Wallet
About Wallet
The RecycleCoin Wallet is your secure digital vault for storing and managing RecycleCoins generated from your recycling activities. As you complete recycling activities verified through the ROMS platform, a RecycleCoin is minted and automatically deposited into your virtual Wallet within the RecycleCoin App. This process ensures that every RecycleCoin represents a quantifiable amount of verified recycling activity. After each day, the Wallet will determine if the 220,000 weight threshold has been passed and if it has, will mint a new Recyclecoin. You may register for Recyclecoin using the App or through this website.
The RecycleCoin Wallet is designed to provide a secure, user-friendly, and transparent way to manage your digital currency, incentivizing recycling and promoting environmental sustainability. By leveraging cutting-edge technology and robust security measures, the Wallet ensures that your contributions to recycling are both rewarded and protected.
Creating your Account
To access your Wallet, open the RecycleCoin App and enter your secure login credentials. When you create your Wallet there are 2 types of user; a Generator or a Collector. A Generator is a Recycler who has a ROMS or ROMSLite account and through recycling activity generates Recyclecoin. A Collector does not recycle but does buy and/or sell Recyclecoin to either own the Carbon Offsets or for speculative reasons. The app will prompt you to input your details including email and password for initial setup and subsequent logins. As part of the registration process you will be asked to verify a 6 digit code which will be sent to the registration email. This login process ensures that only you can access your Wallet and manage your RecycleCoin.
Generate Your Private Key
Before your Wallet can receive RecycleCoins, you need to generate a private key. This private key is a set of 36 random words, divided into 3 sets of 12 words each. You can regenerate this set of words as many times as you wish until you find a combination that you prefer. You can edit any of the generated words as well. These keywords are crucial for the security and recovery of your Wallet.
Write Down Your Private Key
It is vital to write down these 36 words exactly as they appear on the screen and store them in a secure place. You can request the app to send you a screenshot if you prefer. Do not share this information with anyone. This private key is your gateway to accessing and recovering your Wallet. In case you lose your phone, you will need any 2 of the 3 sets of 12 words to recover your Wallet. Neither Recyclecoin nor Recyclesoft will ever know what your keywords are at any time as at no point are they sent to us. There are 2 buttons which will send you your Keywords. We can send a screenshot or we can send you an encrypted file. The encrypted file name will always be your wallet name with the extension '.enc' and will be downloaded to your Downloads folder.
Public Key Creation
Your private key generates a public key, which is used to verify transactions. This public key is completely anonymized, ensuring that even the RecycleCoin management team cannot identify which Keywords belongs to any given user. The public key is not stored on your device, adding an extra layer of security. Each group of 12 Keywords is converted to their binary value. These 3 keys are then added to create a 'Hyperkey' which is sent to your wallet. This is a very long binary string. Trying to reverse engineer the 36 keywords from the Hyperkey would be pointless because there would be millions of possible Keyword combinations which would generate an identical Hyperkey value.
