The latest version supports 32 mainnet currencies (BTC, ETH, XMR, ADA, XRP, BCH, DOT, EOS, XLM, BSV, LTC, TRX, BNB, BSC, ATOM, XTZ, ETC, ZEC, VET/VTHO, NEO/GAS, XEM, ONT/ONG, QTUM, WAVES, DCR, DASH, DOGE, DGB, ZEN, RVN, XZC) , GO), 1 OmniLayer token (USDT) and all ERC20, NFT (ERC721 / ERC1155) & BEP2, BEP20, TRC and EOS tokens.
The private key is dynamically generated when needed and is not stored anywhere. The mnemonics and seeds used to generate the private key are encrypted and stored on the mobile phone. The wallet password is not stored anywhere. When decrypting, the wallet software only checks whether the decryption result is correct and does not know what the password is. So if you forget your password, we won't be able to get it back for you.
A MultiSig wallet refers to a wallet in which a plurality of people jointly manage a fund, in the form of 2-3, indicating that a total of three people jointly manage funds, and two of them can sign to agree to spend money. MultiSig is applicable to the scenario of multi-person decision-making capital expenditures. It is also applicable to family and friends to jointly manage a specific fund.
The latest version supports MultiSig for 9 mainnet coins (BTC, ETH, BCH, LTC, DGB, DASH, ZEC, ETC, DOGE) and all ERC20 tokens.
All BTC and other currencies are stored on the mobile phone. The Ownbit server does not store any related information. There is no system similar to that of a bank. Therefore, it is not possible to provide accounts similar to frozen accounts, limited transfers, password recovery, and digital currency recovery service.
Wallet ID is your wallet's full network identifier. Your friend can add you as a contact through this ID, and transfer money directly to you through contacts.
In blockchain, unconfirmed transactions are likely to be cancelled or failed, so unconfirmed transactions cannot be trusted. However, different networks are not as difficult to implement for canceling transactions. For example, the ETH network can easily cancel the previous unconfirmed transaction by overwriting it through a higher GasPrice transaction. In the case of the BTC network, for example, transactions marked with replace-by-fee can be replaced by transactions with higher fees.
There are also a number of issued assets, such as the USDT based on OmniLayer, which are even more untrustworthy until the transaction is confirmed. Because the amount it sends may far exceed the actual amount it has. Although it is an illegal transaction, you cannot distinguish it until the transaction is confirmed.
For those transactions that can be easily cancelled by the sender by technical means, or the amount of the transaction itself may be seriously untrue, we will display a "Not trustable" label to alert the user.
If you backed up the mnemonic words, it is perfectly fine. If you didn't back up the mnemonic words, you would not be able to recover.
Ownbit supports almost all tokens based on Ethereum ERC 20 compliance.
We have filtered some of the mainstream ERC20 tokens as the default supported list, you only need to add and remove related tokens by using the switch option.
For most of the tokens that are not listed, you can add them via a token abbreviation or contract address search.
Ownbit currently supports almost all Tokens that can be queried in etherscan.io.
If you still cannot find the relevant token through the contract address but you are sure it can be found in etherscan, please contact us.
Ownbit currently only supports the price display of mainstream tokens.
If you don't have a price display for tokens that you are particularly concerned about, you can contact us.
Wallet Home Click "+" to enter the Add New Asset page.
You can directly search for abbreviation, or you can add it by searching contract address.
Some currencies will become meaningless for ERC20 token transfers because of the mainnet online.
In this case, we will decide whether to stop the support based on the time when the ERC20 is deprecated.
Getting started with MultiSig is very simple:
1. All participants create a MultiSig wallet;
2. The initiator creates a MultiSig name, coin type and mode, and invites other participants to join;
3. After all the participants join, the MultiSig address is generated, and the funds can be deposited;
4. Any party can initiate the spend of MultiSig, and other parties can approve (sign or reject), and the funds is spent if the minimum amount of signature is reached;
Reminder: All participants are required to safely keep the mnemonics of the MultiSig wallet to ensure the safety of MultiSig assets!
If you import mnemonic words that have been used in other wallets into Ownbit and you find that the balance is incorrect, this is generally due to address mismatch or incompleteness. You can use the following methods:
1. Import through Bitcoin private key to restore the assets at the corresponding address;
2. Use the original wallet to send all the balance to the new address of the Ownbit wallet;
Re-import mnemonic words can reset wallet password.
You can delete the wallet in "Settings" -> "Wallet Management". Before deleting, please make sure there is no balance in the wallet or you have backed up the mnemonics.
Misplaced address transfer cannot be cancelled and recovered once it occurs.
All transactions are signed by users themselves with Ownbit authorization. They occur on the blockchain. Once the transaction occurs, unless the parties negotiate off the chain, the blockchain itself can not make any changes, this is the blockchain's "not to be modified".
So Ownbit can't completely complete operations like “recovering private key lost”, “encrypted password recovery”, “freeze account”, “rollback transaction”, etc.
If you make a BTC transfer to the other party, the other party should receive the transaction within a few seconds (in this case it is an unconfirmed transaction. Full trust in the transaction requires waiting for it to enter the confirmation state).
If you transfer to the other party ETH or other ERC20 tokens, the other party will receive the transaction in a few seconds, but the transaction may be revoked at any time. Full trust in the transaction requires that after the transaction enters the block (packaged), this usually takes tens of seconds, minutes, or even longer (according to the Ethereum network's busyness and the transaction fees selected during the transfer, etc.).
Bitcoin transfers that have not been confirmed are generally due to lower miner’s fees. You can check the status of a transaction on the blockchain.info through the URL provided in the app.
And Ethereum’s unconfirmed transfer may be due to a low miner’s fee (GasPrice is low). It is possible to increase GasPrice by sending new transactions, and to overwrite transactions that have not been confirmed (select “Advanced Options”->“Overwrite transactions” on the Send Confirmation page).
Either Bitcoin or Ethereum, unconfirmed transactions may be cancelled, or transactions may fail for other reasons.
Therefore, for Bitcoin, it is recommended to trust at least 2 confirmation and Ethereum trusts at least 10 confirmation.
Ethereum transactions will consume a certain amount of miner's fees as long as they are packaged by the miner. However, due to failed verification of the block (including insufficient Gas charges, wrong call contract methods, etc.), miners’ fees will be consumed. But the transaction itself failed (usually because the transaction invoked some smart contracts).
The miner’s fee is charged by the miner and Ownbit does not currently charge a transfer fee.
Each ERC20 token transfer is itself a Ethereum transaction.
It deducts a certain amount of Ether coins for every ERC20 transaction (eg REP)
We have chosen to display the relevant transactions in the Ethereum transaction list, and the amount of these transactions is 0.
Because Ownbit does not store the wallet password set by the user, password recovery cannot be provided.
If you back up the mnemonic words, you can choose to re-import the wallet and overwrite the old password with the new one.
If you don't have a backup mnemonics and you forget the password you set, the relevant wallet will be permanently unavailable.
1. Your mnemonics or private key may be leaked. Please create a new wallet immediately and make a wallet backup.
2. Quickly transfer your wallet's assets to your new wallet.
3. Troubleshoot the situation where you may reveal mnemonics or private keys.
If this happens to you, if your wallet is still available, transfer money quickly. You can create a new wallet to receive transfers from your old wallet.
If your phone is lost, but there is still a backup mnemonics, you can recover the wallet by mnemonics and transfer money away.
Ownbit is not technically able to provide you with operations such as freezing accounts.
You need to keep mnemonics, passwords, and the phone itself safely.
The mnemonic words is encrypted and stored on the user's mobile phone and is not stored on any centralized server.
Ownbit does not provide centralized services to safeguard user's asset security, including "recovering private keys", "encrypted password recovery" ,"frozen accounts", "rollback transactions", etc., which also upholds the decentralization of blockchain.
Therefore, users need to keep their mnemonics and passwords properly. Ownbit can't help you retrieve mnemonics.
The encrypted mnemonic is a mnemonic encrypted with the wallet password. You can choose to back up the encrypted mnemonic QR code when backing up your wallet.
Because encrypted mnemonics are ever encrypted, even if stolen, hackers need to crack passwords to steal assets. The encrypted mnemonic is encrypted using a Scrypt-based hash password and uses the same encoding format as Keystore.
Keep your wallet password in mind while backing up encrypted mnemonics. Forgotten your password will invalidate your backup.
No, you only need back up one of them.
When backing up plaintext mnemonics, be sure not to reveal mnemonics.
When backing up encrypted mnemonics, be sure to remember the mnemonic password.
Ownbit only requires you to back up the mnemonics once without having to repeat the backup.
MultiSig is decentralized and does not depend on the Ownbit server. All participants need to safely keep the mnemonics of the MultiSig wallet. As long as the mnemonics of the minimum required are present, MultiSig assets are absolutely safe. Therefore, the security of MultiSig assets is completely controlled by each participant.
The MultiSig of BTC is implemented by the standard P2SH (OP_CHECKMULTISIG). The order of MultiSig address generation is in the order in which the participants are added. The user can sign the corresponding MultiSig transaction by the mnemonics according to the standard procedure, thereby spending money does not dependent on Ownbit.
ETH's MultiSig uses a lightweight smart contract method to eliminate the security problem that complex ETH smart contracts may bring. The corresponding contract code is open sourced at: https://github.com/bitbill.
For each wallet, data sent to the server includes: xpubs of each coin (pub if it is a private key wallet), an unique ID to identify your device, address indexes of the client side for each coin and the wallet ID you created for the wallet.
An unique ID is randomly generated when installing the Ownbit App. It is used to identify your device. Everytime when you reinstall the App, a new ID will be generated. The ID is not related to any hardware info, by knowing the ID, you can not know any hardware info about the device.
For mnemonic wallet, BTC xpub (extended public key) is used for the authentication. For private key wallet, pub (public key) is used to authenticate a wallet.
No, you can not, especially for BTC xpubs. If you share your BTC xpubs to others, your wallet will have security issue. They can use your BTC xpubs to modify some critical information.
If you share xpubs for other coins to others, there will be no security issue, but they can monitor your assets.
No, the only way to operate your funds is to get your device and your password (or your mnemonic words).
No, Ownbit does not use any Location (GPS) data. The only way to leak your location is the IP address you used to access the Ownbit server. If you concern the IP address location leakage, you can use tools like Tor to hide them.
No, All security information (mnemonics and private keys) are stored in your device. The server side has nothing about them.
Bugs can not be eliminated totally for every software, but we will try our best to make it less harmful for security.
But for backdoors, NEVER. And by using Cold Wallet, you can have no trust on Ownbit team, and there will be no worry for backdoors in theory.