Polkadot is a network protocol that allows arbitrary data and tokens to be transferred across blockchains. Polkadot allows you to build applications that get permissioned data from a private blockchain and use it on a public blockchain. Polkadot's native token, DOT, serves three key functions: governance, staking, and bonding.
Kusama is a scalable network of specialized blockchains. The network is an experimental development environment for teams who want to move fast and innovate on Kusama, or prepare for deployment on Polkadot. The Kusama network is powered and governed by its native token, KSM.
When you create a wallet/address, you generate a key that grants you access to it. The wallet doesn't exist on the Polkadot chain until you add an Existential Deposit.
For Kusama, you need an existential deposit of 0.001666666667 KSM; for Polkadot, you need at least 1 DOT in your wallet.
If your wallet goes below the existential deposit, this will cause your account to be reaped. The account will be wiped from the blockchain's state to conserve space, along with any funds in that address.
Note: You do not lose access to your wallet. As long as you have your Recovery Phrase, you can still use the address. However, it will require a top-up of another existential deposit to ensure it can interact with the chain.
How to Create a Polkadot Wallet
Once you've downloaded the Enjin Wallet app, you will be prompted to either open your wallet or scan a QR code. Select the "Open Wallet" option to begin setup.
You should now see the option to either create, import, or watch a wallet. Select "Create Wallet" to continue setup.
Accept the Terms and Conditions. You will then be prompted to create a password for your wallet.
Confirm your password and select Polkadot from the tokens list to add it in your Enjin Wallet. Tap "Create Wallet" to complete wallet creation.
At this point, your wallet is not yet backed up. We strongly advise you to back up your wallet as soon as possible and write down your recovery phrase on a piece of paper to be stored in a safe place!
To view your Polkadot or Kusama transactions:
- Tap on the transaction in your wallet
- Select the 3 dot-menu in the top right corner
- Tap "Details" to open your transaction on the explorer
For your wallet to remain active on the Polkadot chain, you need an existential deposit of at least 1 DOT in your wallet.
In addition to storing and managing your DOT tokens, you can also exchange DOT via our in-wallet token swap.