The VeChainThor mobile wallet v1.1.0 will be available for download on August 2nd. In this update, we optimized several functions based on the feedback we received from users since the wallets release. The main update within this version is the enhanced observe wallet function.
What is the observe wallet function for?
The observe wallet function is designed for users who would like to create their VeChainThor address and store the private key on an offline cell phone (with VeChainThor wallet app installed) or hardware wallet supporting the VeChainThor blockchain. With the observe wallet function, users will be able to check their VeChainThor address balance, node status, and VTHO rewards on the VeChainThor mobile wallet installed on their everyday phone while keeping your private key on the Cold Wallet to further enhance the security.
What is observe wallet authorization process?
The observe wallet function is designed for users to check their own addresses, so in this update we added a simple authorization process to verify whether the user actually owns the address that they want to observe.
After your VeChainThor mobile wallet is updated to v1.1.0, any addresses you may currently be observing will be securely removed and you will have to go through an authorization process before adding another observe wallet address.
How does the observe wallet authorization process work?
While we have added self-explanatory instructions in the app to guide users, here is how it works in a nutshell. Storing the private key offline is collectively referred to as a ‘Cold Wallet’. A Cold Wallet can be a cellphone or other hardware device disconnected from the internet with the mobile wallet installed. Using the mobile wallet app while connected to the internet is referred to as a ‘Hot Wallet’, even if funds are not stored in the wallet directly.
- Firstly, you need the Cold Wallet which contains your VeChainThor address and the private key, and the Hot Wallet which you will use to observe the address created in the Cold Wallet
- When initiating the observe wallet authorization process in the Hot Wallet, you will be prompted with a random 6 digit authentication code
- Input the 6 digit authentication code in the Cold Wallet interface you choose (either VeChainThor wallet app on the offline cellphone or the upcoming VeForge web wallet user interface connecting to Ledger hardware wallet) to create the authorization signature by signing the authentication code with the private key
- Use the Hot Wallet to scan the authorization signature. The authorization process is done and your VeChainThor address will be shown as an observing address in the Hot Wallet
- If you already created the VeChainThor address in the Hot Wallet, NO ACTION is needed from you. You DO NOT have to use the observe wallet function.
- Please note you will not be able to transfer any token from the observing address as the private key is stored in the Cold Wallet.