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What is Insolar MainNet?

Insolar MainNet is the main public network deployed on Insolar Assured Ledger™. As the development of the DLT platform advances, Insolar MainNet will evolve via version releases that will add features incrementally.

What is Insolar Wallet?

Insolar Wallet is an application that allows securely access and transfer native Insolar coins — XNS. In later versions of Insolar MainNet, the Wallet will be used for delegated staking and on-chain governance.

What is XNS coin?

XNS is the native coin of Insolar MainNet. XNS coins are used to power decentralized applications, build peer-to-peer payment business models, and protect the network from malicious actors. XNS powers MainNet: the enterprise-ready public network launched on Insolar’s distributed ledger technology platform.

More thoroughly, the three distinct purposes of XNS are:

1. Network fuel
Developers use XNS to pay for network services, such as running a smart contract, storing a file, or transferring cryptocurrency. For each transaction submitted to the network, XNS coins are used to compensate network nodes for bandwidth, computing, and storage. Developers can incorporate XNS coins into applications to facilitate peer-to-peer payments and business models.

2. Network protection
Insolar’s delegated proof-of-stake (DPoS) public network uses XNS coins, which are staked or delegated to network nodes. Node holders can compute transactions of higher value and receive increased fees for providing the computation power. However, they must stake a number of XNS coins per node in order to participate. This amount is used as a guarantee that the node will compute the transaction fairly.

3. Network governance
Insolar public network uses XNS coins to provide governance functionality: coin holders can have a democratic say in how the network is run and vote for changes. The mechanisms to bring about autonomous governance of the network as a self-sustaining ecosystem are fuelled by Insolar native coin (XNS). As such, all network-wide decisions in Insolar MainNet will be made by the community through a collaborative decision-making process, all facilitated by XNS.

How do I create a new Insolar Wallet?

Taking care of security

To create a Wallet, provide a secure password. Upon creation, the Wallet takes care of security for you by:
1. Generating a backup phrase and a private key using randomization.
2. Making sure that you have the backup phrase.
3. Encrypting the key with the provided password and putting it in a keystore file.

Saving credentials

Once the Wallet creation is finalized, the Wallet will require you to put the keystore file in one of two locations:
1. Save it to your browser’s local storage.
2. Download it to your computer.

Keeping the file encrypted and stored locally allows easier access from the browser on the device you are using.

If downloaded, the file can be saved, for example, to a USB drive.

While logged in

You can reveal your unencrypted private key and copy it, but keep in mind, this is its most vulnerable form.

The Wallet does not store the key. Instead, it uses the private key provided (or the keystore and password to decrypt it) every time to authorize the login and coin transfers.

Logging in

Later, you can log in using one of the following options:
1. Your password and the keystore file (downloaded or saved in the browser storage).
2. Unencrypted private key.

Either way, the Wallet retrieves the private key to sign an authorization request for you and does not store the private key.

Warning: Never disclose your backup phrase or private key and store them in a secure way.

What if I forget my password or lose the keystore file?

If you lose the private key or the keystore file and password, you can restore access to your Wallet via the backup phrase. The phrase and key are synonymous in function.

Warning: If you lose the backup phrase it will be technically impossible to restore the access to your wallet.

How do I transfer or receive funds?

To receive funds, click the icon in the upper right corner to open the menu, copy your XNS address, and reveal it to the sender.

To transfer funds, click SEND on the dashboard, specify an amount and recipient XNS address, confirm, and sign this transaction using your password or private key directly.

What is a secret backup phrase?

The secret backup phrase is a series of words that store all the information needed to recover Insolar Wallet. The backup phrase and private key are synonymous in function.

Warning: Never disclose your backup phrase or private key and store them in a secure way.

What is a private key?

A private key is a cryptographic piece of information paired with a public key. The private key is used to sign authorization and coin transfer requests while the public key is used to check the signatures. Insolar only stores the public key. The private key, encrypted in a keystore file or otherwise, is your primary means of accessing the Wallet.

Where is the list of transactions?

While logged in, click the icon in the upper right corner to open the menu. In the menu, click Transaction history.

What is “Pending”, “Canceled” and “Done”?

“Pending”, “Canceled” and “Done” are transaction statuses:
“Pending” means that the transaction is being processed by the network.
“Done” means that the transaction has been successfully performed.
* “Canceled” means that the transaction has failed.

XNS Coin Migration

What is a coin migration?

Coin migration is when one cryptocurrency is swapped for another at a predetermined rate. When the swap takes place, the old cryptocurrency is replaced by the new one it is swapped for. This means that you have to exchange the initial coin for the one it is being replaced by, otherwise, you will lose the value.

During the Insolar coin migration, INS holders should swap their tokens for XNS coins.

Coin migration should not be confused with rebranding which can take place without coin-holder participation. While cryptocurrency can simply have its name or a ticker symbol changed during a rebranding, during a coin migration the underlying DLT that supports the coin is being altered, and this requires action from holders.

During the Insolar coin migration, the Ethereum network’s infrastructure is being replaced with the Insolar MainNet. You can learn more about MainNet in the FAQ.

How do I transfer INS tokens into XNS coins?

1. Create a Wallet
To create a new Wallet, visit Insolar Wallet.

2. Send your ERC-20 INS tokens
While logged in to your Insolar Wallet, find your personal migration address. Send your INS (ERC-20 token) to this address.

3. Receive your XNS coins
Insolar MainNet will automatically swap the tokens and you will receive your XNS coins on the deposit account in your Insolar Wallet within approximately 60 minutes. Visit your Insolar Wallet to see your deposit account and check your personal release schedule.

Read more about the release schedule and the coin swap on the dedicated page.

What is the migration cost?

Insolar does not charge a fee to migrate INS (ERC-20 token) to XNS (Insolar native coin). However, since the initial operation will take place on the Ethereum network, gas will be charged by the Ethereum network to complete the swap. This ETH transaction fee will not be covered by Insolar.

What is the deadline for migration?

The deadline for migration is September 1, 2020. It means that you should send your INS (ERC-20 token) to your personal migration address before September 1, 2020. You can read details about the migration here.

Will XNS coins be available right after the swap?

XNS will become available in accordance with the coin release schedule.

You can learn about this on our coin swap page.

Will exchanges support the migration?

XNS is currently listed on KuCoin, BitMax, HitBTC. We’re in talks with other exchanges (Binance, Bithumb, Bithumb Global and several new exchanges) and will make an announcement about them later.

Join our announcement channel to stay tuned.

How-To Videos

How to create a Wallet?

How to log in using the keystore file?

How to send XNS?

How to restore an account?

Learn what Insolar does for enterprise

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