RIF Wallet App - Frequently Asked Questions

Here are some solutions to answer your questions.

For Developers

• What is a smart wallet factory?

  See the RIF Relay Documentation.

• Why do I see a Backend and RPC URL?

  • The backend URL and RPC URL is to be used for development purposes. Check the RIF Wallet Services and the RIF wallet repo for more information on how these are used.

• How do I know my wallet has been successfully deployed?

  • You will see a successful deployment notification on-screen if your wallet was deployed successfully. See section on Deploying a wallet.

General

• What is the RIF Wallet?

  • The RIF Wallet is an open source smart contract wallet which enables businesses to create and deploy fully customizable on-chain wallets using a set of wallet infrastructure APIs and libraries. The wallet features services like the RIF Relay, for payment of gas fees using ERC20 tokens, RIF Name Service for sending and receiving crypto using customizable usernames.

• What is RIF Wallet a self-custody wallet and why does it matter?

  • RIF Wallet is a self-custody wallet, and that means that you, and only you, are the only owner and control over your assets, using your private keys.
  • If you hold the private keys to your wallet, it means you have full ownership of its funds and can manage as you like. This is the big difference between a custodial and non-custodial wallet.
  • In a custodial wallet, you need to request a withdrawal from your account. Then, this custodial exchange will decide whether or not to permit your withdrawal request.
  • This is where RIF Wallet as a self-custody wallet comes to play. Your keys, your crypto. You decide what you do and when.

• What are the benefits of using RIF Wallet?

  Bitcoin and Rootstock Compatibility: No need for additional integration, take advantage of bitcoin security while utilizing the smart contract capabilties on Rootstock.

  • Easily create and deploy a customizable wallet for your end-users, with capabilities such as on-ramp, personalized domain usernames, cheap gas fee transaction and access to ERC-20 tokens in the Rootstock ecosystem.
  • Technical support and resources throughout the process to ensure all capabilities of the wallet are fully utilized.

  Easily build a native wallet application on top of a secure set of pre-packaged libraries and APIs. Written in React Native making deployment to iOS and Android a breeze; get up and running in a few hours.

• Can I import my wallet on RIF Wallet?

  • No, The RIF Wallet uses a smart contract to hold the tokens and assets for a user. While you can use an existing mnemonic in the RIF Wallet App, your address will be different since your assets are in a smart contract not in the EOA wallet.

• How do I fund my wallet?

  • There are ways you can do this. See Funding a wallet.

• How can I backup my seed phrase or private key?

  • See the section on backing up your wallet.

• Can I add custom tokens to my RIF Wallet?

  • Developers can add custom tokens by default as well. To add other tokens, you will need to receive the token in your wallet. Any of the Rootstock addresses in “receive” can be used to receive funds in your wallet. However, the default tokens in the user's wallet are simple to add, any ERC20 tokens received in your wallet appears on default.

• Can I swap tokens within the RIF Wallet?

  • The current version of the RIF Wallet does not include swaps as a built-in functionality yet.

• Why do I need to deploy my wallet?

  • The RIF Wallet uses a smart contract to hold the tokens and assets for a user. You can deterministically predict what the address of that smart contract will be. This becomes the user’s wallet address. However, the user does need to deploy the smart contract to that address before they can send tokens outside of their wallet.

• How do I contact the support?

  • If you run into any problems, get a free consultation with the RIF Wallet team or request a product demo.

• What are the requirements to set up a partner's wallet based on RIF's open source?

  • We have all the necessary documentation for a proper build and it should not be complicated. In practice, the developer will read the "readme" file, follow the described steps and will be able to build their wallet in a few minutes. However, to set up that environment may take a bit longer time. See the starter kit for instructions on how to quickly set up your environment to start building your wallet.

• Are there any set-up or running costs associated with RIF Wallet?

  • Setting up and maintaining the RIF Wallet carries no direct costs for both general users and developers. Businesses may incur infrastructure costs or resource requirements based on their use-case. However, the wallet's open-source nature facilitates efficient implementation without imposing additional financial obligations on users or developers.

• What are the risks associated with the RIF Wallet?

  • With a self-custodial wallet, security of your assets depends totally on you.

  If you lose access to your wallet, no one else can restore access. Write down your 12-word phrase or keep it somewhere safe. Self-custody wallets are often related to a more advanced approach, but we are working hard to abstract the complexity as much as we can.
• What is the difference between a MAINNET and TESTNET?

  • The mainnet is the primary network where the actual transactions occur. It's the "real" network, carrying actual value and involving real assets. The testnet serves as a sandbox or testing environment for developers. It's where they can experiment or test new features, smart contracts, or applications without affecting the mainnet.