Ether (ETH) is Ethereum's digital token, which is a cryptocurrency similar to Bitcoin. It has value within the market and it is used to facilitate the information exchange on the Ethereum blockchain. Developers who want to build DApps and users who want to interact with the smart contracts on the Ethereum blockchain are required to use Ether (ETH). Ethereum is also a smart contract platform, which provides transparent and trustable code execution. Many people build applications on top of smart contracts to allow users to have more control over their digital assets and information.
Cryptocurrencies are digital equivalents of currencies, where the record of every transaction is stored on a blockchain. Limitations and scarcity are imposed on the digital currencies to reflect the nature of real world currencies, with sophisticated programming implemented to make it difficult to counterfeit the currency.
Blockchain is the underlying technology that supports cryptocurrencies. A public blockchain is a digital record of information that is duplicated and shared across a network of many computers instead of a single central server. Updating the digital record requires a complex computational process to ensure that only the right information is added to the blockchain. The public record of information stored across the network ensures that no one entity is able to control, corrupt and change the data, keeping the record secure and verifiable.
DApp stands for decentralised application. Like normal applications, they provide some form of service for users. However, parts of their code are written as smart contracts on the blockchain. This allows anyone to inspect the code for flaws, or unfair terms and conditions. By allowing part of the code to be transparent to the public, DApps allow users to have greater flexibility in how they manage their digital assets, and to ensure that the DApp operates responsibility.
No, Torus provides little to no trading functionality.
Torus is a key management solution that aims to provide seamless access to DApps.
Torus splits a user’s private keys across a network of nodes, and allows a user to retrieve this using natural login mechanisms like social authentication.
Torus relieves you from the hassle of the complicated process of setting up a new blockchain wallet needed to start using a DApp.
Yes, you don't have to pay anything to use Torus. We monetise primarily through fees paid by developers for using Torus beyond the free tier. However, as with every transaction carried out on the Blockchain, you need to pay transaction fees whilst making transactions from your wallet.
Torus is a software service that simplifies and facilitates the use of cryptocurrencies. Different countries have different legalities pertaining to the use of cryptocurrencies, with most countries accepting its use. You can find out if cryptocurrencies are legal in your country here.
Not at the moment, no.
To use any DApps supporting by Torus, you would simply need to log in with any of the supported logins (eg. Google, Facebook, etc.).
Rather than developing an entirely new account system from scratch, Torus leverages on existing authentication solutions like OAuth, which are supported by providers like Google, that have established security standards to maximize the safety for our users.
Your private key is specific to your Google account. In the event of losing your Google login account password, you would need to start the password recovery process on Google's account management system. Be sure to back up your account recovery codes and keep them safe.
We currently also support Facebook, Reddit, Twitch, and Discord login.
You do not need to provide any personal information to use Torus.
Using popups as the login page is the most secure way of logging in and interacting with our wallet. In-page windows or modals carry the risk of clickjacking, a malicious technique which creates a version of our login page that is invisible to the user in an attempt to steal their login information.
Although popups can be slightly user-unfriendly, we prioritize security over convenience.
This is your account's digital address, and is the most common way to refer to your wallet. In Ethereum, this also referred to as your Ethereum address, or your Ethereum wallet. Your Torus wallet is always associated with the same Ethereum address. This hexadecimal number is derived from the cryptographic keys that are used to protect your wallet.
Every transaction on the blockchain is required to be signed with your wallet's private keys to ensure that each transaction made from your wallet is authorised by you. In order to prevent rogue applications from misusing your Torus wallet, we provide user confirmation prompts to ensure that you have full control over how your wallet is being used.
The Ethereum network handles only a limited number of transactions. Some transactions are very complex, and require more time to process than others. In order to ensure that the network is not overly congested, Ethereum has a transaction processing protocol that charges users for processing transactions, that is akin to toll fees for vehicles on a highway.
The total amount of transaction fee that you have to pay for each transaction is the amount of gas multiplied by the gas price.
For lightweight transactions (think: motorcycles), the gas required is low.
For complex transactions (think: cars), the gas required is high.
During periods of high transaction activity (think: peak hours), the gas price increases, and you will need to pay a higher amount of total transaction fees even for the same transaction.
If your gas price is low, you can still get your transaction processed - you will just have to wait a bit longer until other transactions are processed first (think: avoid tolls).
You can purchase ETH from any of the fiat to crypto exchanges integrated in the Torus wallet.
ETH is required to carry out any transaction on the Ethereum blockchain, and you should determine the amount of ETH you wish to purchase based on the activities that you wish to conduct, from purchasing products online or paying for services. Due to the properties of ETH, the dollar value of ETH can fluctuate.
Transactions on the blockchain seldom have transaction fees above US$1, and generally cost just a few cents.
Digital assets on the blockchain vary in value, for more information on the prices of existing digital asset, you can check out OpenSea, and open marketplace for trading collectibles, or CoinMarketCap, a free cryptocurrency price chart.
Yes, in general, transactions on Ethereum are public.
These are transactions that were sent to you / you sent, that weren't initiated from the Torus Wallet. If you exported your private key and used it on other wallets, or if an non-Torus wallet sent you cryptocurrency, it will show up as an "external transaction".
We detect these transactions by consulting 3rd block explorer services like Etherscan for publicly viewable transaction information.
Torus does not store cookies, but our 3rd-party login providers do. For example, Google login stores a cookie in your browser for authentication purposes.
You can check out this article here to figure out how to enable cookies for your device and browser: https://medium.com/@akohubteam/how-to-enable-third-party-cookies-on-your-browsers-f9a8143b8cc5