The new Web3-enabled Socios.com Wallet brings lots of benefits for Fan Token holders everywhere – and – some technical jargon. Here, we do our best to explain it in nice, simple language, complete with several analogies sports fans – and everyone else – will hopefully enjoy.
Let’s start by tackling the first, and probably most important thing about the new wallet – it’s non-custodial.
Your old wallet was custodial – which means a ‘custodian’ (us) held assets on your behalf. On the flip side, the new non-custodial, or ‘self custodial’, Socios.com Wallet gives you true ownership of your assets.
VAR CHECK: Why is this a good thing?
Imagine you play for a football team, and want to have an impromptu game with your friends, but you can’t because the manager takes all the balls home with him – including yours.
You trust the manager, and you know he will take good care of your ball. But, you’d prefer it if you could access the ball whenever you want – and do what you want with it – it’s your ball after all.
The Socios.com Wallet takes the ball and puts it firmly in your hands.
VAR CHECK: But, doesn’t this make it less secure?
It’s the opposite. The Socios.com Wallet includes a host of security features that make it more secure than the old wallet.
First of all, it uses passkey technology, which means you can access the wallet by using your face or fingerprint – which is much better than relying on a password that can be stolen.
Your passkey also protects your private key – which is unique to your wallet.
VAR CHECK: Wait, this sounds complicated – I need to manage a private key, too?
It doesn’t work like that. The private key associated with your wallet is never revealed. It’s protected by a cryptographic process known as ‘sharding’ – which basically means it’s divided into separate shares, with each individually encrypted and stored in a secure location.
The private key keeps your wallet secure, but access to your wallet is fully controlled by you via the passkey.
VAR CHECK: But, what if I lose my phone?
If you drop the ball then the Recovery Kit will ensure you don’t permanently lose access to your assets. The kit consists of a code and an ID, and you’ll set this up when you update to the new wallet.
The next bit is pretty crucial though: imagine you’re a top goalkeeper – and SAVE IT!
Saving and storing your Recovery Kit details securely is a must.
VAR CHECK: Ok – sounds good – anything else I should know?
Yes.
The Socios.com Wallet will also host a dApp (decentralized app) browser that will let you connect to lots of other platforms and services directly from Socios.com.
Imagine you’re a footballer, but you’ve only ever played in your home stadium. Let’s call it the ‘Socios.com Arena’.
You’ve wowed the home fans with your performances, and now you want to test yourself away from home.
This is kind of what the dApp browser is like.
Socios.com is still your home stadium, but the dApp browser will let you enjoy new Web3 sport experiences away from home.
VAR CHECK COMPLETE.
We hope you’re feeling more familiar and confident with the new Socios.com Wallet. It’s early days, but it’s a really positive step forward for Fan Token holders everywhere.
We’re sure making the switch will be straightforward, but if you do have any more questions at all then check out the FAQs.
