Managing Your Virtual Currencies

Freshcut wallet has 2 parts: (1) on chain Polygon wallet, (2) internal inventory. Learn how to use both wallets and how to protect yourself online.

george kurdin

Sat Nov 26 2022

5 min read

What can you do with your FreshCut Wallet?

The Wallet is where you can manage the Diamonds used in the FreshCut app.The FreshCut Wallet has two components:

  • Inventory - where your in-app FCD is received and stored
  • Connected Wallet - your on-chain wallet where you can transfer inventory FCD to for use outside of the FreshCut app

Rewards and tipping in the FreshCut app are powered by our virtual currency, FreshCut Diamonds. These Diamonds are stored in your inventory. There are no transaction fees when using your inventory Diamonds. Think of it as the same as any in-game virtual currency (ex. V-bucks or Robux).

Here we will cover: (1) inventiory wallet, (2) connected freshcut wallet, (3) processing times, (4) how to get MATIC, (5) wallet security. Yes, we've talked about wallet security before, but we want you to be safe so from our POV this is always worth repeating.

Inventory Wallet

Your inventory is where in-app quest rewards will appear as well as where you will receive event prizing that is received from prizing codes.

For creators, it’s also where your Diamonds from tips from your followers and community will go.You can exchange your inventory FCD in and out to your connected Wallet for standard FCD that’s “on-chain”. This FCD can be used outside of the FreshCut app and can be exchanged for other virtual currencies or US Dollars.

Connected Wallet

Your connected Wallet is where FCD as well as other virtual currencies like the MATIC token can be sent from external locations (ex - addresses not in the FreshCut ecosystem like other wallets or crypto exchanges). You can also transfer your Diamonds from your inventory to your connected wallet.

Your connected Wallet is “on-chain” and requires MATIC for any transactions. FreshCut Diamonds are built on thePolygon blockchain which requires its native MATIC token to pay for transaction fees. Any time you transfer FCD from your connected wallet to your inventory, it will require a little MATIC to power the transaction (typically less than .1 MATIC). Diagram below will explain what types of transactions you need MATIC for.

1 MATIC should cover hundreds of transactions. Learn how to get MATIC next.

To send FCD out of your connected Wallet to another wallet or an exchange address, you will also need MATIC. You would first transfer FCD out of your inventory to your connected Wallet and then send it to your desired address, using MATIC for the transaction fee. Please make sure to verify that the address you are sending your FCD to is accurate, as it is impossible to recover FCD sent to the wrong address.

Processing Times

Transactions that occur within the FreshCut ecosystem will be near instant and will be reflected in your inventory immediately. Examples of this are completing quests or tipping creators. Transactions that involve the connected wallet and MATIC will take more time. Processing time can take up to ~10-15 minutes to update your connected wallet balance and your transaction history.

If it takes longer than 30 minutes, please contact support for assistance by opening a ticket in our Discord or emailing support@freshcut.gg

What do I need MATIC for?

FreshCut Diamonds are built on the Polygon blockchain which requires its native MATIC token to pay for transaction fees.There are only 2 transactions that require MATIC on the FreshCut app as they are on-chain:

  1. 1.When a user is transferring FCD from their connected wallet to inventory (to tip)
  2. 2.When a user is sending FCD from a connected wallet to a wallet address outside the FreshCut app (ex. a Metamask wallet address or exchange wallet)

This diagram shows what transactions in the FreshCut app require MATIC and which do not. Transactions within the FreshCut ecosystem are near instant + free as they are not processed on the blockchain.Transactions on the Polygon blockchain (aka MATIC network) require MATIC to pay for transactions and may take a 5-15 minutes. If you're not seeing the transaction go through, try refreshing your app. If the transaction hasn't gone through after 30 minutes - try it again or open a support ticket in our Discord.

This diagram shows the different ways FCD can move through the FreshCut ecosystem

If you are sending FCD from an external wallet to your FreshCut connected wallet - you will also require MATIC to power the transaction as it is on-chain and outside of the FreshCut ecosystem.

Wallet Security

Protect yourself online.

We thought through this and built a system with security in mind, but protecting yourself is ultimately on you. From backing up your wallet, to securing your secret phrase to not revealing your widget token for your alerts - you should treat all of this the same way you'd treat a password to your bank account. Take care!

You’ll notice you can also backup your Wallet and reveal your secret recovery phrase if you ever need to access it again - reminder, keep this secure and offline!

You can also reset your security PIN if needed If you ever need to restore your Wallet, simply select the “restore Wallet flow” within the FreshCut app when setting up your wallet. This might be if you are re-installing the app or switching devices. During the restore Wallet process, you will be prompted to enter your secret recovery phrase - and this will import your FreshCut connected Wallet into your account.

As a reminder, do not share your secret recovery phrase with anyone or input it in any site other than the FreshCut app during the restore Wallet process. If others have access to this phrase, they will be able to take your Diamonds!

The FreshCut team will never ask you for your credentials on email, discord, or via any other channel. Please protect yourself!

Let's recap:

  • Inventory wallet is your on-chain wallet on the POLYGON chain
  • Connected wallet is your internal freshcut wallet
  • You need MATIC, which is the POLYGON token, to transfer money from your on-chain MATIC wallet into your Freshcut inventory wallet and to transfer out back to MATIC
  • You do not need MATIC to tip other creators or interact within the app
  • Protect yourself. Treat all your wallet-related information the same way you would treat your bank account password for your online bank. Do not expose it, back it up, and stay safe!

If any of this is not helpful and/or if you have questions while using the app - please talk to us. We will figure it out. You can start by opening a ticket in our Discord or emailing support@freshcut.gg.


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