is the dApp (decentralized applications) browser.
1.) Access to the browser is through block image in the middle of the navigation bar.
a.) As you can see this section is pre-populated with a bunch of well known dApp but also the search can be used to navigate to others. Additionally, there are some handy navigation menu sections that can be used to easily jump between well known dApp categories
b.) The bottom section then lists out the dApps and relevant icons
2.) Clicking through to a dApp first prompts you confirm you're aware that you're navigating away from the wallet app's realm of control. It is important to note here that you use these apps at your own risk.
3.) Finally, when the app load it is much the same as you would expect it to be on the traditional sites. In case you need to connect your wallet I've found the TrustWallet connection on most sites seems to work with SafePal, if it hasn't connected you already.
The remaining screens after the dApp browser consist of the atomic swaps and setting sections.
1.) The swap section is selected by choosing the double arrow on the navigation bar. Note that as with other wallets this in-app service is a quick way to trade between your current assets instantly (like using ChangeNow).
a.) Note that where applicable for the asset we can swap between the swapping service and the DEX from here as well
b.) The swap itself is pretty straight forward. Just plug in what you have, and what you want, and you're away. Note that fees apply to exchanges as normal
2.) Moving over to the last icon (the person) we have the setting section, where you'll find:
a.) Top of the list (and most important) is the security setting, including; password and pattern unlock
b.) Your back-up recovery phrase (password protected)
c.) Setting for the gas controls (Low/Med/high)
d.) Language and local currency display settings
e.) Your address book for frequent sends
f.) Chart preferences
g.) Finally, support and general app version info
3.) As mentioned earlier in the article the SafePal team (working alongside Binance) offer a number of support/incentive program for new tokens. These are accessed through the dApp screen but I added it here as they are not standard and are added as time goes on.
a.) The most recent program worked on the same principles as the original SPF offering. Completing challenges/task gives shares in the prize pool
Early in this article I mentioned that SafePal hit the market with not just one but two products. The software app that we've taken a spin around and then also a new hardware wallet. Similar to app this wallet really drummed up some solid community support when it was released and comes with the following key features:
No wired/bluetooth/WiFi connections (true cold storage)
Built in camera for QR scanning
True random number generator (because some RNGs are not actually random!)
I've said it before and I'll say it again, I'm amazed with just how quickly SafePal arrived on the scene and took their place in the market. Having participated in a couple of the their token offerings now I can confirm they can be quite lucrative. As for the product itself I think they really hit the nail on the head. Rather than focusing on just being another multi-coin wallet SafePal is gear towards being a crypto-wallet-interface solution. That is to say you can manage all of your wallets (software and hardware) from one location which is a nice way to keep tabs on everything.
The hardware wallet itself is also a great affordable option for cold storage and has some neat safety features. However, remember to back up your recovery keys so you don't lose access to you funds.
Thanks for reading, hope you enjoyed the article and found it informative, good luck y'all!