Wallet Extension Whitepaper

Whitepaper explaining the core features and function of Parallel Finance Wallet Extension.

Introduction

Parallel Wallet extension is the non-custodial multi-asset native wallet solution of Parallel Finance that is developed to give users a one-stop DeFi experience. This product serves as an entry point for users holders to help them firstly secure their assets, then manage and grow them using Parallel Finance DeFi solutions. With it, users can authorize transactions and deploy on Parallel Finance super DApp suite like asset transfer, staking, swap, lending etc.

Core Functions

Create Password

Users are required to create a global password, which will be used to authenticate and encrypt or decrypt a list of sensitive operations within the Parallel wallet extension, such as log-in, sign transactions and view secret phrases.
Global Unlock
Once user successfully unlocks the wallet by providing the correct password, the wallet is by default unlocked for the next 15 minutes while the extension is open or 5 minutes after exiting the extension so the user can perform a list of sensitive operations without providing a password again. Except for the view secret phrase function, due to its level of sensitivity, a user will still be required to provide a password each time he requests to view the secret phrase.
Lock
Users can also choose to lock their wallets proactively by pressing the “lock” button on the “wallet settings” page. After the wallet is locked, the user will have to provide password to unlock the wallet for any sensitive operations.
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Create Wallet
A user is able to create a self-custody wallet by generating a pair of associated public and private keys to safely manage a range of supported crypto assets with underlying blockchain networks. A wallet is then created with the default name “main wallet” and the user is able to change the name with the “rename” function on the “wallet settings” page.
A 12-word mnemonic phrase (“secret phrase”) is converted from the private key and it is a security best practice for users to keep the secret phrase in a secured place.
At all times, a user is in full control of the wallet without compromising the security of the wallet with a third party. The user is also able to create an unlimited number of wallets based on his preferences to better manage different kinds of assets.
Create Wallet (First Time)
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Create Wallet (Repeat)
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Import Wallet
Users are able to import existing wallets of either external providers or internal Parallel wallets by entering 12, 24-word or any standard format of mnemonic phrases (“secret phrase”). Once the import is complete, users will be able to store and manage the assets within Parallel wallet.
[Note: it is not possible for the system to recognize a “known” seed. For example, if a user imports the same seed twice, 2 separate wallets will be created with different default names.]
Import Wallet (First Time)
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Import Wallet (Repeat)
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Manage Assets
User is able to manage his assets in the “Home” screen where he can view the balance of the wallet and breakdown among each asset in the wallet. Wallet balance along with its USD value is automatically updated every 30 seconds.
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Supported Networks and Assets

Parallel Wallet browser extension support Polkadot, Kusama, Parallel, and Heiko. Learn more about each supported network below:
  • Polkadot - Store, send and receive DOT
  • Kusama - Store, send and receive KSM
  • Parallel - Store, send and receive PARA, DOT, cDOT, sDOT, LP tokens
  • Heiko - Store, send and receive HKO, KSM, cKSM, sKSM, LP tokens, USDT
  • Moonbeam - Store, send and receive GLMR
  • Moonriver - Store, send and receive MOVR
  • Acala - Store, send and receive ACA
  • Karura - Store, send and receive KAR, LKSM
  • Astar - Store, send and receive ASTR

Transaction History

A list of transaction history is also available directly within the wallet under each asset page. User can find the latest 25 transaction details covering the following information:
  • Transaction types:
Sent: for all outflow transactions
Received: for all inflow transactions (only available for native assets such as DOT on Polkadot, KSM on Kusama, PARA on Parallel and HKO on Heiko)
  • Amount: number of assets transacted and its USD value
  • Date
  • User can also view more of transaction history by being redirected to the external explorer (Subscan).

Parallel Wallet Send Feature

Parallel Wallet Extension users are able to transfer assets on the underlying blockchain by signing a “send” transaction. A user needs to provide the following information:
Amount: the desired transaction amount. By choosing the “max” option, the user also has the option to send the full amount of the underlying asset after the required transaction fee.
  • Minimum balance requirement: depending on the underlying asset, some protocols may require a minimum balance amount to be kept within the wallet. Hence if the user attempts to send more than the minimum balance requirement, the transaction will be rejected by the wallet.
To: destination address where the user wishes to transfer the asset
  • Address format validation: depending on the selected asset, an address format validation is in place to make sure the provided destination address is in the correct format.
Confirm: Confirm the transaction so that it can be signed and broadcasted to the blockchain.

Parallel Wallet Receive Feature

Users are able to receive any supported assets by using the recipient address of the underlying assets. The recipient address varies depending on the selected type of asset and its underlying network. So please proceed carefully when sharing the recipient's address.

Integration with dApps

Authorize dApps to connect with the wallet

User will be able to control the access to which third-party dApps/sites he wishes to connect the wallet with by giving the authorization with the “confirm” button on the authorizing step. By authorizing the wallet connection with the third party, the third party will be able to view the wallet balance and activity and it will also be able to request signing for transactions.
At all times, users can remove the wallet connection from the third party by using “forget site” via “connected Apps” within the “wallet settings” page.

Sign transactions of dApps with the wallet

Users will be able to review and sign the transaction triggered by the authorized dApps/sites.

Wallet Settings

Rename
User is able to rename the wallet from default name to any name he wishes. No naming constraint or naming uniqueness is put in place so users can name the wallet however they want.
Connected Apps
Users are able to remove the wallet connection from the third party dApps / sites by using “forget site”.
View Secret Phrase
User is able to view the secret phrase of the selected wallet by providing the password.
Support & Feedback
User is able to read a list of FAQ articles and is redirected to our Help Center should he have more questions. Users can also reach out to us directly on Telegram and Discord.
Terms and Policies
Terms of Service and Privacy Policy are available at wallet settings page.
Forget Wallet
Users can remove wallet access on the extension by using the “forget wallet” function. User will need to import the wallet again if he wishes to access the wallet via the extension.

Technical Explanation

Wallet Backend Components