Is it REAL safe for me to deposit my bitcoins or ethers into Waves Wallet?


#1

I am a beginner, i love Waves DEX. I found that if i deposit some ethers into Waves, all the real ethers will be moved to an address like: 0x41d57e163b6c64fca2cd6535fcaa199b1fedd98b instantly.
So i have two questions.

  1. Why the address is not a contract(open source). Which can make sure the ethers in the address will not be stolen. A common wallet has a private key, who know the key can stole all the ethers.
  2. In our Waves wallet, there is a real ether wallet, how Waves platform stores the private key? Or the private key can only be restored by my account feeds?
    Thanks great!

#2

That’s the same questions I ask myself before me and co partner of the boc journal bocoin and foxtoken was figuring out. We did some experiments.The transaction we make from a local exchanger coinsph wasn’t successfully and it can only viewed in ethers can but didn’t go to waves dex so we try a new wallet coin base then we are able to make successful deposites.now we proceeded to our test and projects.hope this will help you.


#3

Ether in Waves Wallet are ethereum token manage by gateway hence Eth cannot interact direct to Waves WavesDEX. This is also happened to other exchange Site


#4

So how exactly does the gateway work? Is is a smart contract on Ethereum? Is it centralized? Who controls the private keys of ETH that I send to the Waves Blockchain?


#5

Dex is secure and safe,more than an exchange! I have used it and use always, very trustworthy! Welcome


#6

Hey Dear Fellow, Thanks for the update
:clap::ok_hand::+1:


#7

Thanks for the information.


#8

This is not what I asked. DEX is on the Waves blockchain. Bitcoin is not. What you are trading on DEX is a Waves issued token, representing Bitcoin. Question is: where is my original bitcoin? who has the private key? It must be a centralized party, I assume. How safe is it? What are the risks?


#9

Happy new year 4bilyonyears i am intersting you God blessing & marry chrismast


#10

Interested to learn here too. Ideally someone can help guide us with links to read more and confirm the location of the private :key:s.


#11

Hey guys,
seems like the previous answers were not really helpful

Re: gateways, currently they are run by coinomat, a third party which is closely related to the Waves team. They are responsible for storing the currencies on their native chain (BTC, ETH, Monero and others) and holding the respective private keys. As of now, it is not using smart contracts and its centralized.
In a nutshell, yes you have to trust a centralized service.
Hopefully with the new features we will be coming closer to trust-minimized gateways.


#13

Good. Thx for the information