Wallet Keys
This page describes the wallet keys, that are used for staking and managing nodes.
Wallet Keys
As a Validator, you use the Wallet Keys to access the address from which you send the staking transaction. Your ONE holdings are transferred from this address and are deposited into a staking smart contract. Rewards are sent back to this address. You can later change it by using a changeRewards transaction.
A Wallet Key can be created through multiple methods described in the documentation. This wallet is the only type that can be used to send an unstake transaction—meaning to retrieve your 3000 ONE from the staking smart contract.
The wallets adhere to the BIP44 standard, noting that because OneFinity uses Ed25519, only hardened paths are utilized. Our coin type is 508, making the path for the first address m/44'/508'/0'/0'/0'.
Wallet keys are extremely sensitive because:
If you lose the keys, you cannot recover your stake or claim your rewards. Consequently, you lose all the money.
If someone steals your keys, they can send an unstake transaction from it and claim the ONE, allowing the bad actors to steal your money.
Make multiple safe backups of the Wallet private keys on:
paper
hardware
encrypted physical storage
distributed cloud storage, etc
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