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Frequently Asked Questions
Layer 1 Blockchain Designed for Trustless, Next Generation Private Key Recovery. The purpose of the chain is to store the encrypted client-side backups, as well as, the master decryption key in Keyless infrastructure.
The Self Chain solves three primary problems in crypto wallet infrastructure: unfriendly UI/UX, lack of privacy, and needed world-class security.
Keyless wallets replace the traditional private key or seed phrases with two independently created mathematical "secret shares." One share is stored on your mobile device and the other on the Self Chain as the state machine.
Keyless wallets work by slipping the traditional private keys or seed phrases into multiple pieces, and then distributing them in multiple places to ensure no one person has full access to the key. So that the private key is always used in a distributed manner, there is no single point of vulnerability. Even if an attacker tries to get access to one of the two shares, they can’t access all of the "secret shares" simultaneously, making your digital assets much safer than in the traditional private key architecture.
The $SELF is the Self Chain’s primary token and secures the chain and pays for the transaction fee.
Staking is earning semi-passive income from your $SELF tokens while contributing to the Self Chain's operations. You delegate your tokens to one or more validators who have an important role in maintaining the integrity of the network. It is important to do due diligence on the validators you choose.
Full nodes typically are computers that synchronize with a blockchain or Self Chain network in order to store a record of transactions or perform other functions.
On Self Chain, full nodes are primarily useful for those who want to prepare to become a validator node or wish to operate a fully trustless connection point to the network for account control or network monitoring, via the Core API.
A validator node is a special type of full node that participates in “consensus.” By participating in consensus, validator nodes become responsible for verifying, voting on, and maintaining a record of transactions. The Self Chain protocol only allows the top 125 validators to participate in consensus. These are selected based on the amount of stake $SELF token holders have delegated to them.
Validator nodes underpin the security of Self Chain network. That is why it is of vital importance to ensure that validator nodes remain both performant and trustworthy.
To get started, first, download the Keplr browser extension and create a wallet using this simple guide. Then, to pay for transaction fees and interact with apps on Self Chain, get some $SELF on exchanges (DEXs or CEXs).
Holding and staking $SELF allows you to receive rewards, these rewards come from fees, and new $SELF that are unlocked during the creation of every block on the Self Chain. In addition, after staking your $SELF, you will also be able to vote on proposals to help determine the future of Self Chain.
There are several benefits of using MPC technology for wallets, namely not needing to trust third parties, increased data privacy, higher accuracy, removing single points of failure, MPC wallets are harder to hack, and MPC wallets rely less on cold storage.
- 1.Trusted third-party - data can be shared in a distributed manner without any third parties
- 2.Data privacy - data is encrypted at rest and in transit so no private information is revealed or compromised
- 3.High accuracy - MPC provides highly accurate results for different computations using cryptography
- 4.Removes single points of failure (SPOF) - private keys are not stored in one single place
- 5.Hackers need to work much harder - a hacker would need to attack multiple parties across systems and locations
- 6.Less reliance on cold storage - users can only hold their assets online and no longer need cold-storage devices