If you hold or want to buy XRP, you need a secure wallet, such as the Xaman Wallet. The wallet has rebranded from XUMM to Xaman and upgraded its features at the same time, offering multi-network support as well as a fresh identity. Here is a detailed walkthrough on how to use the Xaman Wallet.
What is Xaman Wallet?
The Xaman (XUMM) wallet is an XRP Ledger non-custodial wallet. The XRP Ledger is a decentralized, public blockchain that connects developers and businesses. As a non-custodial wallet, the Xaman Wallet gives you full control over your private keys, crypto-assets and funds.
The wallet is privately owned by XRPL Labs, which received seed funding from Ripple to build Xaman applications on the XRP ledger. Users can interact with third-party XApps and tools built on the XRP ledger via the Xaman Wallet.
Xaman Wallet features
The 2.6.0 upgrade was completed on December 18, 2023, bringing a number of notable improvements. Key features include:
Intuitive and user-friendly interface: The wallet’s user-friendly interface makes it easy for crypto-enthusiasts of all levels of expertise, whether beginners or experts, to use. Multi-signature support for XRPL only: You can set up multiple signatures for transactions on XRPL as a security measure using Xaman as it is a multi-sig wallet. If a malicious party compromises one signature, they cannot access your assets and funds. The reason is that you need to present the other signatures to complete a transaction. Multi-network support: The Xaman Wallet supports more than just the XRP network. This helps other networks running on XRPL networks like Xahau. By switching between different networks effortlessly, you have flexibility and versatility in managing your XRP assets. Supports multiple cryptocurrencies: Xaman Wallet supports more than 8,300 coins on the XRPL and Xahau. Therefore, as long as the token is issued on the XRPL or Xahau, the XUMM wallet supports it. Xahau Integration: Xahau is a sidechain for the XRPL ecosystem with innovative features like Hooks. Hooks on the Xahau network are lightweight smart contracts that you can use Hooks for various functions. For example, you can automatically send or receive payments, hold funds in escrow, and design custom decentralized exchanges (DEXs) such as automated market makers (AMMs).
How does Xaman Wallet fare against competitors?
Comparing the Xaman wallet to other XRP wallets shows that it is doing quite well. This is especially evident when placed next to prominent cold wallets. Here is a comparison chart that includes Xaman Wallet and major XRP cold wallet solutions, such as the Trezor Model T and Ngrave ZERO.
What are the pros and cons of the Xaman Wallet?
Here are several reasons why using the Xaman (XUMM) wallet for your XRPL and Xahau assets is ideal:
It supports all XRP Ledger tokens and tokens issued on the Xahau sidechain. It has a user-friendly interface with multiple language options. It has multi-signature support for added security, but only for XRPL, not Xahau. It has a mobile payment app for easy access for Android and IoS. It has low transaction fees for XRP and most XRPL tokens.
Xaman Wallet Cons:
This can lead to permanent loss if you lose your keys due to user error. It is limited to XRPL and Xahau ecosystems and does not support popular coins like Bitcoin or Ethereum nor does it function as a Ripple Wallet. It may require technical knowledge for advanced features. The multi-signature feature is not active for the Xahau network.
How does the Xaman Wallet work?
To understand how the Xaman Wallet works, you first need to know how to set up a crypto wallet. Follow these steps to set up the Xaman Wallet:
Download the Xaman application from the Play Store or Apple Store by clicking “Install”. Remember, your phone must be higher than an Android v7 or iOS v13.
Click “Get Started” and then set a password.
Set up your biometric authentication by clicking “Yes”.
Click “Enable Push Notifications” to receive notifications for any incoming transaction requests that require your approval.
Read the information provided and make sure you understand before checking the “I understand” checkbox after each assignment. Tap “Confirm” after reading all the information about the terms of service for the XUMM mobile app.
Click “Add Account” to create or import an existing account.
Tap on “Create new account” and follow all the instructions by clicking on “Next”. You will then receive a public address for your new account.
Still, you need to activate a new XRPL account by depositing more than 10 XRP. How you deposit the crypto depends on your location. So click the drop-down menu arrow under “Choose your country” to get started. When you do, you’ll see a list of supported providers to choose from.
For example, in the US you can choose from several providers such as Banxa, BTCDirect, Guardarian, Topper, Kraken, Coinbase, Uphold and Gatehub. Each provider offers unique features and services, catering to different needs and preferences.
Is the Xaman application secure?
The Xaman Wallet has a number of security features.
It is built on blockchain technology, which reduces the risk of third-party access or breaches.
It is available to developers as it is an open source code. Therefore, the developers can easily address potential security vulnerabilities. It uses multi-signature support for only XRPL to authorize transactions. As a result, you can set up a smart contract with specific conditions, such as requiring approval of more than three signatures. Has biometric authentication, including face ID and fingerprint recognition.
Protecting your XRP is easy with Xaman Wallet
With its latest upgrade, the Xaman Wallet, formerly Xumm, has established itself as a competitive and reliable option in the cryptocurrency sector. Overall, the wallet offers users a smooth and secure experience within the XRP ecosystem, facilitating transactions seamlessly. Remember to always practice good crypto wallet security, and only click on official links to download the wallet to avoid phishing attacks and crypto scams.
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