How to import address from Trust Wallet to Cosmostation Wallet
What is better for staking cosmos-sdk based blockchains, like $ATOM, $BAND, $KAVA or $IRIS?
What is the difference between “address” and “wallet”?
Many users still don’t understand the difference between “wallet” and “address”, although this is a significant difference.
I’ll explain on my fingers:
Let’s imagine a bank. And this bank produce money.
There are many different banks and each bank produces different money:
- Bank of America produces dollars.
- Bank of Russia produces rubles.
- Bank of Korea produces wons.
To use dollars, you need to create an account in Bank of America.
To use rubles, you need to create an account in Bank of Russia.
To use wons, you need to create an account in Bank of Korea.
When you open a bank account, you will get a bank card that has a PIN-code.
If you have a card of Bank of America, you can use dollars, but you cannot use rubles or wons. To use rubles or wons, you need to open accounts in banks of Russia and Korea, and get cards from banks of Russia and Korea.
All cards are different and all cards have different PIN-codes!
Can I send rubles to a bank account in Korea? No!
Bank of Korea account only accepts wons. In order to receive and send rubles, you need an account in Bank of Russia.
Is your money on the card? No!
The money is in a bank account. A card with a PIN-code gives you access to your bank account.
What happens if somebody steals your card of Bank of America?
Somebody will be able to use money from your account in the Bank of America.
Will Somebody be able to use the money in the Korean bank account? No.
To use money from an account in Bank of Korea, you must have a card of Bank of Korea.
Where do you keep all your cards?
In the wallet.
Can I send money to my wallet? Of course not!
The wallet is used to store cards.
Can you send money from your wallet? No!
The wallet cannot send or receive money!
The wallet is used to store cards!
Can you have several wallets? Of course, you can!
You can have two, three, or five wallets.
Can you store cards in different wallets? Sure!
You can easily replace a card from one wallet to another.
If you understand what is the difference between “bank account”, “card” and “wallet”, then you will understand the following:
There are many different Blockchains. Each blockchain has its own cryptocurrency:
- In the Bitcoin blockchain — $BTC
- In the Ethereum blockchain — $ETH
- In the Cosmos blockchain — $ATOM
To use $BTC, you need to create an address on the Bitcoin blockchain.
To use $ETH, you need to create an address on the Ethereum blockchain.
To use $ATOM, you need to create an address on the Cosmos blockchain.
When you create an address on the blockchain, you are given a seed phrase (or mnemonic) — these are 12, 16 or 24 words in a specific order.
If you have an address on the Bitcoin blockchain, you can use $BTC, but you cannot use $ETH or $ATOM. To use $ETH or $ATOM, you need to create addresses in the Ethereum and Cosmos blockchains, and get the seed phrases of these addresses.
All addresses are different, and all addresses have different seed phrases!
Can I send $ETH to an address on the Cosmos blockchain? No!
The address in the Cosmos blockchain only accepts $ATOM. In order to receive and send $ETH, you need an address on the Ethereum blockchain.
Your cryptocurrency is located at the address. The address is on the blockchain. A seed phrase gives you access to an address on the blockchain.
What happens if somebody steals a seed phrase of your address on the Bitcoin blockchain?
Somebody will be able to use $BTC from your address on the Bitcoin blockchain.
Will he be able to use $ATOM from your address on the Cosmos blockchain? No.
To use $ATOM from an address on the Cosmos blockchain, you must have a seed phrase (mnemonic) of the address on the Cosmos blockchain.
Where do you keep seed phrases (mnemonics) from all your addresses?
In the wallet.
Also, you need to keep your seed phrase on a paper, in order if somethig happens with your wallet. Better on two different papers in different places!
Can I send cryptocurrency to my wallet? Of course not!
The wallet is used to store the seed phrase (mnemonic) from the address.
Can you send cryptocurrency from your wallet? No!
The wallet cannot send or receive cryptocurrencies!
The wallet is used to store seed phrases (mnemonics) from addresses!
Can you have several wallets? Of course, you can!
You can have two, three, or five wallets.
Can you store seed phrases (mnemonics) from addresses in different wallets? Sure!
You can easily import a seed phrase from one wallet to another.
The difference between wallets
Now that we understand the difference between “address” and “wallet”, let’s see the difference between Trust Wallet and Cosmostation Wallet.
After installing and launching Trust Wallet, you are asked to create a new wallet:
After you click on “Create New Wallet”, you will see a 12-word seed phrase.
You must write down this phrase (preferably on a piece of paper, preferably in duplicate), and store it carefully. If somebody finds out your seed phrase, she/he will gain access to all addresses that you have in your wallet.
Trust Wallet supports over 40 blockchains. What does it mean?
This means that the same seed phrase is used to create the address in each of the 40 blockchains.
Just image, you have the same password to the address in the Bitcoin blockchain, to the address in the Ethereum blockchain, and to the address in the Cosmos blockchain.
On the one hand, it is very convenient: to open different accounts in different banks, and to make one bank card with the same pin-code, to gain access to different accounts.
But if somebody finds out your seed phrase, she/he will have access to all your addresses at once!
Here we have created a “Multi-Coin Wallet”:
(1) As you can see, we immediately display 4 ready-made addresses in different blockchains. All of these addresses have the same seed phrase: 12 words that you recently wrote down on a piece of paper.
All these addresses can be used immediately. It seems to be very convenient.(2) You can click on the menu:
You can see a long list of addresses from different blockchains, which you can access by one seed phrase.
(1) Enter the word “kava”. We are shown two possible addresses: the first for $KAVA, the second for $ KAVA-BEP2-Token. I will not go into what is the difference …
(2) Click on the slider — turn on the display of the address.
After, we return to the main screen, we see that we have a kava-address, click on it:
We can send $KAVA, receive $KAVA, copy the kava-address, and “more” — additional features.
We click on “Receive”, and we are shown our kava-address:
To show you why Cosmostation Wallet is better than Trust Wallet, we will send 1.312 $KAVA to this kava-address.
(1) Now at our address (and not on the wallet!) — 1.312 $KAVA
(2) Click “more”
(1) Input amount, (2) Choose the validator.
Middle and right screenshot:
What??? Does the Kava blockchain have only 13 validators? Something strange.
Okay, let’s choose P2P Validator. I know them, you can trust them!
Click on “Continue” in the upper-right corner:
(???) What do we see? Network fee — 0.001 $KAVA ??? First time I see it! Coming back!
Click on the “gear image” → Click on “Wallets” →
Click on the “three dots” next to “Multi-coin wallet” →
Click on “show secret phrase”.
Then we will see 12 words in a specific order. This is our seed phrase, which is the password for all our addresses. Trust Wallet gives access to this addresses with seed phrase.
Actually, you should have written it down on a piece of paper (twice!).
But if you haven’t written it down, you can always recognize it this way.
After installing Cosmostation Wallet, you will need to enter and confirm a PIN code (four digits + a letter). When creating a wallet, you do not need to write down any seed phrases. Cosmostation Wallet has another structure:
(1) Choose the Kava blockchain
(2) Click on “+”
A menu will open in front of you: click on “Import Mnemonic”.
You need to input 12 words from Trust Wallet to Cosmostation Wallet.
Never reveal your mnemonic (seed)!
Don’t show it to Nobody! Not to me, not to administrators, not to technical support, not to CEO, not to Satoshi Nakamoto!
Then a pop-up window will appear asking “Select Key Path”: OLD PATH or NEW PATH?
Choose NEW PATH (44 ‘/459 /0’0)
Enter your pin-code from Cosmostation Wallet and you will see a list of addresses:
We can see that the first kava-address is the address that was in Trust Wallet. There even the balance is indicated: 1.312 $KAVA.
As I have said many times: the address is in the blockchain, not in the wallet!
We click on our address!
(1) You can compare addresses in Cosmostation Wallet and Trust Wallet — they are the same!
(2) Balances are also the same: 1.312 $KAVA
Let’s click on “Delegate” (the same as Stake):
(1) Click on “Top” to see a list of valid validators.
(!!!) What do we see? 90 validators! Only 13 validatorsc in Trust Wallet.
Let’s click on P2P Validator:
(!!!) What do we see? Why Cosmostation Wallet and Trust Wallet show us different Average Yield (APR)? 5.69% and 4.5% ??? This is will be in my next research!
Let’s figure it out! Click on “Delegate”:
Left screenshot: (1) Input the amount of 0.1 $KAVA, (2) click on Next.
Right screenshot: (1) Leave the Memo field empty, (2) click on Next.
Don’t confuse Memo and Mnemonic.
Memo must be specified to deposit funds on the exchange, or in the KavaTipBot.
Mnemonic is an invariable password from your address. Keep it in secret!
Screenshot on the left: (!!!) It turns out that there is no network fee in the Kava blockchain! Transactions are free!
Right screenshot: (!!!) Once again we make sure that we are delegating P2P Validator 0.1$ KAVA with zero commission. Click on Confirm.
After confirming the transaction, we will be warned once again that if we delegate to the validator, then we need to wait 21 days to withdraw funds.
We understand and accept this.
Then we enter the pin code again.
Then we wait ~7 seconds (average block formation rate in blockchains on Tendermint).
(1) If you see a “green check” and “Success” — the transaction was successful.
(2) Once again, we make sure that transactions on the Kava blockchain are free. Despite this, Cosmostation Wallet gives you the opportunity to choose a network fee. This commission will go to the validator who closed the block.
(3) We see that we have delegated (staked) 0.1 $KAVA. We didn’t pay any network fees! And you will get more reward from P2P Validator, if you will reinvest, than in Trust Wallet, because Trust Wallet doesn’t have reinvest-function, and because you haven’t free fee for transactions in Trust Wallet.
(4) Click on Done.
(1) We see that the balance remained as 1.312 $KAVA. It should be so! We did not spend anything, we delegated (staked). When delegating, your funds remain at your address.
(2) We see that the Available Balance has decreased by 0.1 $ KAVA. This is as it should be, because this is the amount we delegated.
(3) We see that there is 0.1 $KAVA on the Delegation Balance. Everything is as it should be.
(4) Let’s try to send part of the funds from our Available Balance to another kava-address. Trust Wallet charges 0.001 $KAVA for making a transaction. Let’s check if this is the case in Cosmostation Wallet?
Click on the image of the rocket with the inscription SEND in the lower-right corner of the screen.
We have already gone through this procedure many times, therefore, without any particular details. See description under screenshots!
Back to the overview of our address:
(!!!) The total balance of the address has decreased by exactly the amount that we sent! In Cosmostation Wallet, transactions are free!
(1) Available Balance has decreased by exactly the amount that we sent!
(2) Click on “Delegate”.
A list of my validators. So far, there is only P2P Validator in the “My” list, so click on it.
All information about the validator, and a bunch of features: “Delegate”, “Undelegate”, “Redelegate”, “Claim Reward”, “Re-Invest”!
And all these features are free! No network fees!
You can read more about the full functionality in the instructions for delegating $KAVA. Now click on “Redelegate”.
(1) Indicate half of the amount of $KAVA that we recently delegated;
(2) Click on Next.
Now we will redirect part of the funds from one validator to another, without losing 21 days for the period of funds withdrawal.
Yes! You can do this with Cosmostation Wallet, but you can’t do it with Trust Wallet.
If you bring up the issue of redelegation in the Trust Wallet chat, you will be banned.
Before us is a complete list of valid validators! Trust Wallet doesn’t have that.
Choosing a Cosmostation Validator is one of the best validators in the Cosmos ecosystem.
Why this validator is not in the list of available validators in Trust Wallet?
I will provide full information about the checked validators at the end of the instruction.
After that, click on Next.
Then the usual scheme follows again: don’t fill the Memo. Choose free Fee. Check, confirm, wait ~ 7 seconds. Success, press Done.
This is how we redelegate part of the funds from one validator to another, immediately after delegation, without paying network commissions, and losing 21 days.
(0) Click on the transaction history in Cosmostation Wallet. We see that 4 transactions are associated with our address:
(1) Receiving funds;
(2) Delegation of funds;
(3) Sending funds;
(4) Redelegation of funds.
All this within one hour, and without any overpayments.
(1) For some reason, Trust Wallet only shows 3 transactions. Redelegation is not reflected.
(2) Click on “more”.
Right screenshot: Click on Stake Details, see what’s in the details.
Screenshot on the left:
(???) P2P Validator is listed and Cosmostation is displayed as “Decommissioned”.
Let’s try to withdraw funds from P2P Validator by clicking “Withdraw”.
(1) Let’s try to withdraw all funds. We click on “MAX”.
(2) Click on “Continue”.
(???) Again this network fee! Where did it come from?
I just go out from Trust Wallet. I go to Cosmostation Wallet, there is still 1 $KAVA left at the address. I delegate it in equal parts, without any commissions, to my favorite validators:
Information about my validators
At the first, I want to say that I propose those validators to which I delegate myself.
I chose these validators not only for their “Voting Power” and “Average Yield”, but also because I see their activity within the community, and I can contact each of them personally.
I leave you their contacts:
Official Website: https://www.cosmostation.io
Cosmos Web Wallet: https://wallet.cosmostation.io
Block Explorer: https://www.mintscan.io
Especially for those who have read to the end, a small bonus:
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This is the seed-phrase of the kava-address with 1.1 $KAVA
Anyone who knows the seed phrase can access the address from any wallet, and even through the command line. Therefore, NEVER DO THIS!
I posted this seed phrase for educational purposes only, and of course I will never use this address.
1.1 $KAVA has been delegated, and it will take 21 days to recall it. After that, it can be withdrawn. If you manage to withdraw it first, write to me about your success and which wallet you used.
I hope, this instruction helped you to understand process better))
The instruction was prepared by Vladimir Ponimajushij
If you like my instructions, you can send me $KAVA, $USDX or $HARD: