We present to your attention a wonderful software product designed to make life much easier for Free TON users.
This is an alternative to TON Surf — the ExtraTON extension for the Google Chrome browser from the extraton.io team.
Testing of the app lasted almost 1.5 months and ended by December 7, 2020. The users who took part in the testing were not left without awards.
The idea of the application is simple: by installing the extension in the Chrome browser, you get access to your Free TON blockchain wallet and can make transactions, as well as engage in staking.
How to install the ExtraTON extension: step by step
You can create a new account or restore access to an existing one.
- In order to create a new wallet, you need to select the “Create new wallet” option, after which you will be offered the generated seed phrase, which you securely save and confirm it. The wallet is ready!
- If you want to restore access to an existing wallet, then click “Restore your wallet”, after which you will be asked to enter your seed phrase (words are written separated by a space). Here you need to choose one of the three types of wallet smart contract. If before that your wallet was created in the Ton.Surf program, depending on how long ago you did it, choose Old surf or Current surf. You may have to try each option until you find the right one. Access granted!
Now, to use your account, you just need to click on the icon with the crystal in the Google Chrome browser, and the wallet window will appear. You can check your account balance, send tokens to the recipient and engage in staking by investing in DePools.
How to start earning — staking in ExtraTON
The ExtraTON team has created a whole platform for decentralized applications on the extraton.io website. So far, there are not many connected apps, but everything is still ahead. Let’s look at staking first.
If you click the cook button, you will go to the page with Depools:
In the upper, informational, part of the page, users are introduced to the number of DePools, those who have already actively joined the application, and the amount of assets. It also provides information about the annual yield (as a percentage). The most interesting thing begins a little below: a list of DePools with information about them:
Stability — how stable the DePool works. The parameter takes into account how many of the last 10 validation cycles DePool missed;
Min stake — the minimum amount of crystals with which you can take part in this DePool;
Assurance — the amount of insurance that covers the maximum amount of penalties for one validation cycle. If all this amount is spent, the funds for the payment of fines will be withheld from the funds deposited by users in DePool;
Fee — commission that will be withheld by the DePool from the user’s remuneration;
Members — the number of participants who considered it possible to entrust their funds to one or another DePool.
Assets — the sum of all DePool assets. It shows not only funds from users, but also subsidies from the Free TON community allocated to the validator, and which he is obliged to return in 2 years.
After studying all this data, we choose who to entrust our TON Crystals to. Remember that risk is a noble thing, but do not forget about common sense and click the “STAKE NOW” button”:
In the appeared window we see the same information as in the DePools list, but here you can enter the size of your contribution if it differs from the minimum. For each transfer operation, the app will charge a commission of about 0.011 crystals. Initially, 0.5 is debited from the account, and the excess is then returned back to the wallet. If you agree to these conditions, select the “TRANSFER” button and expect to make a profit.
The reward is awarded for each completed validation cycle, which lasts a little more than 18 hours, and the next one is skipped. That is, rewards should occur every 36-40 hours.
Information about your stakes can be found in the “My stakes” tab. Here you can also increase the size of your stake or withdraw money:
A few words about security
Unlike web wallets, the extension is installed locally on your computer. This means that the secret key from it is stored locally and is not transferred to third-party applications or resources under any circumstances. When interacting with decentralized applications, the extension provides a reliable level of isolation in which any transactions related to the movement of funds must be confirmed by you.
The developers also plan to introduce support for using an encrypted keystore file instead of seed phrases, which will allow even more secure use of the wallet.
At the same time, you need to be careful with strangers at your computer – ExtraTON has not yet implemented transaction confirmation protection, its implementation is planned in the future.
ExtraTON: what else can an extension do?
- DApp ExtraTON.Vouch is a solution for managing multisig-wallets, initiating and confirming transactions.
- The developers offer users a small demo. You can view it by going to the KINGTON tab.
- Using mini-dApp from the authors of ExtraTON, you can now sign Free TON Declaration of Decentralization in one click.
And the ExtraTON team is ready for a dialogue and suggestions that can be shared in the Telegram channel.
As you can see, the development team managed to create a convenient product — an analogue of Metamask for the Free TON network. Working with the ExtraTON extension for Google Chrome is simple and pleasant. We are waiting for developments for other popular browsers, especially since the developers themselves are talking about it.
UPD. The project is closed.