This article uses imToken decentralized wallet as an example. Other digital asset wallets may have slight differences, so please refer to the official customer support of the respective wallet for more details.
Misunderstandings arise between people due to lack of understanding, and this is often the case when we come across new concepts, such as decentralized wallets. Moreover, blockchain technology is vastly different from the traditional centralized services we are used to, which makes these misunderstandings deeply rooted in our minds.
Below are the five most common misconceptions that new users have when using decentralized wallets. Have you encountered any of these?
Misconception 1: My assets are "stored" in the imToken wallet.
The primary function of a wallet is asset management, allowing users to make transfers or receive payments. This is similar to the accounts set up on centralized exchanges, but with a key difference: your digital assets are not stored in the hands of a decentralized wallet provider, and there is no custodial relationship between you and them.
A decentralized wallet does not control your wallet’s mnemonic phrase, which is a major difference from centralized platforms. On centralized platforms, your assets are controlled and managed by the platform, and users cannot access the mnemonic phrases or other information related to the platform's addresses.
When using a decentralized wallet, you manage your assets through the wallet application. The mnemonic phrase and private keys are under your control, and you can use the private keys to authorize and initiate transactions.
Key Point to Remember: Whoever controls the mnemonic phrase controls the assets.
Misconception 2: I made a mistake with the address while transferring. Can customer service help me get it back?
Blockchain wallet addresses are generally long strings of characters that are more complex and harder to remember than bank account numbers.
In most cases, people obtain the recipient's address by scanning a QR code or copying it. While mistakes are rare, some careless individuals may accidentally copy a token contract address, leading to assets being sent to an incorrect address. Once a transaction is confirmed on the blockchain, it cannot be frozen or reversed. The only way to recover the assets is by contacting the recipient. However, due to blockchain’s inherent anonymity, it’s often impossible to confirm the identity of the wallet owner. If assets are sent to the wrong address, they are effectively lost.
Thus, it is important to double-check the address before making a transfer. You can use wallet features, such as imToken's address book, to store frequently used addresses and enter them with a single click.
You can also use the ENS domain service to make your wallet address easier to remember.
Misconception 3: My asset balance is wrong. Can imToken adjust it for me?
To answer this question, let’s first understand where the asset information in your wallet comes from.
All your digital assets are essentially just cold data on the blockchain, and they don’t appear in a very user-friendly form. For example:
Unless you're a programmer, most people won’t understand this raw code. To make this information more understandable, developers have transformed this data, adding visual designs to present it in a more intuitive and user-friendly way.
We know that the asset information for each address is directly pulled from the blockchain, and it matches the data shown on blockchain explorers. The wallet simply presents this information in a more accessible way for users. If you feel your asset balance is wrong, you can cross-check it by using a blockchain explorer.
Misconception 4: All DApps accessible via the DApp browser are related to imToken.
To clear up this misunderstanding, we first need to understand what a "DApp browser" is.
If we disregard the first four letters, a browser is a tool for accessing websites, like Chrome, Safari, Firefox, or IE. We use browsers to visit websites such as Zhihu or Taobao. Similarly, a "DApp browser" is simply a tool for accessing DApps, which are native products of blockchain technology. Most wallets embed a DApp browser as a native feature.
While you can use the DApp browser to access third-party DApps integrated with your wallet, this doesn't mean that the DApp is associated with the wallet provider. It's like using Chrome to visit Taobao—while you can access Taobao, it doesn’t mean that Chrome is affiliated with Taobao.
A reminder: many fraudulent DApp projects take advantage of this misconception to trick users, creating the false impression that the project is affiliated with the wallet.
Misconception 5: imToken can only manage ETH assets.
Many users still associate imToken with its version 1.0, thinking that it can only manage ETH and ERC20 tokens. Users often ask, "When will imToken support BTC or TRX?"
I want to tell you: imToken now supports assets from 14 mainnets, including ETH, BTC, EOS, COSMOS, BCH, LTC, CKB, TRX, KSM, DOT, FIL, XTZ, GOGE, and Osmosis. With a single mnemonic phrase, you can manage assets from these 14 mainnets.(Note: imKey currently does not support XTZ, DOGE, or Osmosis.)
This article is referenced from the imToken Help Center, and the content is applicable to the imKey hardware wallet as well.
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