Maiar: Elrond’s mobile wallet
2021-02-10 07:02
On January 31, Maiar released a mobile app where users can store, transfer and stake EGLD tokens. We will describe to you what Maiar is, what features it has and how this application works.
What is Maiar
Maiar is a cryptocurrency wallet built on the Elrond blockchain. The app is available for download in the App Store and Google Play.
Maiar wallet does not store users’ private keys and does not have access to their funds. Users can buy cryptocurrency right in the wallet with Ethereum (ETH) or Binance Coin (BNB).
Functions Available in Maiar
Currently, the only cryptocurrency that users can store and transfer is Elrond (EGLD). The main page of the wallet displays the account balance and statistics on the EGLD token. Users can track how the circulating emission changes, how many coins remain to be mined before the end of staking, and the current number of token holders. You can also set your own purchase goals and the app will notify you when it’s time to buy new EGLD tokens.
Staking
In order to stake cryptocurrency and receive income directly you need to become a validator. Elrond supports delegation, so each user can delegate their EGLD tokens to validators. Active delegation is currently unavailable as the Elrond network has reached the maximum number of stakers. Therefore, developers added a waiting list.
5,000 EGLDs are distributed to users on the waiting list each week. Each participant delegating coins receives up to 20% per annum. The minimum amount to participate is 10 EGLD. Pay attention that you need an extra sum to pay fees, thus you should have at least 10.25 EGLD. Actual fees varies from 0,00005 EGLD to 0,035 EGLD.
Users delegate tokens to the Elrond Foundation node, but after the launch of Phase 3, they will be able to choose a validator on their own. Everstake has its own pool; you can stake tokens as soon as delegation to staking providers is available.
Staking is not yet available in the Maiar app. Stay tuned for updates when delegation is added to your digital wallet.
Herotags
Maiar uses a phone number to enable you to send EGLD tokens, but if you don’t know the number, you can send coins using herotags. These are usernames running on the Elrond blockchain using the DNS (Domains Name System) service. You can create your herotag in the profile section. The use of DNS solves the problem of complex and long addresses that holders cannot remember. For example, Ethereum addresses use Base16 encoding in hexadecimal; they are a 20-byte string that starts at 0x and is 42 characters long.
Example ERC20 address: 0x4762417ae0fDfA3A3A9c866fD1D1BDfDAaE734F0
Complex addresses can lead to vulnerabilities. Their owner does not remember them, which is what attackers can take advantage of by replacing the real address with a fake one. And such situations have already occurred.
Elrond solves the problem of complex URLs by offering herotags in the format of the name.elrond, for example: everstake.elrond. Moreover, users choose and reserve an accessible address for themselves. DNS serves as a translator, tying together complex pieces of information, making addresses readable. This way, users can stop worrying that they entered the wrong address and funds may go to the wrong place.
Viewing and adding new contacts is available in the “Contacts” section of the wallet.
Maiar does not store user phone numbers. The address book is only stored on the local device. User privacy is protected by one-way hashing.
Affiliate Program
Affiliates earn 100% of Maiar commission when referred users buy EGLD. In addition, new registered users receive $10 worth of EGLD tokens after effecting their first purchase for at least $200.
Maiar Digital Wallet is safe and easy to use. You can quickly transfer funds using a phone number or @herotag instead of complicated and long addresses.
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