New cryptocurrencies in Beta Wallet

From Trezor Wiki
Jump to: navigation, search
Trezor Wiki/User/User manual/ New cryptocurrencies in Beta Wallet


Beta Wallet is a next generation wallet developed for Trezor with native support for Ripple, Ethereum, Ethereum Classic and related tokens.

Using Beta Wallet[edit]

Using Beta Wallet is simple. If the passphrase protection is activated the user is asked to choose between wallets - without (standard) or with passphrase (hidden).

Ethereum passphrase.png

This can be changed anytime by clicking on the Trezor in the top-left corner and selecting "Change wallet type".

Change wallet type.png

It is possible to change the type of cryptocurrency in the left sidebar.

Next sidebar.png

Ethereum and Ethereum Classic[edit]

Summary[edit]

Summary tab informs about the user's transactions, tokens and balances. To check balances of the tokens in the wallet and to be able to send them, the user has to type them in to the "Search for the token" box and add them.


NoteIf the token is not listed, you can also directly paste your address.


Ethereum summary.png

Receiving funds[edit]

Select the Receive tab to get your first receiving address. Click on Show full address to see the address in full. At this point, you will be asked to check and confirm the address on your Trezor. Always make sure the receiving address created by your Trezor device matches the one in the wallet. This will make sure that the address is really yours and not one generated by a third party. You can always re-check and re-confirm the address on your Trezor device by clicking on the eye icon next to the address.

Now you can use your newly generated address to receive funds. When someone makes a payment to you, you will see the new balance in the "Summary" tab and its details by clicking on "See full transaction history".

Ethereum receive.png

Sending funds[edit]

ImportantTo be able to send tokens from Beta Wallet, it is needed to add them in the Summary tab.

You can type in the destination address for your transaction. Insert the value of the funds you want to send (you can choose between Ethers and tokens in the dropdown menu). Please remember that the fiat currency exchange rates are estimates based on the current exchange rate (provided by CoinMarketCap). Press the "Set max" button next to the amount field to send all your funds in that particular account.


Note It is possible to use recommended fees by clicking on "Recommended fees updated. Click here to use them" This option will appear only during changes in the Ethereum network.


Please see sections below to learn more about Ethereum transaction fees.

Ethereum send.png

Ethereum, Ethers and Gas[edit]

Ethereum is blockchain network and Ether (ETH) is the fuel for that network. When user send tokens, interact with a contract, send Ethers, or do anything else on the blockchain, he must pay for that computation. Ethers are used to pay for the computation and this payment is called Gas.

The computation has to be paid, regardless of whether transaction succeeds or fails. User must pay for the computation even if the transaction fails because the miners must validate and execute the transaction (compute).

Transaction fee is visible on blockchain explorer (eg., etherscan.io) This fee is not paid to Trezor but to miners for mining transactions, putting them into blocks, and securing the blockchain.

Fees[edit]

The transaction fee is calculated as Gas price * Gas limit.


Gas limit[edit]

Gas limit refers to the maximum amount of gas user is willing to spend on a particular transaction. A higher gas limits mean that more computational work must be done to execute the smart contract. A standard ETH transfer requires a gas limit of 21,000 units of gas.

The units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If user does not want to spend as much on gas, lowering the gas limit won't help. User must include enough gas to cover the computational resources used or transaction will fail due to an "Out of Gas" Error.

All unused gas is refunded to user at the end of a transaction.

Gas limit for token sales[edit]

If it is not certain how much gas limit to use for token sale, it is recommended to ask token sales holders before the token sale. This ensures that the transaction won't fail due to an "Out of Gas" error.

ImportantThe risk in increasing Gas limit for token sales it is that you could still not get in, and pay the fee anyways. The gas will not be returned to you if you send with a too-low gas limit, too early, or too late in the Token Creation Period.

See also http://ethgasstation.info/ for more information about the Gas used and https://ethgasstation.info/calculatorTxV.php to estimate how long it will be before the transaction is accepted at a certain gas price.


Gas price[edit]

The price user pays for each unit increases or decreases how quickly the transaction will be mined.

During Token Creation Periods, these costs go rapidly high due to supply / demand:

During normal times, 20 GWEI will usually get you within the next few blocks. 50 GWEI is the max gas price most new Token Creation Period contracts will accept. Anything above that and the transaction will fail. Most is the keyword here — check with the Token Creation Period you wish to invest in before said Token Creation Period begins, 50 GWEI would be the amount you should send in that case.

There are 2 choices if user wants send during an Token Creation Period (but not to the Token Creation)

  • wait a bit until the Token Creation Period is over,
  • increase the gas price over 50 GWEI.

It is possible to adjust the gas price in Beta Wallet. It is capped at 50 GWEI in order to prevent people tying to send to Token Creation Periods from having all their transactions.

The miner who mines the block gets the transaction fees and decides which transactions to include in the block. User usually sets such Gas Price that is high enough to make miners want to include it.

Miners mostly include transactions they received sorted from highest Gas Price to lowest until the block is full or until they reach one that has a Gas Price set lower than they are willing to bother with.

Error: Cannot send due to Insufficient funds[edit]

Insufficient funds. Account you try to send transaction from does not have enough funds. Required XXXXXXXXXXXXXXXXXXX and got: XXXXXXXXXXXXXXXX"

This error means that user does not have enough Ethers to cover the cost of gas. Each transaction (including token and contract transactions) require gas and that gas is paid in Ethers.

Like Trezor? Get one here!