Introduction to the usage of Zecrey Multi-chain L1 Wallet
Zecrey’s Multi-chain L1 Wallet is an all-in-one plugin wallet. It supports multi-chain networks and manages assets with privacy in a UI-friendly wallet.
By Joseph Junior NKOU NKOU, Zecrey Team.
Summary
Zecrey is a general and scalable cross-chain privacy protocol based on zk-rollup protocol. One of its most used functionalities is the Multi-chain L1 wallet. Unlike other wallets like Metamask, Zecrey multi-chain is innately multichain (no need to add chains nor switch between them) and offers additional features like privacy on layer 2 enabled by zk-rollup protocol. Zecrey multi-chain provides users with the possibility to perform multi-chain assets management in just one interface, Transfer of assets, Deposit of assets on L2 for asset aggregation and better multi-chain transactions and the Lock/UnLock of assets on L1 to gain interest rates during the lock period.
Content of the article
This article presents the usage of Zecrey’s Multi-chain L1 wallet by presenting a step by step approach for assets management, assets transfer, assets deposit and assets lock/unlock. But before diving inside, we present the prerequisite setup steps necessary to have an account and a functional wallet with assets.
Introduction
Zecrey is a L2 privacy protocol based on ZK-rollup which can bring cross-chain privacy to the multichain ecology, to alleviate the dilemma of privacy protection and ecological isolation in the crypto world. Zecrey’s mission is to bring cross-chain privacy to digital assets. Zecrey offers an all-in-one plug-in wallet that supports multi-chain networks and manages assets with privacy in one wallet.
Zecrey features can be summarized as privacy protection, generalized cross-chain and cross-chain swap.
The purpose of this article is to present the usage of Zecrey multi-chain L1 Wallet. Zecrey wallet has two layers and has now launched the L1 wallet on mainnet and both layers on test networks for users to use.
The Zecrey L1 wallet is a wallet that supports digital assets in multiple chains, and user can store and manage their cryptocurrencies on multiple networks simultaneously in the wallet. The L2 is based on ZK-rollup technology. Zero-knowledge rollups or ZK-rollups is a scalability solution that permits off-chain processing and calculation of transactions, to ensure that gas fees remain minimal. ZK also creates privacy of transactions.
Besides the L1 mainnet, the Zecrey protocol launched the testnet wallet with both L1 and L2 functions in December 2021. Users can now work with this experimental network and post their suggestions and feedback on the official Zecrey channels. To work with the testnet, you need to download the wallet’s browser extension from the official website of Zecrey. Other versions of the wallet are to be revealed in a near future.
Prerequisites
Using Zecrey Multichain L1 wallet requires a few setup steps in order to have an installed wallet, an account and assets.
Zecrey wallet extension installation
According to Zecrey official documentation, to install Zecrey wallet, go to Zecrey official website: https://www.zecrey.com/ and click on download to install Zecrey extension from Chrome web store. Although the extension can be installed in various major browsers, we highly recommend the use of Chrome.
Tips:
1- If you would like to know how to install an extension from Chrome web store, have a look at this link: https://support.google.com/chrome_webstore/answer/2664769?hl=en.
2- After the installation is completed, you may launch Zecrey Multichain Wallet by clicking on the well recognizable Zecrey icon on the toolbar, next to the address bar on the top part of the browser.
3- If you cannot see the Zecrey icon, click on the following icon as presented in the following image to show hidden extensions and click on the pin button next to Zecrey icon to show it on the toolbar.
Create an account
To create a wallet, follow these steps:
- Launch the Zecrey wallet
- Click on Get Started
- Click on Create New Wallet
- Enter a password
- Click on Create
- Click on Click here to reveal secret words
Important notice:
- Your secret backup phrase makes it easy to backup and restore your account.
- Never disclose your backup phrase. Anyone with this phrase can take your ether forever.
- Click on Next
- Confirm the backup phrase
- Click on Confirm
The process is summarized as follows:
Tips:
1- If you already have an existing Zecrey Wallet account, you may import it to another browser/device by the following steps:
a. Launch Zecrey Multichain wallet
b. Click on Get started
c. Click on Import Wallet
d. Enter the secret phrase and set a new password and confirm it
e. Click on Import
Claiming test tokens
On real case scenarios you don’t need this step. But if your intention is to test Zecrey Multichain wallet, you will use testnets to claim the tokens.
You have the option of either claiming the test tokens from Zecrey Faucet or from the official Faucets sites of: Ethereum Rinkeby, Polygon Mumbai, Aurora testnet, Avax Fuji C-Chain testnet and BNB Chain testnet.
Claiming test tokens with Zecrey Faucet
- In the first time use you are prompted to claim test tokens. Click on Claim to open the Zecrey Faucet Website (Zecrey Testnet Faucet)
- Click on Connect Wallet. Choose the account you want to claim with.
- On Zecrey faucet website, there is a faucet list of five testnets. Choose one network and claim.
- Select the network where you have native tokens (Refer to the important Notice section for precisions) and claim
- Pay some gas fees
- Check received test tokens on Zecrey L1 wallet
Using Official faucets of five chains for L1 gas fee
Please refer to the official documentation of Zecrey protocol Official faucets of five chains for L1 gas fee — Zecrey.
Important Notice:
1- Each chain has to have some native tokens that will be used as gas fees for receiving tokens (Native and other assets from the Faucet). So, if you use Zecrey Faucet, it is advisable to first claim native Faucets from the official Faucets sites.
2- As a reminder, the native tokens for the 5 chains that can be used are:
a. Ethereum Rinkeby -> ETH
b. Polygon Mumbai -> MATIC
c. Near Aurora Testnet-> ETH
d. Avalanche FUJI C-Chain-> AVAX
e. BNB Chain Testnet-> BNB
3- If you have already received tokens other than the native token on a chain, you will not be able to repeatedly claim form the Zecrey Faucet.
Zecrey L1 Wallet Usage
Multi-chain Assets Management
On diverse chains like Metamask, users need to switch between networks to check their assets. In some circumstances it can be very complicated due to the different instructions and because of the isolated nature of the chains, users may need to transfer assets across blockchains through cross-chain bridges. All these elements have a great impact on the user’s experience when dealing with assets on various chains.
Zecrey layer 1 provides a solution to help users manage multi-chain assets in ONE INTERFACE.
In addition, all the asset activities across the chains are available under the Activity tab.
Zecrey offers the ability to sort assets either by network or by token.
The summary of the process is as follows:
Transfer
Zecrey Wallet gives the ability to transfer assets from an address to another.
1- Click on Transfer to select a token
2- Enter another L1 address to receive, input the transfer amount and choose an appropriate gas fee.
3- The type of gas fee burnt in L1 transactions depends on the network that you make the transfer on.
4- The amount of transfer in L1 is not restricted now, but if you make transfers in a pretty small amount, it may be recorded as 0 in activities.
Deposit
The functionality of Deposit gives you the ability to put assets from L1 to L2. Once on L2, assets are summed by token types and not by the source chain where they originated from. This process is referred to as aggregated assets.
This process gives you more flexibility to manage multichain assets. You can therefore deposit one kind of asset from different networks to Zecrey L2 and withdraw it to your chosen L1 network. On L2, transactions are more cost effective as calculations are done off-chain. In addition, zk-rollup based Zecrey L2 performs complex zk-proof, and verifies the process on L1 chains, with its security rooted in L1.
The process is done as follows:
1- Click on Deposit to select a token. You can click on different networks to view tokens or just enter the token’s name to search.
2- Input the deposit amount within the limit of balance.
3- Wait for the gas fee to be computed and click on Confirm to settle.
4- A deposit can be done on other L2 accounts.
5- Once the transaction on L1 is confirmed, the deposit will be added to L2 wallet balance.
6- The amount of deposit has a bottom limit of 0.0001.
Lock/Unlock Assets
You can decide to “Lock” assets into Zecrey and during the lock period, you cannot trade those assets. The locked assets are still stored by chain networks. After you lock assets in L1, the system will mint an equivalent asset in L2. The whole process in terms of functionality and security is assured by Zecrey smart contract.
Afterwards, you may decide to “Unlock” previously locked assets and they will be released to L2 account rather than the L1 account. The purpose of this function is to increase the Total Value Locked of each network Zecrey supports and guarantee that users can withdraw assets to L1 any time.
Locking assets can obtain benefits at a certain annual interest rate as rewards. Compared to LP farming, the function of “Lock” can bring stable benefits at low risks, without the risk impermanent loss.
The process is done as follows:
1- Click on Lock Assets to select a token. You can click on different networks to view tokens or just enter the token’s name to search.
2- Pay attention to the amount and source network of the token, the proportion of locked token from different networks is displayed.
3- As mentioned, when transactions take place in L1, the gas fee is paid with the token on related networks. Confirm the transaction.
4- The assets are locked safely, and users can get a reward from pledge.
5- You will get rewards for locking assets at a given APR.
6- The amount of locked assets has a bottom limit of 0.0001.
7- The total amount locked of one token indicates the amount in the whole system.
Why choose Zecrey over other Wallets or bridge solutions?
- Confidential Assets
Make account balance and transaction amount confidential. Only you know your own balance.
- Anonymous Identity
Conceal the relationship between senders and receivers to make yourself anonymous in blockchain networks.
- Privacy Bridges
Bridging different blockchain platforms to enable direct interactions between digital assets with complete privacy.
- Low-Latency Transactions
Private transactions can complete in seconds on L2 in seconds and will be recorded in minutes on L1.
- Cross-chain Bridges
Use the customized Sigma protocol to make it easy and safe to swap assets between different blockchains with — privacy protection.
- One-click privacy protection
Zecrey provides one-click privacy protection services for assets and transactions by switching to layer 2 with one simple click.
