In a world of SHA256 cryptographic hash algorithms and zero-knowledge proofs, it’s easy to miss the Forrest for the trees. With so much cutting edge technology, remembering what most people really want is hard: a simple, cost-effective solution to their problem. The blockchain industry has historically done a poor job of this.
As an example, take a look at how cryptocurrency transactions typically work. For Alice to send BTC to Bob, she needs to know his bitcoin address and enter the 35 alphanumeric characters into an address bar. If Alice makes just one mistake, the BTC is sent to the wrong address, with no possibility of getting it back.
According to research by Chainalsysis, over 121,000 bitcoins have been permanently lost, due – in part – to senders making a mistake while typing the recipients bitcoin address. At today’s market price, that’s over $770 million dollars….lost forever.
At SelfKey, we’re building an ecosystem that is meant for everyone. Losing your tokens – just like losing your online identity – is unacceptable and we’re working hard to ensure you not only have complete control of your data, but also your coins.
To help with this, we’re very happy to introduce you to a new feature: The Address Book.
The SelfKey Address Book is designed to significantly improve the process of sending ETH from your wallet. More specifically, the Address Book allows you to save commonly used ETH addresses with an easily recognizable name. Instead of having to carefully type the 40 character string every time you want to make a transaction, you can now simply enter the name of the saved address, speeding up the process significantly and reducing the chance of making a mistake.
How to get started with the SelfKey Address Book?
Getting started couldn’t be easier. Simply download and install the SelfKey Identity Wallet. Once you’ve created or logged into your account, click on the menu on the top right of your screen, and navigate to “Address Book”.
Here you can easily add, and remove addresses as appropriate. Please note that you will not be able to edit ETH addresses once they have been saved. If you’ve made a mistake, simply delete the incorrect address and create a new one. You can change the label name at any point.
Now that common ETH addresses are stored in your Address Book, you have a one-stop-shop for all your ETH transactions.
It’s not currently possible to send transactions straight from the Address Book however. Instead, copy the ETH address from the Address Book, navigate back to the dashboard, copy in the appropriate address and initiate the transfer.
Congratulations, now you know what the Address Book is, how you can use it to make sending ETH more convenient, and how it ties into the transaction flow.
Thanks for reading,
PS: You can download the free SelfKey Identity Wallet here.