Freewallet FAQ 2023 v0.9.23 - Write Up - Draft #5 #138
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@b0bsmith recently noted through Telegram DM's: "Watch-only, Legacy, Segwit and Hardware address support"
"Javascript information coded in the OP_Return function of a Bitcoin transaction."
"Every Counterparty transaction is a bitcoin transaction with Javascript emedded into the OP_Return function of a bitcoin transactions."
"wallet it may be that you have many Unspent Transaction Output’s (UTXO)" "Please take note: Any new addresses (not a part of the original 20) that are created or imported will not automatically load in from the passphrase alone if you log out of Freewallet or lose your device. Each individual address has its own private key, you must write down and maintain the private key of each address beyond your original 20. "
"any imported keys not derived from the seed must be additionally backed up" "If you already have a Bitcoin or Counterparty 12-word phrase " "Assets (also known as tokens, coins or even NFT’s) are user-created currencies"
"With (or without) ownership of a token (which you own), you can:"
"The maximum length of a Counterparty Asset description is 52 single-byte characters long."
or more I think freewallet limits to 10,000 "verified “burn addresses”
"This action is irreversible. It is possible to for any user to destroy any token they own, despite being the Asset Owner or not."
destroy memmo length again "The process involves generating an address with an invalid private key, so it can never be accessed or imported to any wallet ever."
"Freewallet lets you sign messages on the Bitcoin blockchain. This can also be done offline."
"Click “Sign” and the Signed transaction input will now be visible on the Bitcoin network."
"In this case you will have to own 100% of an asset, you also are required to be the owner of the asset and it is also required that the asset is not unlocked."
"How do you create a custom public address with custom Names or Words in it?"
"This issue usually shows when Freewallet has not seen the ‘public key’ for this address yet.'
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Rewrote first paragraph at line 5, to remove calling freewallet a web wallet, and make it clear its available on desktop and mobile FreeWallet is an open-source wallet for Bitcoin (BTC) and Counterparty (XCP), the world’s first protocol for decentralized financial tools. It is built using Javascript, Bitcoin libraries and Counterparty software. It is available for all major desktop and mobile platforms. Rewrote paragraph at line 9, to make a distinction between dex trades and dispensors, as dispensors are more risky All trades and actions with the counterparty decentralized exchange from Freewallet use a secure automatic escrow system within the Bitcoin blockchain, which means that unlike centralized exchanges, no middleman is ever required for any features included. |
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Edited paragraphs at line 215, to remove calling freewallet a web-wallet, to remove confusion Freewallet is an open-source wallet for Bitcoin and Counterparty. It uses regular Bitcoin addresses, and lets you store Bitcoin, XCP, and user-created tokens without having to trust a server. What makes it different from many other wallets, is that the only possible way to access a wallet is by having access to the passphrase. In Freewallet, none of your private information ever leaves your PC. For extra security, Freewallet also supports watch-only addresses and offline transaction signing. |
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Updated to Draft number 2 with @zerog975 and @b0bsmith (TG) 's revisions and a few of my own including: removing the "How do you create a custom public address with custom Names or Words in it?" topic as it is not necessary to teach about vanity BTC addresses here. Maybe an FAQ short question in the future, but just my opinion. There a few changes in which I am interested in more clarification:
@b0bsmith - I used what Freewallet shows as "Add Hardware Address" - I have not used this functionality but I am not sure if Freewallet is supporting a private key or a whole seed phrase here. Maybe other wallets do, but I left this as it is written in Freewallet.
Bob I used this as my source for education for this spot: https://forums.counterparty.io/t/is-it-possible-for-someone-to-use-the-funds-from-the-burn-address/1157 - let me know more clarification here as I think it is more important to explain because burn addresses are mentioned before in the FAQ.
I think more people should be aware of the Counterparty burn from BTC as referenced here: https://forums.counterparty.io/t/how-many-btc-were-burned-how-many-xcp-created-and-how-many-are-there-now/1162 - i think I will do another revision to explain this if they see it in Freewallet and are interested Draft number 2 Revisions here: https://gist.github.com/davestaxcp/1e2cc086a13c9a2d045876852b57e5be/revisions |
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I feel this section should be removed, or expanded upon. AFAIK the only 2-factor authentication solutions all require use of a centralized 3rd party for 2FA code validations.... which would mean customers having to dox themselves and give up some identifying info (email address, phone number, wallet address, etc). Perhaps I am unaware of some decentralized 2FA solution... but currently I have no plans to build 2FA into freewallet, or to integrate any services that will require users to provide identifying information. |
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also.... overall this FAQ is incredible, and i've been waiting many years for someone to write something up like this... so kudos sir... I feel once this is fully finished, it will be a very valuable resource, and will save tons of time in support hours being able to just link to the FAQ answer. Much thanks for all your hard work on building out this FAQ 👍 |
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Thank you! And thanks to all the community members who are teaching me in real time and also back in time through posts on the forums and github. Glad I could figure out some way to help, despite only coding 'Hello World!' in my career. |
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@jdogresorg For the 2FA I copied the answer from the Counterwallet FAQ (https://docs.counterparty.io/docs/wallets/counterwallet#does-counterwallet-support-two-factor-authentication) I think it's better to leave the question in the Freewallet FAQ for information as it is still in the Counterwallet FAQ at the moment... But what if we changed the answer instead of 'leaning' to some time it will be implemented, have it be worded like: Does Freewallet support two-factor authentication? No, and Freewallet does not plan to offer any 3rd party solutions like 2FA. Two-factor authentication solutions all require a centralized 3rd party for code validations which would mean Freewallet users would have to dox themselves to give up identifying info. This goes against the security and theory of what Counterparty and Freewallet is used for which is decentralized transactions on top of a decentralized network (Bitcoin). Freewallet is a deterministic wallet which means you can only access or recover your Bitcoin and Assets with your 12 word phrase. While Freewallet does allow you to create an 'in-app' password to lock your account (link to FAQ), your 12 word phrase will always be your login and the password exists only as a barrier for your single instance of Freewallet. For more information about viewing and securing your 12 word phrase, be sure to check out the "Displaying the Seed Phrase and Private Key of your Address(s)" section of this FAQ (link to FAQ). How's that sound? |
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This sounds good to me😀👍🏻 |
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In terms of 2fa, would it be possible to implement the OTP codes, that you
can use in any Auth app, those can be used without any centralized service?
…On Fri, Jul 7, 2023 at 4:12 PM J-Dog ***@***.***> wrote:
This sounds good to me😀👍🏻
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https://gist.github.com/davestaxcp/1e2cc086a13c9a2d045876852b57e5be/revisions Updated to Draft 3 with Jdog and B0bs revisions along with spelling and formatting errors fixed including:
However, extra care needs to be taken with dispensers, as is explained in detail later in the article.
Broadcast data feeds to the Bitcoin network
Access P2P Assets with no middleman and no counterparty risk
The low/medium/high fee is an estimation by Freewallet when setting a BTC fee and is based off of average send size that is calculated at the time you create the action in Freewallet.
No, and Freewallet does not plan to offer any 3rd party solutions like 2FA. Two-factor authentication solutions all require a centralized 3rd party for code validations which would mean Freewallet users would have to dox themselves to give up identifying info. This goes against the security and theory of what Counterparty and Freewallet is used for which is decentralized transactions on top of a decentralized network (Bitcoin). Freewallet is a deterministic wallet which means you can only access or recover your Bitcoin and Assets with your 12 word phrase. While Freewallet does allow you to create an 'in-app' password to lock your account (link to FAQ), your 12 word phrase will always be your login and the password exists only as a barrier for your single instance of Freewallet. For more information about viewing and securing your 12 word phrase, be sure to check out the "Displaying the Seed Phrase and Private Key of your Address(s)" section of this FAQ (link to FAQ).
Your account in Freewallet is secured by a 12-word passphrase and is a deterministic wallet(https://forums.counterparty.io/t/what-is-a-deterministic-wallet/1211). In fact, this passphrase is your wallet itself. Freewallet places this passphrase into a math equation and gets a list of Bitcoin addresses and private keys as the result. If the passphrase is the same, you can always calculate the same addresses and keys. You can do this even if Freewallet is offline.
This means that your passphrase, your addresses and your private keys are never sent anywhere. This also makes it extremely important to keep your passphrase safe, as it cannot be restored by anyone. Please ensure that you have written it down correctly. Remember that once you delete Freewallet off of your device, the only place this passphrase exists is the paper in your hand.
When you change your address (by simply double clicking on the address you desire to change to), it will now show you the contents of this address in the Balances tab and on your main screen. If it doesn't at first load up the balances when you change your address, use the refresh button using the gear icon in the upper left, or in the "History" tab in the upper left. This will refresh the data with the new data when you changed account.
By clicking the "Options" button at the botton of the Change Address popup, Freewallet supports the creation or import of several different kinds of addresses:
Taproot addresses (addresses that start with bcp1) and P2SH segwit addresses (addresses that start with a "3") are not support by Freewallet at this time.
With the address currently selected as described above you can also Label your address is by clicking the “Settings” icon and navigating to “Wallet” and changed the wallet label under the “Label” entry. This is entirely private, within Freewallet only, and is not shown on the blockchain.
You can send and receive both Bitcoin and Counterparty tokens with Freewallet. Review the “Creating addresses and Viewing your Address” to make sure you know how to correctly view and copy your public address. Your generated Address #1 is most commonly used as the recipient address to send BTC to, but all of your addresses can be used to send and receive BTC. Once you have some BTC on your address you can start using the most common Freewallet functions.
It is possible to pay out distributions using Bitcoin directly. However, this process is a regular Bitcoin transaction without any extra added data (which would make it a Counterparty transaction). This means it will not be possible to distinguish it as a Counterparty type transaction on block explorers or inside Freewallet. It will simply appear as a regular BTC transaction with multiple recipients.
Because this makes it difficult to distinguish distributions from regular transactions, we recommend that you use one address per asset, and do not use that address for anything else for simpler records. This will make it much easier to keep track of past BTC distributions. Otherwise, it may be difficult for you and/or your users to get an overview of past distribution payments
This education is useful though because the Counterparty Burn address that initially created the supply of XCP used this type of burn address. Learn more about the history of Counterparty and "Proof of Burn" here(https://counterparty.io/news/why-proof-of-burn/).A significant amount of past and current projects on Counterparty have used burn addresses for many uses. Learn more about this process in this Counterparty Forum post (https://forums.counterparty.io/t/is-it-possible-for-someone-to-use-the-funds-from-the-burn-address/1157).
Freewallet lets you also sign Transactions on the Bitcoin blockchain. Signing a message is done offline and is not broadcast to the blockchain. This is most commonly used to validate that you are in fact in control of your address. This can be used to "sign in" to websites like https://pepe.wtf/ and other uses include the "proof of ownership" of tokens you hold on that address. This cryptographic measure to prove your identity and control over the address you sign from is a valuable tool.
Freewallet lets you also sign Transactions on the Bitcoin blockchain. This is broadcasted publically on the Bitcoin blockchain as is used for features like BTCpay (link to FAQ).
In this case you will have to own 100% of an asset, you also are required to be the owner of the asset and it is also required that the asset is not locked. To clarify again, you must own the entire issuance of a token, be the token issuer (or acquire token ownership) and the token will need to be unlocked. Locking a token is irreversible. This feature is called the "Reset" feature and is a very recent addition to the network and was implemented after the Destroy function became operable. This specific use case Reset function is not yet avaliable in Freewallet.
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added help for people wanting to speed up tx's with too small of a fee by explaining CPFP: |
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changed to draft number 5 |
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also added: |
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added to FAQ: |
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added explanation of the Sweep feature: https://gist.github.com/davestaxcp/1e2cc086a13c9a2d045876852b57e5be#using-the-sweep-function removed: Creating a Betting Feed with a Broadcast
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added these two videos in the Dispenser section to help with an overview of how dispensers work and how to read xchain. From RARE PEPES DOT COM: |
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Did some small edits and gonna leave this as it is for 0.9.23 and start a new thread and gist for 0.9.24 Thanks to everyone who helped! |
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It has been asked for and needed for some time now, so I present the - Draft 5 of the Freewallet FAQ
I used Freewallet Desktop v0.9.23 to write this up with the help of the Counterparty Forums, Counterparty Github discussions, Recent issues expressed in the Official Counterparty Telegram, help from the Official Counterparty Developer Telegram chat and a huge help to so many informative and awesome people in the community.
I would like to ask for help from the community to read it over and get it polished.
To perfect this FAQ and have it good enough to be presented to new users I'd like some well versed community members to look this over with a critical eye to:
Some specific topics that I know need some more attention and work:
Notes
As a Counterparty user here since 2016 with a good user side understanding of Counterwallet, rarepepewallet, Book of Orbs and other simple bitcoin wallets I have to note that it was not until I used Counterparty wallets that I wanted to learn more about BTC wallet functions and start experimenting.
My point is that it is very common for this community to attract complete newbies to even using a Bitcoin Wallet. I tried to tailor to that type of individual here and I think we should. It was my experience of Counterparty that taught me the most about Bitcoin and I think we should strive to accommodate new users to the whole cryptocurrency space. We don't have to teach them about Bitcoin, but we can show them how to use it with Counterparty.
The Topics discussed are as follows:
What is Freewallet?
Freewallet Functions
Exploring your Balances, History and the Exchange and Dispensers Tabs
Trading Basics for BTCpay and DEx
Common Questions and Errors Using Freewallet
Getting Support
Errors Reported on Specific Versions
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