Jump to content
xchardp

Questions about using Bithomp

Recommended Posts

 

Ladies and Gents hello to you all.  I am new here and very excited about the possibilities that lay before us in the near future when it comes to blockchain tech, especially XRP.  I meet so many people that struggle to understand how this is going to set the world on fire, even tech people. 

We have been investigating the different way of storing XRP securely.  I’ve been looking at the various tools on Bithomp, which everyone seems to using for exploring the XRP ledger.  I notice that Bithomp also provide other tools like a wallet generator and the ability to make transactions offline and the creation of a multi signature wallet, which really appeals to me.

I have been working in IT (infrastructure / Networks / Storage / Virtualization) for a long time so I have a good understanding of IT fundamentals however I am not a developer.

I was wondering if any of you would be able to help with some of the questions I’ve got regarding setting up wallets.  I take it that people are happy with their experiences using Bithomp, not just the wallet explorer.

I watched the video on YouTube for creating a Multi Sig wallet (https://www.youtube.com/watch?v=0_S3qT15jss)

•    For signing the wallet I see you need to generate a wallet (pub and sec key) for each signatory.  Does this signatory wallet need any XRP in it?  I’m hoping not as I think a multi sig wallets requires a min of 45 XRP.

•    In the video the developer changes the fee from 12 drops to 1200 drops of XRP for a transaction.  Is this 1200 drops the fee that must be paid for every transaction, for example every time I want to send some money somewhere?  This seems to be set when the wallet is created or is it just the fee paid to create the multi signed wallet.

•    The developer’s docs, link below, for a single signed transaction says that 10 drops is the min (people seem to use 12, probably for load scaling reasons).  For a wallet with 4 signatories declared but only needed to 2 to process the transaction then would a sensible fee be something in the region of 12 x (1 + 2) = 36 drops of XRP, instead of 1200?  I know XRP is cheap now but we are all hoping that will change.  https://developers.ripple.com/transaction-cost.html

•    Could someone ever generate the same wallet ID / sec key combination?  I appreciate this is very unlikely but this is one of the several reasons a multi sig wallet appeals.

It is certainly a good thing that the code for Bithomp tools is up on Github so it can be independently reviewed, that certainly makes me feel more confident in trusting it with generating transactions blobs and using the other features.  Does anyone have any other alternatives to Bithomp worth investigating or has Bithomp become that standard?  

Thanks for any help you can give.

 

 

Share this post


Link to post
Share on other sites
2 hours ago, xchardp said:

For signing the wallet I see you need to generate a wallet (pub and sec key) for each signatory.  Does this signatory wallet need any XRP in it?  I’m hoping not as I think a multi sig wallets requires a min of 45 XRP.

"Generating" a wallet doesn't actually interact with the ledger, it's simply creating an address/secret key pair to use as you wish. It does not need to be funded in this case.

2 hours ago, xchardp said:

In the video the developer changes the fee from 12 drops to 1200 drops of XRP for a transaction.  Is this 1200 drops the fee that must be paid for every transaction, for example every time I want to send some money somewhere?  This seems to be set when the wallet is created or is it just the fee paid to create the multi signed wallet.

The transaction fee is set every time a transaction is made, and is only linked to that transaction, it's not a commitment to continue using that fee in the future. That 1200 drops was paid to set up the multi-sig wallet. It could have been much lower, and would probably have worked, but I guess he was just playing safe. When there's a lot of ledger activity, the required fee will be higher.

2 hours ago, xchardp said:

The developer’s docs, link below, for a single signed transaction says that 10 drops is the min (people seem to use 12, probably for load scaling reasons).  For a wallet with 4 signatories declared but only needed to 2 to process the transaction then would a sensible fee be something in the region of 12 x (1 + 2) = 36 drops of XRP, instead of 1200?  I know XRP is cheap now but we are all hoping that will change.  https://developers.ripple.com/transaction-cost.html

That makes sense to me! No need under normal conditions to go as high as 1200, unless you're extremely desperate for the transaction to go through first time.

2 hours ago, xchardp said:

 Could someone ever generate the same wallet ID / sec key combination?  I appreciate this is very unlikely but this is one of the several reasons a multi sig wallet appeals.

In theory yes, but in practice no. It's not something to be worried about, unless you use malicious code which generates pre-defined or predictable wallets. I don't know the numbers, but there was discussion here, among other places: 

 

2 hours ago, xchardp said:

Does anyone have any other alternatives to Bithomp worth investigating or has Bithomp become that standard?

theworldexchange.net was a good one, although it no longer seems to be hosted online, but you can download it and run yourself. ripplerm is a flexible web-based wallet as well.

Share this post


Link to post
Share on other sites
5 hours ago, xchardp said:

Does anyone have any other alternatives to Bithomp worth investigating or has Bithomp become that standard?  

You can try taking a shot at generating your own keypair, all you need to start is node and npm installed on your machine. If you are not afraid of node or text editors this will be a breeze, but TBH it does the same thing as bithomp generator (bithomp uses ripple-lib; below link uses ripple-keypairs which is included in ripple-lib). Plus, this guy in the linked post is as trustworthy as anyone involved with XRP:

5 hours ago, xchardp said:

In the video the developer changes the fee from 12 drops to 1200 drops of XRP for a transaction.  Is this 1200 drops the fee that must be paid for every transaction, for example every time I want to send some money somewhere?

as mentioned above by AT3N you can use the 12 or even 10 (* your multisig multiplier), 90-99% of the time. You can see the current open ledger fee at the top right of https://padanaram.digital/ most of the time this will be 10 drops. You can check it during times of higher volatility and see it spike into 5000s. This is usually caused by the by bots fighting over an offer they want to grab before anyone else due to arbitrage opportunity. Even if you submit a tx with a 10 drop fee and the open ledger fee is elevated, if you do not include a LastLedgerSequence, your transaction will go thru when the fee drops back down, which could be as fast as the next ledger or a few minutes depending on the ledger activity. I have never had it take longer than 10 seconds but who knows what the future will bring.

Edited by Kakoyla

Share this post


Link to post
Share on other sites

Hi at3n and Kakoyla,

Thank you both for responding to my questions.  Your answers were really helpful to me, and I’m sure others too.

I’m going check those other clients out and when we pick one I’m going to see if I can get one of my developer buddies to skim through the code.

Many thanks, I’m going to be lurking round this form a lot more.  There is some great content here provided by the community here.

Xchardp.
 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...