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The World Marketplace TWM Wallet - Gate to Crypto-Commerce walkthrough

First look into The World Marketplace Wallet: Using the Safex Blockchain for Commerce

The World Marketplace (TWM) wallet is the first gateway to peer-to-peer crypto-commerce on the Safex blockchain. This article will provide a detailed walkthrough including the download and all key functionalities of the application, so that new users can join the Safex ecosystem with ease.

First look into The World Marketplace Wallet: Using the Safex Blockchain for Commerce

Introduction

This article will introduce the pre-release of The World Marketplace Wallet v1.0.0 developed by TWMinc. In this step by step walkthrough of the MacOS version of the application we begin with downloading the wallet and then demonstrate the key functionalities and features. This guide will be structured in the following chapters:

  • Download & Install TWM Wallet
  • Launch Screen of TWM Wallet
  • Access Wallet Options
  • Create New Wallet
  • Home Section
  • Market Section
  • Open Existing Wallet
  • Tokens Section
  • Recover Wallet From Seed Phrase
  • Advanced Network Connection

Download & Install TWM Wallet

Visit the website safex.market by TWM Inc and download the TWM application for MacOS, Windows or Ubuntu (direct download links).

theworldmarketplace.com by TWM Inc.

For this walkthrough, the .dmg file for the TWM MacOS version is downloaded.

As usual, the installed app can be moved into the application folder by drag and drop of the icon.

The application can then be launched by double-clicking the icon or using right-click and open.

Launch Screen of TWM Wallet

The application is entered by clicking "Get Started" on the launch screen.

Launch screen of TWM wallet

Now, the terms and conditions have to be read and agreed to.

Terms and conditions of TWM wallet

Access TWM Wallet Options

The following screen provides several options to access a wallet within the application.

  • Open Existing Wallet - An already created wallet file can be opened with the corresponding password.
  • Create New Wallet - A new wallet can be created from newly generated keys.
  • Recover Wallet From Keys - An old wallet can be recovered from saved keys.
  • Recover Wallet from Seed Phrase - An old wallet can be recovered from a saved 25 word seed phrase.
Several options to access a wallet in TWM

Create New Wallet

In this first example, a new wallet gets created from new keys by clicking the corresponding field.

Create New Wallet in TWM app

First, the file path and file name needs to be chosen.

Then, the network connection has to be set. The default parameters will let the wallet connect to an RPC node run and maintained by the Safex developers.

After the confirmation of the node connection, a password for the new wallet file has to be chosen and confirmed.

Finally, the wallet will be created after confirmation in the last step.

When the newly created wallet is opened the first time, a window showing keys & seeds is popping up. These keys need to be saved and securely stored as a backup in case the wallet file gets compromized or lost, or the password is forgotten.

Backup of keys & seeds after initial synchronization of new wallet

Home Section

The Home section includes the interface to transfer Safex Cash (SFX) on the left side of the screen. It also provides information about the balances of the address and the connection to the Safex blockchain network.

Home section of TWM wallet

Beside the displayed public address for receiving Safex Cash (SFX) and Safex Token (SFT) there are two buttons. The left button serves as copy-to-clipboard option for the address. Clicking the right button will open a pop-up window displaying the keys & seeds after providing the correct password.

Your address for receiving Safex Cash and Safex Tokens

Market Section

Within the Market section, available listings can be loaded by clicking the "Show Products" field.

Market section of TWM wallet

At the time of this walkthrough, three products available for purchase were visible. The "My Orders" field will show finalized purchases and enable a chat with the respective merchant.

Available products displayed in the market section of TWM app

A new field will pop up after clicking "BUY" of an available product. Here, relevant data of the product such as title, seller, offer ID, description, available quantity and price will show up. The provided pictures of the product can be enlarged. After providing the shipping information into the respective fields, selecting the quantity and clicking "BUY" again, the purchase transaction will be committed only after another confirmation.

Buying a product in TWM app

Open Existing Wallet

When the wallet application is closed and opened at a later time, the wallet which was created before can be opened again by clicking the top field.

Open Existing wallet in TWM app

The correct file path and .keys file needs to be selected and confirmed. Here, also a wallet file which was created within the former Safex Orbiter Wallet can be provided.

Then, the connection needs to be selected and the chosen password to be entered.

Now, the wallet can be loaded with some Safex Cash (SFX) and Safex Token (SFT) from another address or cryptocurrency exchange. Incoming balances show up as pending until 10 blocks of confirmation are reached.

In the case your coins are not showing up click on the "Hard Rescan" button. This will re-start the synchronization to the network from zero and take some time. After this process, your correct balances should be displayed in the wallet.

Incoming transactions showing as pending balances in TWM wallet

By clicking the cogwheel on the top right of the screen, the transaction history of the generated address can be displayed. The two pending incoming transactions with less than 10 blocks confirmations are showing up.

Transaction history of address in TWM wallet

Tokens Section

Within the Tokens section, Safex Token (SFT) can be staked and unstaked to accrue and collect revenue share of all sales that are taking place on the protocol. The minimum Safex Token amount for a stake transaction is 25,000 SFT. Staking transactions with a lower amount than that will be rejected by the network. The minimum staking interval is 8,000 blocks (approximately 11 days). Staked tokens will be locked during this time and can only be unstaked after this interval has gone by. It can be seen that a total of approximately 433 million Safex Token were staked in the network at the time of this walkthrough.

Token section in TWM wallet to participate in revenue share system

In order to stake Safex Token, the desired amount has to be provided in the respective field. When clicking the "Stake" button, a window asking for confirmation of the desired amount pops up.

After confirming the desired amount, a new window pops up to display the required Safex Cash (SFX) network fee for the transaction. Due to the design of the Safex ecosystem, any kind of transaction - be it a regular transfer of Safex Cash/Token, a staking/unstaking transaction or the purchase of an offer - requires a small amount of SFX to cover the transaction fee for the miners.

After this final confirmation, the transaction is successfully submitted. The transaction can be followed in the block explorer looking at the mempool or directly looking up the generated transaction hash.

The progress of the transaction can also be followed in the transaction history section of The World Marketplace application.

Back in the Tokens section, the created staked token output does now show up in the stakes stable. The accrued Safex Cash (SFX) revenue share updates whenever sales are taking place.

Staking table in TWM wallet showing current stakes and accrued revenue share

After another stake transaction is performed, both staking outputs show up in the table. In order to unstake Safex Tokens (SFT) after the minimum staking interval has passed, one of the available staked amounts can be selected from the drop down menu in the unstake field. After the successful unstake transaction, the Safex Tokens as well as the accrued Safex Cash will show be accredited to the balance.

Unstake tokens in TWM wallet by selecting a specific staked output

In the balance section of this screen on the left, it can also be seen how either a part of or the entire remaining balance may go into pending mode until the recent stake transaction has a minimum of 10 blocks confirmations as well.

After some sales activity on the app, an accrued SFX revenue share for each staked SFT output can be found in the stakes table in the Tokens section.

TWM staking rewards

Recover Wallet From Seed Phrase

In case an old wallet needs to be recovered without a wallet file and its password, this can be done with the option to recover from a seed phrase.

Recover Wallet From Seed Phrase in TWM wallet

The 25 word seed phrase needs to be provided in the field and confirmed via clicking "Set Seed".

Entering the seed phrase in TWM wallet

Afterwards, a file path and file name is selected for the new wallet file which will be created from the provided seed.

Then, a suitable network connection is selected as usual.

Finally, a new password for this newly generated wallet is chosen and confirmed.

Now, the entire transaction history of this address needs to be synchronized from the genesis block to the very latest block of the Safex blockchain network. The synchronization process is indicated by the display of 1/675371 (the current block) and zero balances for Safex Cash and Safex Token. This initial synchronization of a newly restored wallet will take a while.

Initial synchronization of a recovered wallet in progress

The completion of this synchronization process is indicated by the display of the latest block number and the correct non-pending balances of Safex Cash and Safex Token.

Initial synchronization of a recovered wallet complete

Advanced Network Connection

The wallet can also be chosen to connect to a different node than the default Safex RPC node. This can either be a self-hosted node or a node run by Safex community members. The portal on safex.ninja provides information about available nodes.

Available RPC nodes for TWM wallet on safex.ninja

As an example, in order to connect to the node in Amsterdam, the default node address in the wallet connection setup has to be replaced as follows:

Connecting TWM wallet to a safex.ninja node

Now, you have everything you need, so go download the twm wallet, stake some tokens and check the market page for new stuff you might like. In case you have any further questions or want to join the discussion, you can get in touch with the Safex community on the Safex forum where also the latest development updates are shared regularly.

Remember, Safex Cash is obtained with ordinary computers via proof of work. You can read throughout the safex.org blog about getting into mining and turning your unused computer power into safex cryptocurrency; the same cryptocurrency for purchasing products from the embedded marketplace.