Transaction operations
In this page we will discuss the basic operations generally used in cryptocurrency.
By now, your Ferrite Core wallet should have synchronised fully. To receive coins, you will need an wallet address. Click the receive button as highlighted in the red rectangle below.
You will see a new panel. where you can append a label, set a request amount, or leave a message. It is not necessary to fill data into the form to generate a wallet address.
Click the request payment button as highlighted in the red rectangle below to generate a wallet address and its corresponding QR code.
A new dialog box will appear containing the QR code and wallet address. By default, a SegWit address is generated. The difference between these addresses will be explained here
For this guide we will be only using the wallet address, so you can copy the address by clicking the copy address button or highlighting and copying the address manually.
If you have closed the dialog box, you can reopen and show the QR code and address by double clicking an entry of the requested payments history.
It is more secure to not reuse the same receiving address for each transaction.
This copied wallet address starting with F is your public key. This is safe to share around. Your private key which starts with R is what gives you access to your coins linked to the wallet address. Keep this secret, or you will lose your coins. Do not enter your private keys anywhere on the internet.
This wallet address can then be used to receive Ferrite coins from other people, or for receiving mining rewards.
You can also check the balance of an address from the block explorer.
Note that MWEB addresses are not visible in the explorer.
For more information on how to send ferrite coins, skip forward to Sending Coins.
There are 3 common types of addresses - Legacy (P2PKH), Segwit (P2WPKH/bech32) and MWEB. Legacy-Segwit (P2SH) addresses are not used in Ferrite
| Address type | Name | Format | Advantages | Disadvantages |
|---|---|---|---|---|
| P2PKH Pay to Public Key Hash |
Legacy | Starts with F, short address.FAHeHFb27ogESwGPy6FGFrkC9Zy2UKYMn1 |
Good compatibility | |
| P2WPKH/bech32 Pay to Witness Public Key Hash |
Segwit Segregated Witness |
Starts with fec1q, lowercase alphanumeric.fec1q94we84uaw5ksqmskflcl5uuln62mcf2sy4pkj2 |
Lower fees | |
| MWEB MimbleWimble |
MWEB | Starts with fecmweb1qq, long address.fecmweb1qqfglvh4uqex2qlp8myfla23yxfgdz2l4zs ma066wnfu24pmzzxk9kqmnh3r20y3254m9xn4m n8wprk4cn6hyczcvk9a5tyuxpr60v0g9uvqmnr3e |
Anonymity | Less compatibility Higher fees |
To use MWEB on Ferrite it is best to use a version newer than Ferrite Core v3.1.x - you can download the latest versions here
Ensure that the "Generate MWEB address" radio is checked, before clicking on the "Create New Receiving Address" button
This will generate an MWEB address as shown in the dialog box below.
You may now copy your MWEB address from the Copy Address button in the lower left corner. More details about sharing your receiving address can be found above.
For improved privacy and anonymity, an MWEB address moves coins into the MWEB extension blocks which obfuscates the identity of the receiver. This is done by multiple techniques such as combining transactions. By protecting the confidentiality of transactions, MWEB serves to improve the fungibility of Ferrite. MWEB was first launched on Litecoin.
The QR code is intended for mobile phones to scan so that the address does not need to be sent via text message or manually entered. The wallet address is printed beneath its corresponding QR code. If you have entered data into the form previously, they will appear inside the payment information when the QR code is scanned.
As observed, since the URI now carries more data such as the amount, label and message, in addition to the coin name and the wallet address, the QR code that encodes this URI string data is noticeably more complex. These data will not be visible to the sender unless the generated QR code is scanned or the URI code is sent. If only the wallet address is sent, no such additional information will be visible by the sender.