What is a wallet and why do I need one?
A cryptocurrency wallet is a digital wallet that is used to hold, transfer and manage cryptocurrencies (such as $IGG, $MATIC and $ETH) in a secure and decentralised manner. Your IGGalaxy wallet allows you to hold any $IGG you’ve earned during tournaments, as well as other currencies, and provides an interface for you to interact with the blockchain.
- Without a wallet, you won’t be able to access the rewards you’ve won in IGGalaxy, so it’s important you have one set up before joining a tournament! - Similarly, you will need a wallet to redeem your free NFT Avatar, or purchase additional avatars. How do I create a wallet?
You can create a wallet by following the step-by-step instructions within the
Wallet page on IGGalaxy, available via the vertical navigation bar. What can I do with my wallet?
There are a number of things that can be done within your wallet!
This includes: - Receiving tournament rewards - Viewing your balance - tokens and NFT collectibles - Transferring tokens and NFTs to other wallets - Purchasing $IGG and $MATIC via our Transak integration - Chain swapping your tokens between the Polygon and Ethereum networks - Staking $IGG to produce $ORB tokens - Selling $ORB for $IGG What is the difference between Polygon and Ethereum? Why are my Polygon and Ethereum wallet addresses the same?
These are different blockchains, with their own networks, on which different tokens can operate. Each blockchain ecosystem is governed by its own set of rules and parameters which allows for different tokens, applications and services to be built upon them.
The Polygon network is what we call a ‘Layer 2 protocol’ which allows for fast and scalable blockchain transactions to occur; it serves as a framework for scaling Ethereum-compatible blockchain solutions. This network was created as an ‘extension’ to Ethereum to solve network congestion issue and high gas fees (otherwise known as transaction fees), and is the network on which $IGG, IGGalaxy’s platform token, operates. Polygon and Ethereum are both ‘Ethereum Virtual Machine’ compatible networks, and will therefore generate the same wallet address for the same private key (or recovery phrase), subsequently leading to the same string of characters. However, they operate on different ecosystems and sending tokens to and from a Polygon wallet will not appear on the history of the corresponding Ethereum wallet address - so always pay attention to the networks! What is my recovery seed phrase, and my private key?
private key is a complex string of numbers and letters, and is a person's way of proving that they're the owner of the wallet - therefore, it should never be shared publicly! You can unlock your private key in your IGGalaxy app, using your password. Therefore, make sure you take safe note of your wallet password! Your private key is initially derived from your seed phrase: a combination of 12 words that are configured at the point of creating your wallet, OR at the point of importing it into a new app. You'll need your seed phrase OR your private key to re-import your wallet into IGGalaxy, or to take it elsewhere. I don’t remember my wallet password, what should I do?
For security reasons, wallet passwords are NOT stored by IGGalaxy, and we are therefore unable to help recover this in the event it is forgotten. However, the wallet can be restored to a ‘default state’ that would enable you to import any existing wallets using your private key and/or seed phrase, OR create a new wallet altogether, alongside a new wallet password.
If you cannot remember your wallet password, please contact firstname.lastname@example.org so we can facilitate this process. How do I find my private key?
Your private key can be exported from your IGGalaxy wallet using your wallet password. Open up the wallet page > visit the settings icon, and enter your password within the
Export tab to view this information. Note: We will NEVER ask for your recovery phrase or private key, so please never share it with anyone who may claim to be associated with IGGalaxy.
Your Prize Wallet corresponds to the wallet address where you receive tournament rewards (if applicable), after a tournament has ended.
If you only have one wallet, this will automatically be assigned as your Prize Wallet. In the event that you have multiple wallets in your account, you can reassign your Prize Wallet in the Wallets page of our application.
IG Gold ($IGG) is a crypto-asset, like Bitcoin or Ethereum, that exists on a decentralised network; it is the native competitive gaming and esports token that fuels IGGalaxy! It plays a fundamental role in building IGGalaxy, a gaming platform that creates opportunities for everyone!
It has a maximum supply, with deflationary measures in place to support token economics. As it is a cryptocurrency, $IGG can be exchanged for other cryptocurrencies such as Bitcoin, Ethereum, MATIC and even cash. The cash value of $IGG tokens is determined by secondary markets through conventional supply and demand. As with other cryptocurrencies, such as Bitcoin, the price of $IGG is volatile - meaning it can go up but also down. More detailed information on $IGG can be found within the Litepaper. $IGG has a maximum supply, with deflationary measures in place to support token economics (or, ‘tokenomics’). As it is a cryptocurrency, $IGG can be exchanged for other cryptocurrencies such as Bitcoin, Ethereum, MATIC and even cash. The cash value of $IGG tokens is determined by secondary markets through conventional supply and demand. As with other cryptocurrencies, such as Bitcoin, the price of $IGG is volatile - meaning it can go up but also down. More detailed information on $IGG can be found within the Litepaper. What are $MATIC and $ETH? And, why do I need them?
$MATIC is the native cryptocurrency of the Polygon blockchain, and $ETH is the native cryptocurrency of the Ethereum blockchain. Carrying our transactions (e.g. sending $IGG tokens to another wallet) and using smart contracts (e.g. creating a ‘capsule’ in IG Labs) requires a ‘transaction fee’ to be paid, in the form of the native cryptocurrencies of the blockchain in use.
Due to the cost-effective nature of the Polygon network, a very small amount of $MATIC is generally required to carry out transactions as these, whereas costs tend to be higher on the Ethereum network, due to overall network congestion. You will only need $ETH when proactively choosing to carry out transactions on the Ethereum network; IGGalaxy will otherwise default to the Polygon blockchain. I don’t have any $MATIC, or I don’t have enough $MATIC for a transaction I want to make… Where can I get $MATIC?
$MATIC can be purchased from a variety of exchanges and services, including within the IGGalaxy wallet.
The process to purchase $MATIC may depend on your region, as different restrictions and regulations are in place in different geographies. More personalised support can be provided by our Guardian Team via a support ticket within the IGGalaxy Discord server.
A bridge is a protocol that connects two separate blockchains together, to enable interactions between them. Just like a physical bridge that connects two pieces of land, a blockchain bridge connects two cryptocurrency networks together. Bridges allow for tokens on one network to be seamlessly transferred between different ecosystems (e.g. Bitcoin<> Ethereum), to facilitate interactions between different applications.
In the IGGalaxy wallet, tokens can be ‘Chain Swapped’ between the Polygon and Ethereum networks through the use of the Polygon Bridge. This chain swap cost $MATIC and $ETH (as the transaction involves activity on both Polyon and Ethereum networks, and so incurs some native fees on both sides). For more assistance with Chain Wwapping, please speak to our Guardian Team within the IGGalaxy Discord server.
The process of selling your $IGG, and converting it into to a local currency, will depend on your location: per country, there are different restrictions and regulations imposed for using certain crypto exchanges and services. Our knowledgeable Guardian Team will be available to assist you through the process of converting your $IGG to fiat, if you wis)! Please join the IGGalaxy Discord and open a support ticket to receive more assistance.
I transferred my $IGG to another wallet - why doesn’t it show up?
Depending on the blockchain you are using, and current congestion, the network may take a bit of time to confirm your transaction, and you might need to wait a bit longer! You can view the status of a transaction by viewing the transaction ID on the respective blockchain explorers (e.g. polygonscan).
Top tips for tracing payments: double-check that the wallet address you sent your $IGG is to the same address you were expecting (via the transaction ID), and ensure you’re viewing it on the same network it was sent on. For example, if you send $IGG to another wallet on the Polygon network, this will not appear if you are looking at the wallet balance on the Ethereum network.
IG Labs is our first public initiative to provide gamers with an interactive and engaging first-hand experience of blockchain technology.
On a holistic level, IGLabs will aim to reward holders that participate in this feature, in turn demonstrating their long-term optimism surrounding the $IGG token itself. It serves as an important aspect of our strategy to build a virtual token economy.Any $IGG that you earn can be staked for thirty days at a time, to create a new currency called $ORB. Both $IGG and $ORB tokens are managed by IGGalaxy and offer varying degrees of utility. What is a capsule? And why should I stake my $IGG?
Any $ORB you generate from staking your $IGG can be sold back to IGGalaxy, at any time, at a current rate of 5 $IGG per $ORB token. You can do this via your IGGalaxy wallet.
At the same time as receiving your $ORB, the $IGG you staked at the start of the process will be returned to your wallet. A nominal burn fee, currently 0.2% of the total $IGG stake, will be charged for this process. In other words: the more $IGG you stake, the more $ORB you earn, and the even more $IGG you can collect. This process also helps stabilise the IGGalaxy tokenomics model. Once your $IGG has been staked, it will exist within a ‘capsule’ and will remain locked for thirty days. A minimum of 100,000 $IGG is required to generate a capsule and $IGG will be frozen during this time. Similarly, $ORB tokens can only be accessed once capsules reach their maturity after the thirty-day freeze period. Why am I not able to create or claim my capsule?
Just like with any other action performed on the Polygon blockchain, you will be required to have sufficient $MATIC within your wallet to cover the cost of the transaction fee.The approximate cost of deploying (and claiming) a capsule is 0.001 MATIC, though a firmer estimate will be calculated at the point of creating/claiming a capsule.
For more assistance, please contact email@example.com or open a support ticket within the IGGalaxy Discord server.
$ORB can be sold back directly to IGGalaxy at a fixed rate of 5 $IGG per $ORB token. This can be done via the IGGalaxy wallet, by navigating to your $ORB balance and pressing
Sell. After the transaction has been confirmed, the $IGG will be automatically sent back to the same wallet address.