I want to create a new LRC account and don’t have clear pros and cons of the 2 solutions.

I like the Website app site, but what about the Android App?

My understanding is that we can’t have an address that works on both.

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Thanks in advance for your feedback!

  • FDAzOPBEnglish
    1·
    1 year ago

    gif

    340 views, zero replies :D

  • the77heliosBEnglish
    1·
    1 year ago

    by “website app” do you mean that you have a hot wallet like MetaMask… and created a L2 account with it on loopring.io?

    It is important to understand the different TYPES of wallets.

    MM is what is referred to as a hot wallet as well as EOA (Externally Owned Account). You can take an EOA wallet, and create a L2 address with it

    Now having the LSW on your mobile phone is a totally different wallet. There is no seed phrase (as with MM and EOA wallets). It is a smart contract actually, not just a wallet. And that smart contract has access to L2 and L1.

    So it’s really up to you. If you have an EOA wallet, and you set up guardians for socia recovery… but someone find your seed phrase. They can steal your wallet. With a LSW there is no seed phrase, but you must have properly set up guardians (or cloud backup) in order to recover it.

    Personally I have the phone app. I have 2 hardware wallets I use for other stuff, but they do not have a L2 wallet set up

    Hope that helps

    • FDAzOPBEnglish
      1·
      1 year ago

      That’s exactly it man, thanks for defining it with the correct terms!