The crypto market seems to be picking up again, attracting a new audience of investors. This AMA aims to support these new members by providing clear, straightforward answers to their questions, as the crypto space can often seem confusing to newcomers. While the previous session had a very technical focus, this AMA aims to cater to the needs of our new audience.
Introduction
Hello, everyone, and welcome to our Tangem AMA! My name is Anna, and I'm the community lead here at Tangem. My role is to be the bridge between our wonderful community and the Tangem company, ensuring that we build a robust and fruitful relationship together. I'm thrilled to have you all here today!
As many seasoned professionals have noticed, the crypto market is picking up again, and with that comes a new wave of investors eager to learn about this exciting space. Our goal with this AMA is to support these new members by providing clear, beginner-friendly answers to their questions. Crypto can often feel overwhelming and perplexing to newcomers, so we want to help demystify the process and make it more accessible.
In our previous AMA session, we dove deep into the technical aspects of Tangem and the crypto world. While that was incredibly valuable for our more experienced users, we want to shift gears this time and cater to the needs of our new audience. Don't worry; we'll still have plenty of opportunities for our seasoned users to ask questions, too!
Format of the AMA
So, here's how we'll be structuring today's AMA:
We'll start with a presentation, during which we'll address some questions in real time. However, please bear with us if there are any immediate delays in answering your questions, as live streaming can sometimes be tricky.
After the presentation, we'll discuss the Tangem roadmap for the next couple of months, giving you a sneak peek at the exciting developments we have in store.
Finally, we'll wrap up the AMA by addressing your community questions. Feel free to leave your questions in the live chat or description box, and if we don't get to them during the session, we promise to address them shortly, either through our community channels or in upcoming AMAs.
I also want to give a quick shout-out to our fantastic moderation team, who are available 24/7 to assist you with any queries in our community channels. They're a tremendous resource, so don't hesitate to contact them!
Now, I'm thrilled to introduce our special guest for today's AMA, a professional from the Tangem support team who will be helping me provide you with clear, easy-to-understand explanations to all your questions.
I'm so excited to dive into this AMA with all of you. Remember, there are no silly questions, and we're here to help you confidently navigate the world of crypto and cold wallets. So, let's get started!
Understanding Cold Wallets and Tangem
Let’s now focus on providing clear, easy-to-understand explanations of cold wallets, Tangem, and related concepts. We want to help new users like you feel more comfortable navigating the crypto landscape.
What is a Cold Wallet vs Hot Wallet?
First, let's talk about the difference between hot and cold wallets.:
- Hot wallets are always connected to the internet, which makes them convenient for quick transactions. However, this constant connection makes them more vulnerable to hacking and phishing attacks.
- On the other hand, cold wallets, like Tangem, are offline storage solutions. We provide an interface allowing you to connect directly to the blockchain without exposing your assets to online threats. This means you get to enjoy higher levels of privacy and security.
Since entering the market in 2017, we have sold over a million cards, and I'm happy to report that not a single instance of one of our cards being hacked or accessed by unauthorized parties has occurred. That speaks volumes about the security we provide.
Where is Cryptocurrency Stored on Tangem?
You may be wondering where your cryptocurrency is stored when you use Tangem. The answer is simple: it's always stored on the blockchain, not your Tangem card or phone. Our app is an interface that lets you visualize your transactions and interact with your card. You can access your wallet from any NFC-enabled device because your phone doesn't hold cryptocurrency.
How to Create a Wallet and Seedless vs Seed Phrase Setup
When it comes to creating a wallet with Tangem, we offer two options:
- The first is a seedless setup, which we recommend for most users. It's the most secure option; all you need to do is back up your cards – no need to worry about seed phrases.
- The second option is a seed phrase setup, where you can either generate a seed phrase within the Tangem app or import an existing one from another wallet.
Remember that once you've created your wallet, you can't change the setup later without moving your assets to a new wallet.
Moving From a Different Wallet to Tangem
If you want to move your assets from another wallet to Tangem, don't worry – the process is straightforward. When setting up your wallet, select the Import Wallet option and enter your seed phrase. We support 12, 18, 21, and 24-word seed phrases, so you can easily migrate your assets to Tangem.
Sending and Receiving Cryptocurrency With Tangem
Sending cryptocurrency from your Tangem wallet is a simple process:
- Select the token you want to send, enter the recipient's address and the amount, and confirm the transaction by tapping your card on your phone.
- Ensure you have enough gas (that's the transaction fee) to process the transaction on the blockchain.
Receiving cryptocurrency is even easier – simply provide your Tangem wallet address to the sender, and you're good to go. No confirmation is needed, as the blockchain is permissionless.
Adding Custom Tokens and Price Display
We support a wide range of tokens, and you can add them to your wallet through the Manage Tokens section in the app. If you can't find the token you're looking for, you can always add it as a custom token. Remember that custom tokens won't display price information as they're not connected to our price API.
Connecting to DApps via WalletConnect
Another important thing I’d like to discuss is connecting to DApps through WalletConnect. To ensure the highest level of security, we don't allow direct connections to other wallets or exchanges. However, you can still interact with various decentralized applications using WalletConnect. It acts as an intermediary between your Tangem wallet and the DApp. While this is convenient, always be cautious and only connect to DApps you trust. Granting permissions to unknown entities can put your assets at risk.
Advanced Features and Roadmap
In this part of the AMA, I want to share some of the more advanced features Tangem offers and give you a glimpse into the exciting developments and improvements we have planned for the near future.
Tangem Express for Buying, Selling, Swapping Tokens
One of our standout features is Tangem Express, which lets you easily buy, sell, and swap tokens directly within the Tangem app. We've partnered with carefully vetted third-party providers to bring this convenience to you. Our current partners include MoonPay for selling cryptocurrency, Mercuryo for buying, and 1inch, ChangeNOW, and ChangeHero for token swaps. We're always working on integrating more providers to give you even more options and the best possible rates.
Access Code and Card Security
Another unique feature of Tangem is the access code, which adds an extra layer of security to your wallet. You set up your access code during the wallet creation process, and it prevents unauthorized access to your funds, even if someone gets hold of one of your cards. I want to emphasize the security of our cards – the chip is certified at the EAL6+ level, protecting it against invasive and non-invasive attacks. We've designed our cards to be tamper-proof, so if someone tries to access the chip physically, all the stored information will be automatically erased.
Verifying Wallet Authenticity
We take great pride in the security and authenticity of our wallets. Scanning a Tangem card with our app automatically verifies its authenticity and alerts you if it detects a counterfeit card. The fact that we've sold over 1 million cards since 2017 without a single reported case of a hacked or cloned card speaks volumes about the robustness of our security measures.
Upcoming Feature Roadmap
Now, I'm excited to share some insights into our new features and improvements in the pipeline. Our roadmap for the next few months is packed with exciting updates:
April:
In April, we're working on completely redesigning our wallet interface to enhance your user experience. We're also adding support for 24-word seed phrases and the BIP39 passphrase (the 25th word). Expect additional language support within the app, new exchange partner integrations, and token support for the Cardano and Hedera networks. Plus, we're implementing transaction history for Tron and Polkadot.
May/June:
Moving into May and June, we plan to introduce detailed token information displays in the wallet so you can access critical data about your assets at a glance. We're also working on multi-account support, allowing you to create multiple wallets within the app and giving you even more flexibility.
Upcoming:
Looking further ahead, we have some big plans in the works. We're going to be rolling out staking support for a variety of networks, including Solana, Cosmos, Polkadot, Polygon, Cardano, Avalanche, Tron, Binance Smart Chain, NEAR, Tezos, Fantom, Cronos, and Kava. And we're not stopping there – we're also integrating new onramp and offramp partners to provide you with even more competitive rates.
Our roadmap is a testament to our commitment to continuously improving the Tangem wallet based on your feedback and the market's evolving needs. We aim to provide you with a comprehensive, secure, and user-friendly crypto management solution by regularly adding new features, expanding supported networks, and integrating more partners.
Community Q&A
This last segment of the AMA is all about you – our amazing Tangem community. We've received some great questions from you, and I'm excited to dive in and provide detailed answers.
Tangem Customer Support Handling Inquiries
First, someone asked how our customer support team handles the growing number of inquiries as Tangem gains popularity. I'm proud to say that our team comprises blockchain analysts, a Chief Technology Officer, QA specialists, and dedicated support staff. We work hard to respond to most inquiries within 24 hours, but it might take up to 72 hours during hectic times. One thing I want to emphasize is the importance of reaching out to our correct support email address, which is [email protected]. This ensures that your inquiry gets to the right people quickly. If you send your question to another department by mistake, it could take a bit longer to get a response.
No Transaction Limits or Tracking
Another great question from the community was about transaction limits and tracking within the Tangem wallet. We don't limit the cryptocurrency you can store or transfer using Tangem. It's your wallet, your crypto, your choice. Additionally, we don't track or monitor your incoming or outgoing transactions – your privacy is paramount.
Resetting Wallet to Factory Settings
Someone also asked about resetting a Tangem wallet to its factory settings. To do this, you'll need to access the card settings within the app using your card and access code. The app will warn you that resetting the wallet will erase all stored information, including your private keys, wallet addresses, and funds. So, before you reset your wallet, make sure you've moved your funds to another wallet or exchange. You must reset each card individually if you have multiple cards in a set.
Solana Congestion Issues and Improvements
Many of you have been concerned about issues with Solana transactions on the Tangem wallet. I want to acknowledge these concerns and explain that the problems are due to high congestion on the Solana blockchain, which can lead to failed or delayed transactions. While this is a network-wide issue that's not unique to Tangem, our team is actively working on improvements to help Solana transactions process more smoothly. We plan to implement these enhancements in an upcoming app update, so stay tuned for that.
Device Compatibility
Another topic that came up was device compatibility with Tangem cards. Our cards are compatible with any smartphone that has an NFC module. However, some older phone models might have limited NFC functionality, which could impact their compatibility with Tangem. If you contact our support team if you are unsure about your device's compatibility, contan provide you with a list of devices we don't recommend using with Tangem due to NFC limitations.
Open Source App Code and Security Audits
Lastly, I want to address our approach to open-source code and security audits. Our Tangem app is open-source, which means that users with development skills can review and rebuild the code. However, our wallet firmware is closed-source. We decided to prevent potential security risks, like hackers cloning the firmware to create counterfeit Tangem cards. To ensure the integrity and security of our wallet, we've undergone audits by leading cybersecurity firms. These audits confirm that no vulnerabilities or backdoors could compromise your funds.
Closing remarks
As we wrap up this AMA, I want to thank everyone for your participation and continued support. Your trust means the world to us, and we're committed to providing you with the best possible crypto management solution. Remember, your funds are safest when stored in your Tangem wallet. If you ever need assistance, don't hesitate to contact our support team via the proper channels.
Thank you again for being a part of the Tangem community. Until next time, stay safe, stay secure, and keep exploring the exciting crypto world.