Should I use a hardware wallet for EGX?
Unlike digital currencies such as BTC, EGX are a security. They are a digital representation of the rights to an asset, in this case the equity of Enegra. The regulating authority in Labuan (Malaysia), where EGX are issued, the Labuan Financial Services Authority (LFSA), requires that they are treated as such. This treatment means that holders have certain rights and obligations.
For example, EGX holders need to pass KYC/AML checks to get qualified to hold EGX, and have an ONCHAINID associating their qualified wallet address with their identity before the EGX compliance contract will allow EGX to be transferred to that wallet address. Transfers are restricted according to compliance with LFSA regulations. These transfer restrictions make it unlikely that EGX can be transferred from a holder's wallet without their knowledge or consent.
In the unlikely event EGX have been illegally or improperly transferred from a holder's wallet, Enegra have the ability to recover the EGX and force transfer them back to the rightful owner. Enegra also have the ability to reissue EGX in the event that the holder loses access to their wallet. The process is simple and initiated by the holders.
Because they cannot be lost or stolen, there is no advantage to using a hardware wallet such as Trezor or Ledger for EGX, but you may use any ERC-20 compatible hardware wallet if you desire.
For ease of use, we recommend using MetaMask to manage your EGX holdings.
For example, EGX holders need to pass KYC/AML checks to get qualified to hold EGX, and have an ONCHAINID associating their qualified wallet address with their identity before the EGX compliance contract will allow EGX to be transferred to that wallet address. Transfers are restricted according to compliance with LFSA regulations. These transfer restrictions make it unlikely that EGX can be transferred from a holder's wallet without their knowledge or consent.
In the unlikely event EGX have been illegally or improperly transferred from a holder's wallet, Enegra have the ability to recover the EGX and force transfer them back to the rightful owner. Enegra also have the ability to reissue EGX in the event that the holder loses access to their wallet. The process is simple and initiated by the holders.
Because they cannot be lost or stolen, there is no advantage to using a hardware wallet such as Trezor or Ledger for EGX, but you may use any ERC-20 compatible hardware wallet if you desire.
For ease of use, we recommend using MetaMask to manage your EGX holdings.
Updated on: 25/07/2023
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