Lightwallet introduction

Guides
#1

This will be short introduction how to use lightwallet (testnet)

  1. creation of an account, hopefully intuitive:

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  2. Once that’s done, we can pick a wallet, I’m checking “don’t ask me for password in this session”, to make transactions easier

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  3. Wallet page welcomes me

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  4. Let’s create a namespace:

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  5. TX got confirmed, so let’s create mosaic, I’m picking non-mutable supply

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  6. Once tx is confirmed, I’m gonna transfer some amount to Makoto, I’ll also include some XEM

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  7. Clicking on a transaction will show the details

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4 Likes
NEM Beta 0.6.72 + 0.6.73
Missing .Exe file for starting Wallet
#2

That’s great!

I can see much potential for this in the future!!!

BTW. this is pretty close to the first decentralized light wallet that I have seen.

#3

Not to belittle the light wallet but i don’t see how this one’s more decentralized than any other. I mean essentially this is how most if not all non-qt wallets work in crypto-land.
I guess not all of them do all the signing in the browsers but - while it being awesome ! - that doesn’t really decentralize things.

#4

I think @jabo38 meant, that you can actually make transactions on ANY node - truly saying, not sure how common is that.

#5

I would suspect that most non-qt can do that. Essentially most of them serve a web-interface on some port.
I guess the question is how many of them are safe to use remotely…

Anyway, what I was getting that is that it does need a node to work. So the level of decentralization stays the same.
Like I said - not to belittle your great work.

#6

I hope that I am correctly intuiting that this lite wallet will eventually transition into a stand alone program that is effectively a front end for a full wallet address.

I envision the user can download the windows, osx, android, ios or Linux (.deb) and run it. They will face a log in screen that requires address and password (2FA?). This can be installed at any location and would be handled similar to mobile apps (ie, they don’t download the whole block chain, they used hosted nodes).

The difference being the coins you own are not stored on the mobile device nor the computer you installed the lite wallet on. The lite wallet simply gives you rudimentary control over the wallet address. Security is crucial with this, and multisig may be required to do this.

This seems like an interesting potential evolution for the newly introduced feature.

I also wonder about the potential use cases for Namespaces and Mosaics.

Might Namespaces be read-only websites built in to the chain? What are the limitations? Can they pull in data from outside once in the chain? Can they use variables from outside the chain that would some how reflect the present time after they were embedded two years ago? Or are they merely large capacity database entries?

Are Mosaics something that can be used for more than tokens? What about financial derivatives, instruments with more specified characteristics on top of normal XEM. Show me an example, my curiosity is piqued. What can they store beyond alphanumerics and an amount of XEM with custom divisibility?

The possibilities are too far spread apart to see concise goals to work toward.

My questions are supportive and I’m definitely invested for a long ride.

PS I just wanted to add that I think a wallet address shortening app comparable to goo.gl or bit.ly for urls would be a brilliant first for any crypto coin.

PSS Multipool mining is an excellent way to increase XEM value. SHA-256 miners receive payouts in XEM. The XEM comes from instant BTC to XEM conversion. Which is effectively buy support. With enough hashing power, buy support begins to really matter. Think about it.

Cheers from the Midwest!

1 Like
#7

I have no doubt that every web-interface page requiring feedback and action will require a node, a.k.a. a webserver. I believe what @jabo38 meant was a trustless node with a holistic offering.

#8

Namespace is a naming convention to make mosaics, i.e., assets, unique. Fact that it exists in the blockchain means that it can be extensible in the future for something else.

Making the chain bend backwards to do funky stuff should not be part of blockchain designs. Blockchain at its best, is a ledger of records. To do more things like what ethereum is trying to achieve is like trying to put wings to a car and make it fly.

Mosaic is an asset. It can be used to represent a derivative. If I have 1000 mosaics by the name of PreciousM, each backed by 1 oz. of each of gold and silver, then this becomes a derivative called PreciousM that can be traded freely, 1000 of them. If they are divisible, they can also be traded in fractions of it. Bearer owns the derivative.

Right now it is private label. Public label can be confusing, but the use of namespace to make it unique could be one way.

Not sure how this will work.

#9

IMPORTANT NOTICE

As mentioned, lightwallet does all the signing inside the browser, however you should only use lightwallet on node YOU OWN, or node YOU TRUST. The reason is one could create EVIL lightwallet, that would steal your keys, or serve totally FAKE lightwallet

We WILL provide a way to start lightwallet locally and connect to a selected node (similar like in ncc)

#11

Yes, that is the point I am trying to make. I have tested a ton of blockchain tech and up until this point I haven’t see anything like this.

#12

We WILL provide a way to start lightwallet locally and connect to a selected node (similar like in ncc)

As promised, here it goes, have fun!

#13

Thank you very much for Lightwallet release. it is very easy to install and very clean design so I like it.
I created a new wallet but I just would like to know where is my private key located and how to export the private key for backup. My environment is windows 8 and chrome browser.

#14

I assume you’re talking about MAINnet, so question is, have you chosen pass-based or ‘classic’ (password protected private key).

Judging on the question, I guess it’s the former. Pass-based wallet is a brain wallet, so it’s fully deterministic, ergo if you remember password, you’ll always be able to restore it.

#15

I got it. Thank you for your quick guide. I tried from another PC just
enter username and passphrase and crick create button and could recover my
wallet. Very easy.

#16

pass-based wallet is definitely convenient, but if I can recommend something,
generate a proper private key (any method you want, just make it 256 bits), save it, print it somewhere, and use that.

It’s not that easy to use, but in principle, it should be much better/safer.

#17

Here is a video made by Doraemus.