What is Xumm - Video 1 of 5
Put simply, Xaman (formerly Xumm) is the only feature complete, security first wallet for self-custody on the XRP Ledger.
It is a self-custodial, XRP Ledger wallet, that empowers developers and users to collaborate in a secure way, where user keys are kept safely on their device, and their device only.
Also available in this video series:
| Video | Description |
|---|---|
XRP is on the XRPL, not in Xumm
Tips on protecting your secret numbers
Base reserve and XRPL Fees
About Destination Tags/XRP Tags
When it comes to platforms as powerful as Xaman (formerly Xumm), it is normal for misinformation to circulate around some of its features and capabilities. Let's see if we can clear some of this up...
The native currency on the XRP Ledger is called XRP. XRP exists on the XRPL and can not be moved off of the XRPL so technically, XRP is always "stored" on the XRP Ledger. What Xaman actually stores is the private key to access your XRP Ledger account.
Once you enter your private key into Xaman, it is immediately encrypted and placed into an area secure location we call, "The Vault". There is no way for us to access the Vault remotely.
A custodial wallet is basically a customer account in a crypto exchange's company database. It is not an XRP Ledger account. Xaman is a self-custodial wallet. It stores the private key to access your XRP Ledger account.
This is false. Xaman offers several ways to purchase XRP. Simply select this link and you can explore the many options we offer.
There are many attack vectors for both cold and hot wallets and both types have their uses, their strengths and their potential weaknesses. Xaman was designed and coded by one of the strongest coding teams in the entire blockchain space and has been audited by one of the most advanced security audit firms in the world. We would argue that there is no safer wallet on the planet, either hot or cold, than Xaman.
No, the XRP Ledger is not a Proof of Stake network so there is no way to offer staking natively on the XRPL. Furthermore, there is no need to stake coins since the validation process is a cooperative based system, not a competitive based system. All fees charged by the XRP Ledger are destroyed so there is no way to generate "rewards" for users.
Is XRP stored in you phone? In Xaman? On the XRP Ledger?
If you've ever wondered where your funds are stored, then this video is for you!
Also available in this video series:
| Video | |
|---|---|
Self-custodial, non-custodial, custodial, un-hosted, hosted... What's the difference?
If you are just getting started with crypto and blockchain, one of the biggest challenges can be trying to figure out what all of the different terms and fancy words mean. If you are thinking about installing Xaman (formerly Xumm) and are wondering what exactly words like "custodial", "non-custodial", "un-hosted" "self-custody" and "hosted" refer to, this article is going to help get you up to speed.
Most people are familiar with the general idea of what a bank is and how they work. In simple terms, a bank is a business that deals with money.
In simple terms, a bank is a business that deals with money. As a customer, you can open an account with a bank and deposit money into that account. The bank holds that money for you until you decide how you would like to use your funds.
This is an example of a "custodial" or "hosted" account. The bank created an account on their "hosted" system (on their computers which they own and operate) and agree to take "custody" of your funds when you deposit them. While your funds are in their custody, they have certain obligations and responsibilities which are, in theory, overseen by local/federal governments who are supposed to ensure that the banks act in a responsible and transparent way.
As a customer, you can open an account with a bank and deposit money into that account. The bank holds that money for you until you decide how you would like to use your funds.
This is an example of a "custodial" or "hosted" account. The bank created an account on their "hosted" system (on their computers which they own and operate) and agree to take "custody" of your funds when you deposit them.
While your funds are in their custody, they have certain obligations and responsibilities which are, in theory, overseen by local/federal governments who are supposed to ensure that the banks act in a responsible and transparent way.
Most of the time accessing your funds is a fairly easy and straightforward process but there are several situations where a bank can decide to restrict access to your money,for example:
They suspect you of laundering money, financing terrorism, writing bad checks on your account.
If a creditor has a claim against your funds
If the government determines you owe them money (taxes, fines, penalties, etc.)
Banks can also decide who and where you can send your money to if they don't think you are making good financial decisions.
For example, a large, multinational bank in the UK informed their customers...
"It’s our responsibility to help protect your money. With this in mind we’ve taken the decision to stop payments made by credit/debit card to Binance until further notice, to help keep your money safe."
Source:
Fortunately, many people want their banks and governments to make these types of financial decisions for them so custodial accounts make a lot of sense for those who prefer to leave their funds in control of someone else.
When it comes to the XRP Ledger/Xahau, there are several crypto exchanges which offer custodial accounts. Similar to a bank, you can open an account with a crypto exchange and deposit money into your account with them. The exchange holds and administers that money for you and when it comes time to interact with the XRP Ledger/Xahau, they act as a "middle man" and perform transactions on your behalf.
For example, let's say a friend wanted to send you 1000 XRP. The crypto exchange would provide you with an r-address (which is an account number on the XRPL) and a destination tag. (which is your account number on the exchange's database) You would provide the r-address and the destination tag to your friend and they would send the funds to the r-address.
However, the r-address is not your r-address. It belongs to the crypto exchange. Your friend is sending the 1000 XRP to the crypto exchange's account, not to your account. You don't have an account on the XRPL. You have an account on the crypto exchange's database. The crypto exchange actually has your XRPL and puts a 1000 XRP credit your account with them. The actual XRP is in their XRPL account.
Since the exchange created an account on their "hosted" system (on their computers which they own and operate) and agree to take custody of your funds, we refer to them as custodial accounts.
This does create a potential question as to who actually owns the XRP since it is not really in your account. It is in the crypto exchange's account.
However... on the XRP Ledger, there is a second option.
One of the great features of the XRP Ledger/Xahau is that you can actually create your own account on the network. This means that you can create your own r-address and have complete control over it. It also means that you, and only you, can make decisions on how you will manage your funds. As well, you actually own and control your own XRP. We refer to this type of account on the XRP Ledger as a self-custodial account.
Self-custodial accounts on the XRPL are not controlled by banks or businesses or governments. They are completely controlled by you. Xumm helps you manage these types of accounts.
You may find that other wallets or companies refer to self-custodial accounts as "non-custodial" or "un-hosted" accounts. All three terms refer to the same type of accounts. The term self-custodial refers to an account where you have custody of your funds. This is not really obvious with the terms non-custodial and un-hosted.
Xaman is a self-custody wallet that allows you to transact directly with the XRP Ledger. It provides you with an easy way to create a new XRPL account in a safe and secure way, and helps you interact with the XRPL and manage your XRPL account(s).
Explaining the Xumm app
Tips on protecting your secret numbers
Base reserve and XRPL Fees
About Destination Tags/XRP Tags
Have you ever wondered how well Xaman (formerly Xumm) would survive a natural disaster, an EMP, a Solar Flare or other catastrophic event? Although such events are historically rare or hypothetical, they do present a possible danger when it comes to your funds, so let’s consider the possibilities…
An EMP stands for Electro Magnetic Pulse. It is brief burst of electromagnetic energy that can disrupt communications, damage electronic equipment and in some cases, physically damage objects such as buildings and aircraft. An EMP can be generated naturally or artificially (nuclear weapons) but in either case, it could cause severe damage to electrical grids and/or communication lines.
A solar flare is an intense eruption of electromagnetic radiation in the Sun’s atmosphere. While a solar flare is not directly dangerous to humans there is a possibility that the effects of a large solar flare could be similar to an EMP.
The main concern is that any event that affects the electrical grid or the communication infrastructure of a country, continent, or even the world, would impact the XRP Ledger and therefore put your XRP in danger of being destroyed or becoming inaccessible.
The XRP Ledger is run on network validators and full history nodes which are distributed all over the world. With so many machines operated in different geographical locations, with different levels of redundancy on a per machine, per location basis, it is highly unlikely that the same disaster could affect a critical amount of them. Since your XRP exists on the XRPL, as long as even 1 validator or full history node exists anywhere in the world, your XRP still exists. EVERY validator and full history node would need to be destroyed in order for your funds to be lost.
Since your XRP exists on the XRP Ledger, your funds exist as long as the XRP Ledger is still operational, however, there are other issues to consider.
Xaman can only be installed on mobile devices which need to be fully operational in order for it to function. (Was your phone affected by the event? Does it still function properly? Can it still be charged?) Let’s assume that your phone has survived the event and is still fully functional and you have a way to charge it?
Xaman needs a way to connect to the internet in order to access the XRP Ledger. (Was the internet or cellular network affected by the event?) If you can not connect to the internet, you can not access your funds.
What does a post EMP/Solar Flare/Natural Disaster world look like? Is your plan to use your XRP to barter/purchase items and services? Is the plan to replace the current system of finance with the XRPL after the event?
Has anyone else been as diligent as you in preparing for the event? We certainly appreciate all of your preparations, but a network is only as useful as the people who use and maintain it. If you are the only one who has an operational validator, an operational phone and an operational cellular tower, than a network of one person is not going to be super helpful.
Xumm (Tangem) cards pass rigorous testing and can withstand environmental extremes, occasional mechanical deformation, electromagnetic pulse (EMP), electrostatic discharge (ESD) and X-rays within limits defined in ISO7810 standard. You can learn more about technical specifications of the Tangem cards by visiting their website here:https://developers.tangem.com/
Xaman does not require any of our servers in order to operate. If all our servers were destroyed, Xaman would still function just fine as long as your phone still works and you can connect to the internet.
Xaman is a self custodial, XRP Ledger wallet that allows you to create and manage XRP Ledger accounts in a safe, secure and user friendly way. It is not effected by EMPs, solar flares or natural disasters. What could be effected by these events is the infrastructure required to access the XRP Ledger. If you are unable to access the XRPL, Xaman is not going to be much use to you.
