What is Liquality wallet? How to install and use it?
- 1. What is Liquality wallet?
- 2. The working mechanism of Liquality wallet
- 3. Features of Liquality wallet
- 4. Investor
- 5. Team
- 6. Setting up and creating a Liquality wallet
- 7. How to use Liquality wallet
- 7.1 Dashboard
- 7.2 Swap
- 7.3 Menu
- 8. Install Liquality wallet Browser Extension
What is Liquality wallet? How does it work? What features does it have? How can I install and use it in cryptocurrency trading? BHO Network will resolve all that concern today. Let's go through everything about Liquality wallet in this article.
1. What is Liquality wallet?
Liquality walletis an All-in-One platform. It is integrated with two products: a Non-Custodial walletand Atomic Swap with Multi-chain support. The product aims to incorporate asset management and swap on the same application. Thus, users can perform any simple operation while increasing the possibility of the decentralized web.
Liquality includes Non-Custodial and Atomic Swap
2. The working mechanism of Liquality wallet
The wallet is based on the principle of cross-chain atomic swap. The system will initially change the requirement for each party to deposit correspondingly into smart contracts. The double escrow mechanism will ensure funds are transferred only when the two parties complete the agreement, eliminating trust in third parties.
If one or both parties to the contract cannot satisfy the requirement for a complete swap, the HTLCs will expire. At this point, the system will return the money to each rightful owner.
Liquality cross-chain atomic swap operation
3. Features of Liquality wallet
Liquality wallet unites a multi-chain ecosystem and provides swap types according to user needs. Therefore, it allows users to access Blockchains such as Ethereum, Bitcoin, Rootstock, Polygon, Binance Smart Chain, Near, and Arbitron.
Typically, this uses atomic swaps for peer-to-peer cross-chain exchange of native assets, integration with DEX exchanges like Uniswap, and 1-inch for ERC-20 transactions in the Ethereum ecosystem. At the same time, the product features connecting BTC to RSK through Sovryn's FastBTC Relay.
Here are the salient features of the Liquality wallet:
- Simplify cross-chain swaps: You only need three clicks to complete a trade. The system does not require any other Tokens to swap, and there are no additional fees. This is the safest way to switch blockchains that users can safely choose.
- Multi-chain: You can hold, send, receive and swap on Bitcoin and Ethereum chains.
- Send Any wallet: You can start swapping inside the Liquality wallet and send directly to another wallet with one click.
- No KYC: Wallet does not have to Know Your Customer for peer-to-peer swaps, so when you introduce yourself, you need to save essential keywords and set a password.
- Security: The privacy level of e-wallets is high because the private key is never exposed, limiting the invasion of harmful software on the browser.
- Full control: You have the right to control your assets without worrying about being influenced by any organization.
- Extensive Integration: Players can integrate, extend, and contribute to any open-source initiative to avoid vendor lock-in. Players should make a public review on the platform to be assured in this regard.
Great features of the Liquality wallett
Liquality wallet project just underwent a Seed Round in August 2021. After the round, the system raised $7 million from significant funds such as Alameda Research, Coinbase Ventures, Hashed, White Star Capital, Galaxy Digital, and Accomplice.
Alameda Research is one of the investors of the product
The project's development team are experienced founders in the Bitcoin field. Specifically, you can see more in the image below about each individual.
6. Setting up and creating a Liquality wallet
To use the wallet, you must install and register a new one.
Step 1: Download Liquality wallet on the website. You can use the Chrome store to find and install it on your device.
Install the wallet
Step 2: Create or restore a previously lost Liquality wallet. For each case, there are different ways to do this.
In case you already have a wallet:
- Select Import Wallet.
- Click to select recovery form 12 from Seed Phrase. If you cannot Import Private Key, you can switch to Json File and use Seed Phrase.
- Enter 12 or 24 Seed Phrase characters in the box.
- Enter and confirm the password.
- Select Continue to finish.
Recover the waller
In case of creating a new wallet:
- Select Create New Wallet.
- Set and confirm the password again.
- Back up the WalletWallet by saving 12 Seed Phrase words in the correct order from 1 to 12.
- Confirm and save by asking to choose three words corresponding to the right order number saved.
- Click Continue to finish. Note: Passphrase is essential information, so you should save it on paper and re-fill it to test in the required order.
Create new wallet
7. How to use Liquality wallet
After completing the installation process, players can log in to the Liquality wallet. Down below, we will show you how to use Liquality Wallet.
Players need to log into Liquality's website to monitor their account balances. Note: wallet supports 8 Blockchain platforms, including Ethereum, Bitcoin, Rootstock, Polygon, Binance Smart Chain, Near, Arbitrum, and Terra. New users of Liquality can learn about the interface of the wallet through the information below:
(1) Switching between Testnet and Mainnet.
(2) Menu bar with the following information:
- Asset management.
- Backup seeds.
- Lock up.
(3) The Send part sends Tokens to another receiving wallet address. The steps are as follows: Select chain, → enter assets and quantity to transmit, → enter receiving address, → adjust gas fee → Review and confirm.
(4) The Swap part sends assets to the Liquality wallet through the Receive section. Players need to follow these steps: Select the asset pair you want to Swap→ Choose the trading volume → Adjust the gas fee and read the terms carefully → Press Confirm to confirm the Swap order.
(5) The Receive section selects the type of property you want to receive. You copy the receiving wallet address or use another machine to scan the QR code to send it in.
(6) Asset is the item that displays the types of assets you are holding.
(7) Transaction history is a place to display the transactions performed.
The first interface
The second interface
Players who want to perform a Swap order on Liquality, please follow the instructions for using the Liquality wallet below:
Step 1: Select the Swap button or click on the asset displayed in the Asset → Select Swap.
Step 2: Enter the number of Tokens you want to Swap.
Step 3: Choose the most suitable exchanges depending on the Token and reasonable conversion rate.
Step 4: Adjust gas fees and read terms.
Step 5: Click Review and Confirm to confirm the Swap order.
How to swap
The menu bar of an e-wallet has a lot of information and features that players need to pay attention to.
1. Asset management
You can choose the Token displayed in the main interface. If the type cannot be found, the player can click the "Add Custom Token" button and fill in the relevant information (Contract, wallet address, chain, name, decimal, and symbol).
Asset management interface
Default Web3 wallet: You can choose Liquality as the default wallet when using Dapp on Web3.
Web3 Network: Currently, Liquality wallet supports four different networks using Web3 applications: Ethereum, Rootstock, Polygon and Arbitrum. To use a Dapp with Liquality, follow these steps: "Default Web3 wallet" option → Select the corresponding network as Web3 Network → Access the Dapp → Reconnect by selecting the "Injected" option or "MetaMask".
Dapp Connections: Select the "Forget all connections" button to disconnect the Liquality wallet from the Dapp.
Analytics: Users can choose to share data information for Liquality.
Wallet Logs: Wallet logs containing public information about the user. You can download the records by clicking the "Download Logs" button.
Liquality ledger supports users to connect directly to cold wallets to store Tokens. You can do it through the following steps:
- Plug the cold wallet into the computer.
- Enter the pin code to unlock.
- Select available assets to store → Select Swap → Select Settings → Select "Allow Contract Data."
- In the Liquality interface, select the type of asset to send at "Select the same asset here," and click Connect to confirm and complete the procedure.
4. Backup seeds
In case of forgetting the Seed Phrase but still remembering the login password, you can get it back by:
- Select "I have privacy" → Type in the password → Select "I understand the risk and have privacy," and then press Continue.
- After recording the Seed Phrase, select "I saved the seed" to finish.
5. Lock: Close the application.
8. Install Liquality wallet Browser Extension
You can install Liquality wallet by visiting the official chrome store listing and setting the extension. When operating, you need to pay attention to the following:
- Always double-check that the extension ID matches.
- Accept the permissions to use the Dapp in the browser.
One issue players should be aware of is that Web3 Injection to use Dapps requires permission to read and change all data on the websites the user visits. Liquality wallet does not read any data on visited websites. Instead, the system allows the system to include the Web3 API.
Above is the information related to the question "What is Liquality wallet?". Hopefully, investors will choose the right trading platform and the right tools. For more helpful information on financial markets, please visit the BHO Network. In addition, if you need assistance with any crypto-related issues, please contact the consulting team to have all your questions answered!
Published on March 20, 2022
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