Vechain’s mobile wallet app has an observe wallet function. This function allows you to view the transactions and holdings of a VeChainThor wallet, without having ownership of the assets inside the wallet. This means you won’t have access to the private key of the wallet and are not able to create transactions.
The observe wallet function is a secure way to monitor your holdings using the mobile app, while your private keys and transactions rights are safely stored somewhere else (for example a nano ledger hardware wallet).
The result of an observed wallet is that even when your mobile is compromised, your funds will remain safe since no transaction can be done.
In this guide, I will show you step by step how to set up an observe wallet and how to use the observe wallet to manage your node and VTHO rewards.
Table of Contents
- 1 Setting up the observe wallet
- 2 Manage your node using the observe function
Setting up the observe wallet
We will start by setting up the observe wallet.
Step 1: Start the observe wallet process
Start the VeChain mobile wallet app on the device on which you want to observe a wallet.
Go to Me > Manage Wallets > Import a wallet and select “Observe a wallet“.
Here you should enter the wallet address of the wallet you want to observe. Give the wallet a name so you can recognize it and accept the service agreement. Now click on Import.
Step 2: Get your authentication code
After you have selected Import, the App will verify the wallet address. If successful you will be given a 6 digits authentication code.
You will now have to fill this code in the wallet you want to observe, to prove you are indeed the owner of this wallet.
Step 3: Prove you are the owner of the wallet you want to observe
To prevent anyone from being able to observe wallets they don’t own, you now have to prove you are the owner of the wallet.
The wallet you want to observe can be stored on a ledger nano, or another phone you own that has the VeChainThor wallet installed.
On the phone on which you have the wallet, you want to observe installed, open the VeChainThor wallet. Go to Me > Manage Wallets, select the wallet you want to observe and click on “Observe a wallet Authorization“.
Now fill in the 6 digits authentication code you were given in the previous step and click on Generate Authorization Signature.
You will now be given an observe wallet authorization signature.
If you want to observe a wallet on your ledger nano S, we have to do the authorization using the VeForge vault. Go to https://vault.veforge.com/ and login.
Go to settings > Observe wallet Authorization.
Select the wallet you want to Observe (you will have 5 different wallets in your vault) and you will be given a QR code, which is the wallet address.
Open the VeChainThor mobile wallet and navigate to ‘Import a wallet to Observe‘, scan the QR code to enter your wallet address (if you have followed this guide, you will already have done this in step 1).
The mobile wallet will now give you a 6 digits authentication code. Enter this code in the following screen:
You will now be given an authorization signature, which you can use in the next step.
Go back to the VeChainThor wallet of step 1 and fill in the authorization signature of the previous step:
Now click on Verify signature. If you did all steps correctly you will get an “Observe wallet successful” message. Congrats, you have now set up your Observed wallet!
Manage your node using the observe function
Now you have working observe wallet in the mobile app we can use the mobile app to:
- Perform a VEN to VET token swap
- Setup a Node and claim the VTHO node rewards
Applying for a node is really simple, just go to the Rewards tab and click on Upgrade. If you meet the minimum required amount of 1,000,000 VET you will become a Strength Node after the initial maturity period of 10 days.
If you have any questions about the observe wallet function or setup, feel free to leave a comment below!