Hi guys,
I am confused about the Nash personal account(s). We’re required to send our tokens to these accounts (to then send to a trading contract, or to stake NEX) but we don’t own the keys? I’m sure I must be wrong about this but I am hesitant to send tokens to these personal accounts before I know the nature of my ownership within these accounts. Also, what is the relationship between the Nash extension wallet (i.e. the one that requires at least 1 NEX to be a community member) and Nash exchange personal accounts? Thanks
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The Nash Exchange account and the Nash Extension are two completely separate wallets. Currently the extension is used just for logging into the community (and regular wallet), but it will later be merged with the regular Nash accounts (likely). The Nash.io account is your Nash account/wallet for staking, trading, storing, etc.
You own the keys for your personal account, and when you set up your Nash account the 12 words you got are your keys. If you forgotten them, or want to access them again you can do so in your account by revealing each individual private key, or just the 12 word phrase.
The trading contract is a smart contract attached to your personal account that can only be accessed using your keys.
It is important to note that Nash does not have access to your Nash keys, they are generated for you and only for you to see or use.
Let me know if this helps, or if you have any further questions.
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Great reply, thanks
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Why are you hesitant to send funds to your Nash personal account? It’s just an NEP5 account linked to the exchange. However, it’s just as secure as the NEX extension account. The whole point of Nash Exchange is that you hold your own private keys. Nash doesn’t hold your private keys. That’s the point. There is no way for anyone to access your funds for you. Only you can access them. If you lose your private keys for the Nash Exchange and your 12 seed words, then you will lose access to your funds. They can’t recover your funds for you.
The NEX extension may be connected to the exchange in the future. For now, however, you have to move your funds. It’s no different from moving them to any other wallet which you completely control yourself. There is no risk of your funds being stolen or frozen without your consent.