Creating a new wallet
Regular wallets are a common type of blockchain accounts that allow users direct control. Created through private keys, these accounts offer a unique signature and access to the blockchain. Users can send/receive funds and interact with dApps using regular wallets. They are supported on multiple blockchains and are uniquely able to initiate transactions, provided they are supplied with sufficient gas fees.
Once you install Timeless X, tap 'Create new wallet' and you will have a wallet in just seconds. Choose a secure 6-digits PIN as an extra layer of security. Alternatively, you can choose Biometrics option by navigating to Settings. You can also turn 'App Lock' off at your own discretion.
Creating a signer account for your AA smart wallet
Choosing the 'Keyless Wallet' option during initial setup assigns a smart contract account as your primary account in the app. However, to initiate and sign transactions, a signer account (EOA) is required. Therefore, you must either create a new regular wallet or import an existing one.
If you wish to import an existing wallet, you can follow this guide.
Back up your private key
When setting up a regular wallet , it's crucial to securely save and back up your private key. This precaution is vital; without it, regaining access to your wallet and any associated AA smart wallets in the future becomes impossible. We strongly emphasize the importance of this step to ensure the safety and recoverability of your digital assets.
Things You Should Know About Regular Wallets (EOA)
What does a regular wallet offer?
An regular wallet is the gateway for users to participate actively in the blockchain ecosystem, such as Ethereum, allowing for a wide range of activities including transactions, voting, and smart contract engagement. Furthermore, regular wallets play a crucial role in securely storing digital assets.
Ease of Use: Regular wallets offer a straightforward and user-friendly approach to blockchain interaction, making them accessible to everyone.
Full Control: Users enjoy complete autonomy over their accounts and assets, thanks to the exclusive control provided by private keys.
What about the disadvantages of a regular wallet?
Loss of Private Key: If the private key is misplaced or compromised, access to the associated funds is irrecoverably lost.
Limited Functionality: Regular wallets cannot execute complex logic or code, unlike smart contract accounts.
What are the best practices for regular wallet users?
Security: Keep your private key confidential and secure to protect your account and assets.
Backup: Regularly back up your private key or seed phrase to safeguard against accidental losses.
Transaction Accuracy: Always verify the recipient's address and be aware of the transaction fees before proceeding.
What are the differences between the regular wallet and AA smart wallet?
Security and Ownership: Regular wallets are protected and operated through private keys, offering a direct and secure way to manage assets.
Operational Logic: In contrast, smart wallets are created when the smart contract is deployed on Ethereum. They operate based on the predefined logic in the contract's code, with their addresses determined by the deploying wallet's (EOA) address and the nonce.
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