What is a ‘wallet’? Why do I need one?
A ‘wallet’ is a core component of a blockchain/cryptocurrency system. Odinala Invest uses the Songbird blockchain and the Gnosis Chain to manage the accounting of the fractional ownership of the properties on its platform. Because we run on Songbird , our assets are stored in ‘Ethereum wallets’ compatible with the Gnosis Chain.
A ‘Public Key’ or ‘Public Address’ are also terms that are used to describe a ‘wallet’.
A wallet is composed of two parts: a ‘public address’ and a ‘private key’. A good metaphor for this is ‘a mailbox’ and ‘a mailbox key’. Anyone can drop anything in the mailbox, but only the owner of the private key can open it up and access it. The link between a ‘public’ and ‘private’ key is rooted in public-private key cryptography, and is what puts the ‘crypto’ in ‘cryptocurrency’.
In order to receive your purchased fractional shares of real estate, you will need an Songbird wallet Gnosis Chain compatible so that the assets can be delivered to you. There are many different wallets available, and each one manages your private key in different ways.
Make sure you understand how each different solution manages private keys for you.
A private key is very important! Any owner of the private key can access any of the funds that are stored it is associated wallet.
We particularly recommend those wallets: Trust Wallet (mobile), AlphaWallet (mobile), or MetaMask (mobile and browser).
Creating a wallet is very easy. You just need to install the application of your choice and then create an account. When creating an account, the application will give you a “recovery phrase” to carefully note, to keep access to your wallet. You don’t have to enter any personal information like your email address or your name.
Once your account is created, you will be able to find your public Songbird/Gnosis Chain address (this address always starts with “0x”). This is the address that we will use to send you your Odinala Invest Tokens and your rents.