A quick summary of TenX and PAY


#41

@David_Wyness
Hu David, thanks for the info. Where can I store the tokens? Haven’t found any official wallet for the concept being described… Any tips. Thanks


#42

@Murdock Sure happy to help. The PAY token is an Ethereum ERC20 token so can be held on any wallet that accepts these. The wallet I use for my ETH and PAY is:

I think this wallet is probably the most popular. If your buying large amounts a hardware wallet is always recommended though.


#43

@David_Wyness
Hi, thanks. Will try that one. Yeah I already bought Nano S to store my longs. But haven’t found anything for PAY yet.

Just a general question about POS:
Do you need to be “online” for staking? I would rather store all my crypto on the hardware wallets and not in some “online” wallet just because of staking.

Maybe different thread would be better :slight_smile:


#44

Your Nano S will be able to store your PAY, not problem then. As mentioned, PAY is an ERC20 token :slight_smile:

As for your 2nd question. The answer is most probably yes, the whole point of POS is that you stake your tokens for a chance to create a block. The block has transactions and calculations that you need to perform. So you will need to be “online” to do so. Not in the sense that you personally need to do so, but more in the sense that your machine needs to be running.

However, what I’m not sure of are staking pools and how that will work. If you don’t want to be online and yes still be able to stake, that would be DPoS. There are many chains that run DPoS where the concept is that you use your tokens to vote someone who will stake on your behalf and most of the time they share the rewards with people that funnel their votes to them.


#45

@Rigario
Yep I know (ERC20) however ledger doesn’t mention on their website the ability to store PAY or OmiseGo for that matter. Gotta look into that…


#46

The ledger nano S defiantly stores the PAY and OMG tokens. I have done it my self with both. You use the nano S in conjunction with the myetherwallet

Though to say store is technically not correct. Nothing is stored on the hardware except the private keys.


#47

@David_Wyness
Yes I know that it just stores the keys. I didn’t know you can store those tokens there, as it’s not mentioned in the supported coins on their website (https://www.ledgerwallet.com/products/ledger-nano-s). Thanks for the tip, will look into that one


#48

hey. I know, they don’t mention it. I didn’t know if it workds. I sent a litlle bit of PAY from my MyEtherWallet to the address on the ledger (there is 5 of them). then you just send them like you’d sent ETH from MyEtherWallet to an address, you put in the ECR20 you want to send, the address of your nano wallet and send it. Once its sent, you can open the ledger wallet through myetherwallet and it looks exactly the same as a normal myetherwallet


#49

fuzex I think is a very real competitor in this space. Good luck to all and any of them as it is certainly needed