Answering Questions About Our New Cardano Lite Wallet Integration
- We will submit Revuto app update with an integrated Cardano native wallet supporting REVU, allowing all users to create their Cardano wallet. In this blog post, find out:
- What Community Sale investors will be able to do;
- How to create a Cardano wallet within the Revuto app and how to claim REVU;
- How does the wallet work within the Revuto app and more about the Revuto wallet specifications
Two weeks ago, we announced the launch of our non-custodial Cardano lite wallet. Needless to say, we have been inundated with queries about the product — so we figured it made sense to answer them in a fresh blog post.
Next Steps for Cardano Lite Wallet Integration
Based on the inquiries we’ve received, here are the steps you should know about.
• Submitting Revuto app update with an integrated Cardano native wallet supporting REVU
• Allowing all users to create their Cardano wallet within the Revuto app
• Allowing Community Sale investors to claim their REVU tokens to the Cardano wallet within the Revuto app
• For Community Sale investors who decide to claim their REVU tokens, we’ll add additional REVUs (YIELD) for the whole extra month (October) to the Cardano wallet within the Revuto app
- If the Community Sale investor decides to claim his REVU tokens, we’ll add additional ADA to the wallet, enabling them to withdraw REVU tokens free of charge
REVUTO WALLET SPECIFICATIONS:
- very secure and robust non-custodial crypto wallet allowing users to control their money (your keys, your money)
- by entering mnemonic, users can restore Revuto wallets within the Revuto app
- ready to support all Cardano Native assets but we’ll start with ADA and REVU
Remember, because the wallet is non-custodial, Revuto doesn’t hold on to your keys; it’s your responsibility to keep your private key safe. By entering your mnemonic, it’s easy to restore Cardano wallets within the app.
Although the wallet is fully equipped to support all Cardano-native assets, initially we’re going to start with ADA and REVU. There will also be no deposit or withdrawal limitations.
How to Create a Cardano Wallet Within the Revuto App and How to Claim REVU
When creating a wallet, users are given a 24-word seed phrase (mnemonic) at the outset and a deposit address is generated with public and private keys. We cannot impress upon you enough just how vital it is to store your mnemonic safely; those 24 words are quite literally the only means by which you will be able to restore your wallet in the future!
As mentioned above, once the wallet is generated, Community Sale investors have the opportunity to claim REVU tokens bought during the REVU Token Sale, plus Yield, plus ADA for the eventual withdrawal of REVU tokens to other addresses (possibly exchange). It’s a nice little inflow of crypto funds!
Once claimed, REVU tokens will be released to the user’s deposit address within 24 hours.
!!! IMPORTANT: If the Community Sale investor decides to unlock and claim his REVU, he’ll lose the option to earn an additional 10% APR (YIELD) on his REVU tokens if they stay locked.
>>> In that regard, for users who still can’t (there’s no REVU listing on an exchange just yet) or don’t have the intention to trade their REVU, we would advise not to claim the REVU to their crypto wallets, since they will lose rights for the additional yield on their locked tokens. <<<
Wallet Guidelines: How does the Cardano wallet in the Revuto app work?
The wallet balance is showing ADA and REVU only. We’ll support other Cardano native assets with the time.
• To be able to send out REVU, you’ll need to have a sufficient amount of ADA for the transaction. 1.44 ADA is the minimum amount needed due to Cardano’s UTXO setup + 0.18 ADA for the transaction fee. It’s important to remember, though, that when sending REVU, 1.44 ADA won’t be spent — it will be received to the withdrawal address alongside the REVU tokens.
• If the user wishes to withdraw ADA, but has REVU tokens on his balance, the ADA balance after sending out ADA needs to be at least 1.44 ADA + 0.18 ADA to cover the transaction fee. Only if there are no REVU tokens left on the wallet balance, the user can withdraw his total amount of ADA.
• If the user wishes to send out just a fraction of his REVU token balance, after sending out REVU + 1.44 ADA + 0.18 ADA for the transaction fee, his minimal ADA balance after sending out REVU needs to be at least 1.44 ADA + 0.18 ADA for the transaction fee.
• Only if the user has no REVU on his wallet, or wants to withdraw all his REVU tokens, can he make the transaction without the minimal amount of ADA that needs to stay in his wallet (1.44 ADA + 0.18 ADA). Only after such a transaction, can his ADA balance be zero.
• If the user wants to keep some REVU left in the wallet after any kind of withdrawal (ADA or REVU), they need to have at least 1.44 ADA + 0.18 ADA left on the ADA balance post-withdrawal. The setup doesn’t have anything to do with Revuto but with the Cardano blockchain’s existing UTXO requirements.
A Few Final Points
• 1.44 ADA + 0.18 ADA transaction fee is required for every transaction but the 1.44 ADA will not be lost; it will be received at the deposit address. Also, when receiving ADA and/or REVU to the wallet, the user will always get the amount of ADA or/and REVU sent, plus 1.44 ADA.
• The Revuto wallet will always calculate if the user has enough ADA to complete the withdrawal, and if needed, to have at least the minimum required amount of ADA left on the wallet after the transaction.
• The user can withdraw REVU by using 8 decimals but not less than the minimal amount that’s allowed (20 REVU)
• If creating the wallet within the Revuto app, please turn on your 2FA to ensure an additional layer of security.
Naturally, Revuto will be adding additional features and implementing bug fixes/improvements to the lite wallet with every subsequent app update. For any questions — or if you want to note a problem with the app and/or wallet, please get in touch with us at firstname.lastname@example.org
In case you missed:
📣 Previous Medium article —Laying Down the Law: Clarifying Our Anti-FUD and Anti-Spam Policy
📽 Our first ever Live AMA — Watch on YouTube
💰 Share Revuto — And earn rewards!
✅ KYC procedure explained — See video
🔍 Revuto on Business Insider — Read more
🥰 Revuto on TikTok — Follow our brand new account!
📻 UK Radio campaign — Listen to our slot
✂️ How to easily cancel subscription service — 1Password
💫 Unique Revuto NFTs — See all NFTs
✌️ Interview with our co-founder Vedran — Read more
❓ Cryptotech x Revuto AMA — Read the recap
🙋♀️ Meet the faces behind the screen — See our video
🎥 Our co-founder Jos on Cardano360 — Tune in at 38:20
🎂 Our Token Generation Event (TGE) aka REVU Token birthday — See the event
☄️ Registered REVU investors by countries — See all countries
🎙 Cardano live podcast with our co-founder Jos — Listen to the podcast
🧗♀️ Our first teambuilding — See our TB video
To catch up with everything, please FOLLOW OUR channels 🚀
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