Wallets

Why We Use Wallets

In the Magma platform, wallets play a crucial role in ensuring secure, transparent, and efficient management of digital assets associated with real estate. Here's why wallets are essential:

Digital Twin Token (DTT®) Management: Each building on the Magma platform is represented by a Digital Twin Token (DTT®). Wallets are used to securely store and manage these DTTs®. By linking a wallet to your building’s DTT®, you can ensure that the ownership and management of the digital twin are transparent and verifiable.
Stakeholder Contributions and Rewards: Wallets are used to facilitate the distribution of stablecoins and Magma Reward Tokens ($MRT) to stakeholders. When a stakeholder contributes to the building’s DTT®—for example, by uploading and validating documents—they are rewarded with stablecoins. These tokens are automatically sent to the stakeholder’s wallet, creating a transparent and fair system for recognizing contributions.
Secure Transactions: Wallets ensure that all transactions on the Magma platform, whether they involve DTTs®, $MRTs, or other digital assets, are conducted securely. Blockchain technology provides an immutable record of all transactions, protecting against fraud and ensuring the integrity of the building’s digital data.
Ownership and Control: By having a dedicated wallet for each building, owners maintain full control over their digital assets. This includes the ability to transfer ownership of the DTT®, manage permissions, and oversee the distribution of rewards to stakeholders.

Why We Use Venly

To provide a seamless and secure experience, Magma has integrated Venly as the wallet solution on our platform. Venly is a leading provider of blockchain wallet services, offering several key benefits:

User-Friendly Interface: Venly wallets are designed to be easy to use, even for individuals who may not be familiar with blockchain technology. This ensures that all stakeholders, regardless of technical expertise, can manage their wallets and digital assets with confidence.
Security and Compliance: Venly is known for its high standards of security and compliance. The platform uses advanced encryption methods to protect your digital assets and adheres to regulatory standards, ensuring that your transactions are safe and compliant with relevant laws.
Multi-Blockchain Support: Venly wallets support multiple blockchains. With Venly’s support for multiple blockchains, Magma can integrate with other blockchains in the future, expanding the platform's capabilities and allowing users to choose the blockchain that best suits their needs
Scalability: As the Magma platform grows, Venly’s scalable infrastructure ensures that our wallet solution can handle increased demand, supporting more users and transactions without compromising performance.

How Wallets Work on Magma

Creating a Wallet: Before signing up on Magma, you will need to create your Stakeholder wallet on Venly website.

Connecting your wallet to Magma: Go through Wallets page and click on Connect my Wallet. Enter your Venly credentials and select your wallet.
Receiving Rewards: As you or other stakeholders contribute to the building’s DTT®, rewards in the form of stablecoins are sent directly to your wallet. This automated system ensures that contributions are recognized and compensated in real-time.
Transferring DTTs®: Should you need to transfer ownership of your DTT® or send tokens to other stakeholders, this can be done easily through your Venly wallet. The platform provides a secure and transparent process for all transactions.

PreviousStakeholders Next3D Digital Twin

Last updated 7 months ago

Why We Use Wallets

In the Magma platform, wallets play a crucial role in ensuring secure, transparent, and efficient management of digital assets associated with real estate. Here's why wallets are essential:

Digital Twin Token (DTT®) Management: Each building on the Magma platform is represented by a Digital Twin Token (DTT®). Wallets are used to securely store and manage these DTTs®. By linking a wallet to your building’s DTT®, you can ensure that the ownership and management of the digital twin are transparent and verifiable.
Stakeholder Contributions and Rewards: Wallets are used to facilitate the distribution of stablecoins and Magma Reward Tokens ($MRT) to stakeholders. When a stakeholder contributes to the building’s DTT®—for example, by uploading and validating documents—they are rewarded with stablecoins. These tokens are automatically sent to the stakeholder’s wallet, creating a transparent and fair system for recognizing contributions.
Secure Transactions: Wallets ensure that all transactions on the Magma platform, whether they involve DTTs®, $MRTs, or other digital assets, are conducted securely. Blockchain technology provides an immutable record of all transactions, protecting against fraud and ensuring the integrity of the building’s digital data.
Ownership and Control: By having a dedicated wallet for each building, owners maintain full control over their digital assets. This includes the ability to transfer ownership of the DTT®, manage permissions, and oversee the distribution of rewards to stakeholders.

Why We Use Venly

User-Friendly Interface: Venly wallets are designed to be easy to use, even for individuals who may not be familiar with blockchain technology. This ensures that all stakeholders, regardless of technical expertise, can manage their wallets and digital assets with confidence.
Security and Compliance: Venly is known for its high standards of security and compliance. The platform uses advanced encryption methods to protect your digital assets and adheres to regulatory standards, ensuring that your transactions are safe and compliant with relevant laws.
Multi-Blockchain Support: Venly wallets support multiple blockchains. With Venly’s support for multiple blockchains, Magma can integrate with other blockchains in the future, expanding the platform's capabilities and allowing users to choose the blockchain that best suits their needs
Scalability: As the Magma platform grows, Venly’s scalable infrastructure ensures that our wallet solution can handle increased demand, supporting more users and transactions without compromising performance.

How Wallets Work on Magma

Creating a Wallet: Before signing up on Magma, you will need to create your Stakeholder wallet on Venly website.

Connecting your wallet to Magma: Go through Wallets page and click on Connect my Wallet. Enter your Venly credentials and select your wallet.
Receiving Rewards: As you or other stakeholders contribute to the building’s DTT®, rewards in the form of stablecoins are sent directly to your wallet. This automated system ensures that contributions are recognized and compensated in real-time.
Transferring DTTs®: Should you need to transfer ownership of your DTT® or send tokens to other stakeholders, this can be done easily through your Venly wallet. The platform provides a secure and transparent process for all transactions.