Hosted Wallet vs Ripple Wallet - Questions

[MacaNota]

When you create a new wallet on Gatehub, you can add gateways, trade, exchange. The primary wallet (hosted) does not allow that. 

So my question here is what is the exact difference between Hosted Wallet and Ripple Wallet?  Can I back up both wallets? If so, how? 

What are best practices? Is the secret key enough to restore a wallet? Too many questions with too little documentation that is hidden somewhere. Needs to be addressed by Ripple if they want to reach more consumers and also financial institutions. They need documentation. 

Thanks!

[Lisieux]

With a Ripple Wallet you can TRADE, with a Hosted wallet, you can`t TRADE 

[MacaNota]

Ok so secret key is linked to the wallet, but how would I confirm that I have the correct recovery key? Is there any way to check the recovery key on gatehub? 

[karlos]

another gatehub related question moved to gateways 

[MacaNota]

42 minutes ago, Lisieux said:

With a Ripple Wallet you can TRADE, with a Hosted wallet, you can`t TRADE 

Thanks. Yea thats what I figured but they have different addresses - can you still recover the amount in both with just a single secret key?  

[Lisieux]

1 hour ago, MacaNota said:

Ok so secret key is linked to the wallet, but how would I confirm that I have the correct recovery key? Is there any way to check the recovery key on gatehub? 

You have one time to see your recovery password, when you created your GateHub Account. Now you only can see your secret password of Ripple Wallet linked to your GateHub Account. 

 

To see your Ripple Secret Password go "WALLET", go down, then click on "advanced" and click on "SHOW SECRET KEY" . But Remember, GateHub recovery password is not Ripple Secret Key.

[Lisieux]

1 hour ago, MacaNota said:

Thanks. Yea thats what I figured but they have different addresses - can you still recover the amount in both with just a single secret key?  

Yes, because Ripple Wallet transactions are recorder in a public ripple ledger, while Hosted Wallet transactions are recorder in GateHub "Private" ledger. 

 

You can recover your funds ONLY with your GateHub Recovery Password. So... if you lost it, but you still have access with your normal password, you must create another wallet. 

Edited August 10, 2016 by Lisieux

[Xi195]

@Lisieux Since secret keys for Ripple Wallets are handled differently than hosted wallets is there a chance Gatehub could be hacked and customer funds in Ripple wallets could be compromised?

 

[Lisieux]

Ripple Wallets (RW) are under GateHub Wallet (GW), in order to get access to RW you need the password or recovery password of GW. 

Without these passwds is not possible to control your funds, as @enej said. 

All data is encrypted, anyway I prefer Hosted Wallet to maintain large amounts of XRP, more privacy and this wallet has 0 fee.

GateHub is preparing a new Post in order to reply us all questions received about their security system, so we will know how we are protected. If the answers doesnt convince you, cold wallet is your option.

 

[cmbartley]

12 hours ago, MacaNota said:

When you create a new wallet on Gatehub, you can add gateways, trade, exchange. The primary wallet (hosted) does not allow that. 

So my question here is what is the exact difference between Hosted Wallet and Ripple Wallet?  Can I back up both wallets? If so, how? 

What are best practices? Is the secret key enough to restore a wallet? Too many questions with too little documentation that is hidden somewhere. Needs to be addressed by Ripple if they want to reach more consumers and also financial institutions. They need documentation. 

Thanks!

Let me know if this helps: https://steemit.com/gatehub/@cmbartley/gatehub-brief-overview-of-ripple-vs-hosted-wallets

 

@enej, @gatehub, @nikb, and @JoelKatz I'd be interested in your thoughts. 

Edited August 11, 2016 by cmbartley
tag users

[winthan]

@cmbartley Please help, I don't know what gatehub @gatehub is referring the "hosted" wallet to send REP. 

 

[MacaNota]

9 hours ago, Lisieux said:

Ripple Wallets (RW) are under GateHub Wallet (GW), in order to get access to RW you need the password or recovery password of GW. 

Without these passwds is not possible to control your funds, as @enej said. 

All data is encrypted, anyway I prefer Hosted Wallet to maintain large amounts of XRP, more privacy and this wallet has 0 fee.

GateHub is preparing a new Post in order to reply us all questions received about their security system, so we will know how we are protected. If the answers doesnt convince you, cold wallet is your option.

 

Thanks, do you have any idea what format the recovery password is using? e.g. length and variation - is it mostly uppercase letters and 14 letters long or is it a numeric string? 

And a followup, in your mind, what is more secure, private or the public ledger? I would say the private (GW) but since we dont know how they are stored its difficult to make any assumptions. 

 

Edited August 11, 2016 by MacaNota

[MacaNota]

8 hours ago, cmbartley said:

Let me know if this helps: https://steemit.com/gatehub/@cmbartley/gatehub-brief-overview-of-ripple-vs-hosted-wallets

 

@enej, @gatehub, @nikb, and @JoelKatz I'd be interested in your thoughts. 

Thanks for writing this. Makes more sense with the destination tags now too. I'm actually an old XRP user so its not all new to me but gatehub is and Im trying to figure everything out and assess their security.  

[Lisieux]

19 hours ago, MacaNota said:

Thanks, do you have any idea what format the recovery password is using? e.g. length and variation - is it mostly uppercase letters and 14 letters long or is it a numeric string? 

And a followup, in your mind, what is more secure, private or the public ledger? I would say the private (GW) but since we dont know how they are stored its difficult to make any assumptions. 

 

The formart of recovery password is like this: 4d854236813vvb7jk3698741259u56w11

 

yeah , for me I prefer Hosted Wallet anyway Im waiting for @enej words, about how is working security at GateHub, in the next days.