Hot Wallet: Infura.io

Infura.io is a communications platform that enables you to submit ETH transactions to the ledger with little more than an API key. Ethereum ERC-20 tokens (such as PAXG or WILC) can be considered “shares” of an underlying smart contract. Transfer of these tokens represents a transfer of ownership of the underlying asset - for example: gold (in the case of PAXG).

When using Infura.io with CAS, you’re granting CAS access to a Hot Wallet to trade your tokens. A wallet is nothing more than a very complex & random number - formatted in a very specific way - and we’ll walk you through that process as well.

In this article, we’re going to create a Hot Wallet, add it to CAS, and enable it to be utilized on Infura.io.


Part 1: Infura.io


1. Create an account on Infura.io

2. Navigate to ETHEREUM:

https://infura.io/dashboard/ethereum

3. Create a Project:

  • Name the project something meaningful, e.g. PAXG

4. Locate the Project ID

  • Save this number, you’ll need in Part 3.

  • You’re done with Infura.io - your Project ID is your access to the ETH network (via Infura.io).


Part 2: Creating a wallet

A wallet is nothing more than a very long, random, complex number, formatted a certain way. These formats have become standards, adopted as “Bitcoin Improvement Proposals” (or BIP). They define how the number is formatted to be recognized as the appropriate type of wallet.

When you use a wallet on an online provider, they are essentially doing this very trivial task for you. They create a private key (that very long, random, complex number) and associate it with your account; the rest is just mathematics.

Our Infura.io API requires you to create your own wallet. Here’s one safe method:

Download an offline mnemonic generator.

You could probably safely use this online as well - but why take chances?

1. Navigate to Ian Coleman’s BIP39 Mnemonic Code Converter:

  • Download it to your computer (typically using Ctrl-S).

  • Open the downloaded file offline (using any preferred web browser).

2. Select the option “24” words:

3. Click GENERATE.

The compliant 24-word mnemonic phrase will be randomly generated for you.

  • Save these words! You’ll need them for your CAS Crypto Setting parameters, and they are essentially your wallet’s private key. Without them, you’ll be locked out of your wallet!

4. OPTIONAL: select the “ETH - Ethereum” format.

  • Scroll down to Derived Addresses to select any derived deposit address (if needed):

  • Use the first address listed - or any - it doesn’t really matter.


Part 3: Configure the Crypto Setting.

Assemble the required parameters.

The parameters are: projectId:mnemonic:gaslimit:gasPriceMultiplier

  • The project ID from Infura.io is: cc9fd1843bd948fb8d4ee8425888bb6d

  • The mnemonic words from Part 2 (step 3) are (in this example):

    1 wood exchange unhappy make captain across earth flock stuff recycle crisp goose digital eyebrow alley dawn joke naive early chaos toward nurse usage breeze

So in this example, using the above info, our complete (required) "Parameters" looks like this:

1 cc9fd1843bd948fb8d4ee8425888bb6d:wood exchange unhappy make captain across earth flock stuff recycle crisp goose digital eyebrow alley dawn joke naive early chaos toward nurse usage breeze
  • The mnemonic words are separated by spaces.

OPTIONAL: you may also set the gas limit (gaslimit) and a priority multiplier (gasPriceMultiplier). These 2 optional settings can impact your mining fees - but they aren’t required, so test your Crypto Setting to ensure it works - before playing with these options.

  • gaslimit = the maximum amount of gas you’re willing to pump for a transaction, e.g. 50000

  • gasPriceMultiplier =used to multiply the estimated gas price,

    • e.g. "1.1" for higher priority, or "0.9" for lower priority

Select the Infura.io Hot Wallet for your chosen token:

  • Add an authorized rate source. An unauthorized rate source is invalid - and the token icon won’t show up on your BATM screen when the rate source is invalid.

Insert the assembled parameters in “Parameters”.

  • You should copy & paste the parameters in a single operation! You can’t append/add the parameters separately - each paste overwrites the contents completely.

Save the Crypto Setting!


Part 4: Test it (you’re done):

Test your settings before deploying them.

  1. Save your setting first,

  2. return to the same Crypto Setting,

  3. run the test(s).

If the "Hot Wallet Buy" test is successful, you've configured the Infura.io settings properly!