User Guide

Planet Wallet

The launch of Planet Wallet is scheduled on 24th of Sep, 2019.

What is Planet?

In Planet Wallet, you can name your planet and manage your token with these names. Each Planet are allocated to each unique internet address. In other words, you can set a signature planet which nobody can use. In Planet Wallet, the creation of planet means that you give a nickname to your own addresses compared to other wallets.

1. Register PIN Code

Before you generate the planet, it requires the registeration of PIN Code first.

When you install PlanetWallet, you will process the step of registration of PIN Code for security of wallet. The PIN Code is consisted of the combination of 4 numbers and 1 alphabet.

2. Creat a Planet

In the next step, you can choose the design and the name of the planet. You can check different options of planet designs by clicking the bottom left button.

3. Add a planet

PlanetWallet should include GBT Protocol's tokens. Therefore, the initial planet is matched with Ehtereum address since GBT is ERC-20. Currently PlanetWallet supports Bitcoin and Ethereum networks so you can make a planet in BTC universe or ETH universe.

In Planet Wallet, we refers one mainnet network as an Universe. You can interpret Universe as the collection of planets. When you add a planet, you will chooese the universe first and process the same step of the creation a planet.

4. Bring a planet

The function is for users who already possess cryptocurrencies at other wallets. But this function is not applicable for the centralized wallet.

At the moment, we support this function via Mnemonic phrase and Private keys.

In the case of Bitcoin, we support WIF and Hex as well.

When you perform this to bring another wallet from others via Mnemonic phrase or Private keys and this wallet is not a existed wallet in Planet Wallet, then you should name this new wallet as well. When you give it a name, then you can bring the same content of the wallet to Planet wallet.

'Bring a planet' function via Mnemonic Phrase offers the Derivation Path based on the table below. If the path is not accordance with the standard below, the function may not work properly.

Coin

BIP32 Derivation Path

Bitcoin

m/44'/0'/0'/0

Ethereum

m/44'/60'/0'/0

The fee policy of Planet Wallet

Bitcoin and Ethereum which Planet Wallet supports have the fee policies, because they are structured as they offers compensations to the miners who write blocks.

1. Ethereum's transfer fee

Ethereum's transfer fee is refered as Gas. Gas is divided into GasPrice and GasLimit. Ethereum formulates the fee as "GasPrice X Gas usage". GasLimit is the limit of Gas usage. The usage of Gas for the simply Ethereum transfer is 21,000(when there is no extra data).

In Planet Wallet, we offers 4 steps of Gasprice depends on the situation of network. The prices of Slow, Standard, Fast, and Fastest show different figures depends on the situation of network. And it calculated GasLimit as 21,000.

In the case of Ethereum, we offer an advanced option that you can set the GasPrice yourself. Even though it is not possible to put GasLimit less than 21,000 and GasPrice less than 1GWEI. Basically, GasPrice is set as 20GWEI.

2. ERC20's transfer fee

In the case of ERC20, the fee is higher than simply Ethereum's tranfer. Since ERC20 requires more information to conduct a function of SmartContract, so there is extra cost for the conduction Smartcontracts.

In Planet Wallet, we offers 4 steps of Gasprice same as Ethereum for ERC20 transfer. But, the difference here is that GasLimit is 100,000. It does not mean that the total fee is "GasPrice X 100,000" because we set Gaslimit as 100,000. Approximately 60-70% of Gas is consumed.

In the case of ERC20, we offer an advanced option that you can set the GasPrice yourself. Even though it is not possible to put GasLimit less than 100,000 and GasPrice less than 1GWEI. Basically, GasPrice is set as 10GWEI.

3. Bitcoin's transfer fee

Bitcoin's transfer fee is related to the situation of network and the size of transaction. The total fee is calculated in the form "Fee per byte X Tx Byte count". Therefore, the price differs depends on the current amount of UTXO and the number of UTXO's balance split.

In Planet Wallet, the fee depended of the network situation is the fee per byte and Fee per byte offers 4 different step. The prices of Slow, Standard, Fast, and Fastest show different figures depends on the situation of network.