When you first set up your Trezor hardware wallet device, you are asked to write down your recovery phrase. This recovery phrase is crucial as it’s the only way to get access back to your funds if the device breaks, or if you have to set up the device again for whatever reason. But what if you’re thinking, maybe you’ve written it down wrong?
Well, it’s good practice to verify the recovery phrase, to make sure you didn’t make any mistakes when writing it down. Trezor has a function called “check recovery seed” which is the new name for “Dry Run Recovery” which has been part of the Trezor firmware since version 1.5.1. This functionality used to be available only through the command-line interface but was added into the wallet interface after a lot of requests.
Trezor Passphrase Recovery Check – Step by Step Guide
It’s a simple and straightforward process. By starting the verification process, you’re telling the device that you want to run the recovery process, but that you do not want the device to remember the seed. Instead, the device compares the seed saved in its storage and the seed you have just “recovered,” and the result of this comparison is sent to the Wallet interface. If the seeds match, Trezor Wallet will tell you your backup is okay. If it is not the same, then the Wallet will show you an error.
Step 1: Open and Connect Your Trezor
The first step is to head over to the Trezor Wallet user interface which is reachable at wallet.trezor.io. You’ll then need to connect and unlock your Trezor device. Once connected, head over to your device settings by clicking on your device’s name in the top left of your screen. Followed by selecting “Advanced” and “Check recovery seed”. Click onto “Continue”.
Step 2: Start the Recovery Check
Head over to your Trezor device and confirm that you would like to check the recovery seed by pressing onto the green tick. You’ll then need to enter your pin to confirm and select the number of words in your security phase from 12, 18, 20, 24 or 33.
Enter every word in your phrase by selecting the first few letters that make up your words, and your Trezor will automatically pre-fill with suggestions which you can select by pressing the tick. Complete the same process for all your words within your phrase.
Step 3: Seed Matches or Seed Errors
If the Wallet interface tells you your seed matches, then great, the job is completed. If the Wallet displays an error, you’ll want to move all your assets across to a new wallet with a new seed. Move your coins to a different wallet first, wipe your device, and then set it up again. Write down the new recovery seed and then send your coins back to the newly set up Trezor.
When you first set up your Ledger device, you are asked to write down your recovery phrase. This recovery phrase is crucial as it’s the only way to get access back to your funds if the device breaks, or if you have to set up the device again for whatever reason. But what if you’re thinking that maybe you’ve written it down wrong?
Well, it’s good practice to verify the recovery phrase, to make sure you didn’t make any mistakes when writing it down. Recovery Check is an official application provided by Ledger, that can be installed directly to the Ledger device. And you can use the app to verify that you’ve correctly saved your recovery phrase.
Recovery Check – A Step By Step Guide
To get started, you’ll need to have set up your Ledger device and written down its recovery phrase.
Step 1 – Install Recovery Check
The first step is to install the recovery check, which you can do by opening the Manager in Ledger Live. You’ll need to allow the manager if you’re prompted. Scroll down under App Catalog to find “Recovery Check” and click “Install“. You’ll then see an installation window appear, your device will say its “processing” and the app installation is confirmed.
If for any reason it can’t be installed, you may need to free up some space on your device as the app is quite large.
Step 2 – Run the Recovery Check
To perform the recovery check, navigate over to the “Recovery Check” application on your Ledger device and run it by pressing onto both buttons. You should see “Check Your Recovery Phrase”. Then press the right button to choose the length of your recovery phrase (12, 18 or 24 words).
Next, you have to fill out all your words in the same order as you wrote them down. Most of the time, you only have to input the first few letters, and you can auto-complete the full word. You can scroll through the letters with the left and the right button, and press both buttons at the same time to select a letter.
“Recovery phrase matches” is displayed if you’ve correctly saved your recovery phrase. And obviously there is a chance that the recovery phrase doesn’t match. It may be that you have written it down incorrectly or the order of words may be wrong.
If you’re still unable to find the correct recovery phrase then you may need to contact Ledger Support.
Step 3 – Remove the app
Then once its complete, use Ledger Live Manager to uninstall the app. This is because the app is quite big and there’s no real reason to keep it on on your device once your recovery phrase has been checked.
Ampleforth is a cryptocurrency attempting to reinvent money. The AMPL token operates as an ERC-20 token on top of the Ethereum blockchain. However, unlike other cryptocurrencies such as Bitcoin, the twist with AMPL is that the supply changes daily.
Therefore, if the demand for AMPL increases, the supply of the tokens also increases to offset changes in price. So when the price is high, wallet balances increase. When the price is low, wallet balances decrease. AMPL is non-dilutive, and supply adjustments are applied universally and proportionally across every wallet’s balance. Meaning that your percent ownership of the network remains fixed.
Once you have your AMPL tokens there are 2 different things that you can do with the token. Which is to buy it and HODL, or you can buy it and provide liquidity via Uniswap. In the below tutorial, I’ll take you through the steps of purchasing AMPL, Pooling with Uniswap, and Staking.
Kyber Network has now added a new staking option for KNC token holders. Meaning that holders of Kyber Network Crystal (KNC), can stake KNC to vote on important proposals. In return, they receive rewards in Ethereum from network fees collected from trading activities in Kyber Network.
Anyone can stake KNC, vote on proposals and claim rewards in their platform, kyber.org There’s no minimum staking amounts, the Kyber Network does not hold your funds at any point and you’ll always have full control over your funds. Plus your free to deposit or withdraw your tokens at any time.
To get started simply open kyber.org, and you’ll need some KNC tokens to stake, plus some ETH to pay for the gas costs. If you don’t already have KNC you can get this on the likes of KyberSwap, Argent or Trust. You’ll also need an Ethereum wallet to connect, such as the likes of Metamask, Ledger, Trezor or WalletConnect or Wallet Link. The platform is also optimised for mobile and works on any web3 and App browser, so that you can stake KNC on crypto wallets such as Trust, Coinbase Wallet, etc.
Once you have staked, you will then need to wait for the next Epoch to be able to vote. You’ll need to vote for all the proposals in the current Epoch to get your full reward.
PoolTogether is an Ethereum based application making saving money fun. Each Savings Ticket gives you a chance to win a prize, but even if you don’t win, you still get to keep your money. Giving you the best of both worlds by saving money, plus having the chance to win a prize!
When you join a pool, the PoolTogether Protocol transfers the money you deposit into Compound.Finance. Then when your funds are deposited into Compound, they are lent out to other users. The Interest earned from the loans accumulates during the duration of the prize period. So that when a prize is awarded, all the interest that has been earned since the last prize is pooled together and given to the winner!
Essentially, PoolTogether players sacrifice interest they could have earned on holdings of DAI (on the likes of Compound Finance) in exchange for a shot at winning the interest of everyone else in the pool.
How to Claim Uniswap UNI Tokens with PoolTogether
PoolTogether user may not be aware that if they’ve ever swapped Ethereum to Dai on the platform it means they’ve used the Uniswap platform. Therefore, as part of Uniswap’s airdrop, users who have swapped prior to the 1st September 2020 are able to claim the 400 Uniswap UNI tokens. So, at a current price of $4.21, 400 tokens are worth $1,684 it’s definitely worth checking.
To claim your tokens, visit the Uniswap site and connect the wallet you used to swap Ethereum to Dai on PoolTogether. You should then see a button there to “Claim Your UNI Tokens”.