Creating a new wallet

Learn how to create a new Multi-signature wallet via our DApp

How to create your Phenix Multi-sig Wallet?

The creation process of your very own Phenix Vault Multi-signature wallet is very simple and can be completed in a series of easy-to-follow steps.

To begin your Phenix Vault Multi-signature Wallet creation, please head to our DApp:

1. Selecting your Phenix Multi-Signature Wallet Package

We currently offer two types of Phenix Vault Multi-signature wallets. The type you probably are looking for ultimately depends on your team's needs. To break it down, here are the features you can expect for each of the two following options:

  • Phenix Multi-sig Wallet (Base cost: $50 USD)

    • Completely Customized Multi-Sig Wallet Creation

    • Real-time User Interface

    • Gas-free Signing (meaning no gas fee is expended when signing a transaction)

    • Safe and Secure Token and Coin Storage

    • Multiple Owner Support (up to 10 owners)

    • Saved Address Storage

    • NFT Storage (Coming soon)

    • Completely Decentralized Experience

    • Advance Wallet Functions (Custom transactions)

  • Phenix Multi-sig + Transparency Wallet (Base cost: $150 USD)

    • All the features included in the standard package

    • Included Transparency-as-a-Service (TaaS)

To learn more about what "Transparency-as-a-Service" is all about, check out more information here.

Once you have selected your desired package, you may click the respect "Select Package" button to continue to the next step. Please also note that the payment and generation of the wallet are handled in the final step of the process where you can select between CRO or PHNX as a means to pay.

Please also note that wallet generation costs are directly tied to the USDC token value and the Phenix Team may change these amounts at any time over the existence of the Phenix Vault MaaS.

2. Configuring Multi-Signature Wallet Settings

Once you have completed the last step, you will then continue through to the Settings part of the Multi-signature wallet creation process.

Please take complete care and focus when completing these next steps.

At this stage, you will need the following information:

  • Wallet Name

    • The wallet name is what will show up on your personalized Phenix Vault Multi-signature User Interface. We encourage you (and your team) to pick a suitable name as this cannot be changed at a later stage.

  • Number of Owners

    • The number of different owners you (and your team) will be using to access the Phenix Vault Multi-signature wallet. You will configure the wallet names and addresses in the next step.

    • The number of owners needs to be between 2 and 10.

  • Minimum Confirmations (Quorum)

    • The number of minimum accepted confirmations (signatures) on your transactions before that can be successfully executed on the blockchain.

    • The number of minimum confirmations needs to be between 2 and 10. The minimum confirmations cannot be higher than the number of owners.

    • Ultimately, fewer minimum confirmations increase the centrality while greater minimum confirmations reduce the centrality.

Once you have carefully decided all your settings, you may proceed to the next step.

3. Configuring Owner Information

As a next step, you will need to begin adding the owner address (individual wallet address for each of your wallet owners) and the owner name. Again, it is important to take care when entering this information as it cannot be changed after the wallet has been deployed. You will have an opportunity to go back to this step if you need to make changes to the owner's information.

The following steps need to be taken when you add the owner waller information for each of your owners:

  • Acquire the wallet owner address from each of your owners (including the name they wish to be identified by on the Multi-signature Wallet UI).

  • Enter the owner address and the owner name into the input fields and click the Add Owner button. You will receive an error if something went wrong while adding the address.

  • If you wish to change/update an owner that you have added, you may click the "Rubbish" icon opposite the name.

Note that you will be able to change the owner names BUT you will not be able to change the owner addresses after the wallet has been deployed. Also remember if you (the wallet creator) are one of the wallet owners, you will need to add your owner address and owner name to the list as well. You as the creator are not automatically added to this list of owners.

Once you have added all of your owners, you will be able to proceed to the next step by clicking the next button.

4. Finalizing Multi-signature Wallet Information

As a final step prior to generating your wallet, you will need to review all of the final details of your new Phenix Vault Multi-signature Wallet.

As the final step, complete the following:

  • Review the final information listed under "Wallet Configuration". Ensure all the information appears correct and if you feel as if anything is incorrect you may click the "Back" button to change any of the information as you please.

  • Review all of the owners that you have added to your Phenix Vault Multi-signature wallet. You can also click (or hold) the 'i' icon to view the full wallet address so you can confirm it is correct.

  • Select your method of payment for the wallet generation. You may select one of the two options:

    • Cronos (CRO)

    • Phenix (PHNX)

  • Review the final cost of the wallet generation based on your selection in the previous step. Please note that if you selected to pay for the wallet generation with PHNX you will need to approve the tokens prior to continuing.

  • Read and accept both T&Cs and click (or "Approve Payment" first if you're paying for the wallet generation with tokens. Once approved, click "Pay and Generate Wallet")

  • Once clicking "Pay and Generate Wallet", you will need to accept the transaction (it should appear in whatever wallet you have connected to via the DApp)

Do not leave the Phenix Finance DApp while generating your Phenix Vault Multi-signature Wallet and ensure that you complete the wallet generation on a secure internet connection. If you face any issues or errors while generating the Phenix Vault Multi-signature wallet, please contact the Phenix Finance team with your wallet address.

6. Complete Phenix Vault Multi-signature Wallet Generation

After the transaction completes, you will be presented with a confirmation stating that your wallet was generated successfully.

You will be able to click the "View Wallets" button to view your list of generated Phenix Vault Multi-signature wallets. You and your team should see something similar to the image below in Figure 7.

You (and your team) can click on the newly generated wallet button to enter into your Phenix Vault Multi-signature Wallet User Interface.

🎊 Congratulations! You have successfully generated your Phenix Vault Multi-signature Wallet. Please continue to review more guides and information about owning and managing the Multi-signature wallet. As always, contact the team if anything is unclear or if issues are present.

Last updated