PI BROWSER; A NON CUSTODIAN WALLET

Pi Network prioritizes your security & trust above all else. This innovative platform utilizes advanced cryptographic algorithms to ensure your personal information remains secure at all times. Rest assured, your data is protected with utmost care & privacy. However, before we delve into the matter, it’s important to know the followings:

WHAT IS A WALLET?:

A cryptocurrency Wallet is a software applications on computers or mobile devices such as Phone or tablets that store your cryptocurrencies key (the wallet address) and allows you to acces your coins at any given time.

Most modern wallets generate twelve-word mnemonic seed phrase. It will interest you to know that, Pi Network Browser generates a 24-Seed Phrase or 24 Passphrase. The first of its kind!

CAN I ACCESS MY WALLET IF I LOSE MY SEED PHRASE?

If you lose your seed phrase, you will lose access to your cryptocurrency assets. This is because the seed phrase is the only way to recover your private keys, which are used to access your cryptocurrency funds. Moreso, anyone who knows your seed phrase or private key can access to coins associated with the address from another device and steal all your cryptocurrencies or assets you have acquired.
Further more, if your seed phrase is not properly written down, omision of a single letter will bars you from accessing your wallet for life. Pi Network has made it clear that you write down the seed phrase properly and avoid storing it on a medium site for safety.

A CUSTODIAN WALLET:

A custodian is a wallet hosted by a third party that stores your keys for you. This could be an organization such as online Apps that provides enterprise level data security system businesses use to preserve and secure data. For the sake of simplicity, as the name implies, a custodian means that your wallet is kept under a custody of someone else or a third party rather than yourself. Take for instance, if you give someone your money to keep, and suddenly the person dies, robbed or runaway, what can you do? That is most results of a custodian wallet.

NON-CUSTODIAN WALLET:

On the other hand, a non-custodial wallet is a type of cryptocurrency wallet where the user has complete control over their private keys. This means that the user is responsible for securing their cryptocurrency and ensuring that it is safe.
For example, if you withdraw 10,000 naira from the ATM, the money is kept in your pocket or wallet. The truth is that, you have full access to spend the money at any given time simply because the wallet is in your custody.
Therefore, a non-custodian wallet is a wallet under one full control without a third party. If you generate the 24 mnemonic seed phrase from the pi browser wallet, you must ensure that you write down properly to avoid losing your assets.

Pi Network Wallet is a non-custodian wallet. In the cause of your mining, once your KYC is approved and your coins have been transferred to your wallet, if you lose your 24 Secret Passphrase, if have lost your assets for life. However, you can generate another 24 mnemonic seed phrase , confirm it in Checklist-3 and sign the acknowledgement in Checklist-8, to recover the yet to be migrated assets.

In summary, in the mobile version of the Pi Wallet, if your phone has biometric authentication (fingerprint or face recognition), the passphrases are safely stored on your phone and can be retrieved through fingerprint or FaceID.

Although a non-custodial crypto wallet provides the self-sovereignty benefits for people, a difficult problem for any crypto assets holder is the case of losing their secret key or passphrases – the account recovery problem. The Pi Wallet is and will be a non-custodial wallet, and we aim to also innovate a mechanism to solve the difficult account recovery problem by utilizing part of your security circle while maintaining its non-custodial property. This mechanism will be released in a later version of the wallet.

After your Pi Wallet is created, the Pi Testnet faucet will initiate it with 100 Test-Pi for you to test transactions with Test-Pi on the Testnet, just like you would on the Mainnet after its launch in Phase 3 (the end of this year). We want to emphasize that Test-Pi (or test-π) is NOT REAL Pi! This does not enable trading of real Pi. Test-Pi is solely for the purpose of testing transactions on the Pi Testnet and contains NO VALUE. The Test-Pi balance in the wallet may be reset because Testnet will be periodically reset as part of the testing. Please remember that currently sales of Pi are unauthorized and violate the terms of service, which may result in the freezing of the account. Like I always say, ” if you don’t need pi Digital Currency today, you will certainly need it tomorrow. Think and rethink….!

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