WEB3 (5)

Veera is an innovative crypto platform that provides seamless buying, selling, and managing of digital assets. To get started, download the app, sign up with your email or mobile number, and follow the simple steps to verify your identity and fund your account

We are rolling out Veera WEB3 services in phases. A phased rollout allows us to ensure a seamless experience for our users. By launching incrementally, we can test each service, gather feedback, address any issues, and scale the infrastructure effectively. We’re excited to roll out Veera WEB3 for everyone, and you should soon see an option to open your wallet and explore these services.

When will each phase be introduced?
The rollout timeline depends on service readiness and user feedback. We will announce specific dates for each phase through official Veera channels, so stay tuned for updates.

Who can access Veera WEB3 services during the initial phases?
Initially, services will be available to select user groups, such as beta testers and specific customer segments. This controlled access ensures thorough testing and refinement before a broader release.

Web3, or Web 3.0, is the next generation of the internet that aims to decentralize control from large, centralized platforms to individual users through blockchain technology and decentralized networks. Unlike Web 2.0, which is dominated by big tech companies controlling data and services, Web3 focuses on empowering users with more control over their data, privacy, and digital assets.

Key features of Web3 include:

• Decentralization: Instead of relying on centralized servers, Web3 applications (also called dApps) run on distributed networks, typically powered by blockchain technology.

• Ownership: Users have direct ownership of their data, identity, and digital assets through cryptographic keys and wallets. This means they can interact with online platforms without intermediaries controlling their information.

• Tokenization and Cryptocurrencies: Web3 integrates digital tokens and cryptocurrencies, enabling new forms of economic interaction and incentives, such as decentralized finance (DeFi), NFTs (Non-Fungible Tokens), and play-to-earn games.

• Trust and Security: With blockchain, Web3 ensures transparency, security, and immutability of transactions, reducing the need for trusted third parties like banks or corporations.

In short, Web3 envisions an internet where users have more autonomy, privacy, and the ability to participate in decentralized, peer-to-peer interactions.

Cryptocurrency is a type of digital or virtual currency that uses cryptography for security, making it difficult to counterfeit or double-spend. Unlike traditional currencies issued by governments (like the dollar or euro), cryptocurrencies operate on decentralized networks, typically using blockchain technology.

Key characteristics of cryptocurrency include:

• Decentralization: Cryptocurrencies are not controlled by a central authority, such as a government or bank. Instead, they run on distributed networks of computers (nodes) that validate transactions and maintain the integrity of the system.

• Blockchain Technology: Most cryptocurrencies rely on blockchain, a decentralized ledger that records all transactions across the network in a secure, transparent, and immutable way. This ensures trust without the need for intermediaries.

• Peer-to-Peer Transactions: Cryptocurrencies allow users to transfer value directly to one another without the need for intermediaries like banks. Transactions are verified by network nodes through cryptography.

• Anonymity: Many cryptocurrencies offer varying levels of anonymity, as users transact using digital wallets that don't necessarily reveal their identity. However, some cryptocurrencies are more privacy-focused than others.

• Mining: Some cryptocurrencies, like Bitcoin, are created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and create new coins.

• Variety of Uses: Cryptocurrencies can be used for a wide range of purposes, including payments, remittances, investments, and decentralized applications (dApps) such as smart contracts and decentralized finance (DeFi).

Veera is exclusively available in India at the moment. We will soon launch it in other countries. 

To understand Web3, let’s first take a look at the history of the internet itself. We’ve gone through two major phases: Web1 and Web2. Now, we are on the cusp of Web3, which promises to revolutionize the way we interact online.

Web1: The Static Web (Read-Only Internet)

In the 1990s and early 2000s, Web1 was the first version of the internet. It was largely read-only, meaning users could view content on websites, but they couldn’t interact much with it. Think of it as reading a book online or visiting a billboard. Websites were basic, with text and maybe some images. There wasn’t much interactivity—no logging in, commenting, or sharing content. People were mainly consumers of information.

Key Features of Web1:

• Websites were static (unchanging once posted).
• There was little to no interaction between users.
• Users were primarily consumers of content.

Web2: The Social and Interactive Web (Read-Write Internet)

Around the mid-2000s, Web2 emerged, giving us the internet as most of us know it today. This phase of the internet is interactive, where users don’t just consume content but also create and share it. Social media platforms like Facebook, YouTube, and Twitter are prime examples of Web2. These platforms allowed users to post their thoughts, share videos, and connect with others.

However, Web2 also brought with it centralized control. Major companies like Google, Facebook, and Amazon dominate the space and own much of the data generated by users. If you use any of these platforms, they hold your personal data, decide how it’s used, and can even limit or remove your content.

Key Features of Web2:

• Users can interact with content, comment, share, and create their own content.
• Large companies control most of the data.
• Users have limited control over their personal data, which is often monetized by platforms.

Web3: The Decentralized Web (Read-Write-Own Internet)

Now, we’re moving toward Web3, the next phase of the internet. Web3 aims to address some of the problems that Web2 created, like centralized control and lack of data privacy. Web3 is built on blockchain technology, making it decentralized. This means there is no single company or entity controlling it, and users have more control over their data and digital assets.

You can think of Web3 as the internet where you own your data and digital life, not some big company. Instead of handing your personal information to a company that stores and controls it, Web3 allows users to interact on decentralized platforms where blockchain stores information. The blockchain is like a public ledger that anyone can see but no one can alter without proper permissions.

Key Features of Web3:

• Decentralization: No single company owns the network; it’s distributed across many nodes (computers).
• Ownership: Users own their data, and they can control who has access to it.
• Blockchain: All transactions and interactions are verified on a transparent ledger (blockchain), ensuring trust and security.
• Cryptocurrencies: Digital currencies like Bitcoin and Ethereum are native to Web3 and are used for transactions on the network.
• Smart Contracts: These are self-executing contracts on the blockchain that automatically enforce agreements, like selling a digital artwork.

An Analogy: Web3 as a Decentralized Village

Think of Web3 like a village where everyone owns their own house (data) and is responsible for keeping it safe. There’s no landlord or governing body that can suddenly take your house away or decide what you do with it. In this village, when you want to trade something (like a piece of art), you don’t need a middleman (like a bank or a marketplace) to approve it. Instead, you use a smart contract that automatically handles the trade in a transparent, secure way.

Unlike in Web2, where giant corporations are like landlords who control everything from rent prices to how you can decorate your house, Web3 puts control back in the hands of the people who live there—you.

What Can You Do in Web3?

• Trade Cryptocurrencies: You can buy, sell, and store cryptocurrencies like Bitcoin or Ethereum using a Web3 wallet.

• Explore DeFi: Participate in decentralized finance (DeFi) services like lending, borrowing, or earning interest without needing a bank.

• Create and Trade NFTs: You can create digital art, music, or other digital assets and sell them as NFTs. You can also buy and collect NFTs, like rare digital art or game items.

• Interact with DApps: Use decentralized apps (DApps) for social media, gaming, finance, and much more—all while retaining control over your data.

Participate in DAOs: Decentralized Autonomous Organizations (DAOs) are groups governed by smart contracts, where every member can have a say in decision-making, without centralized leadership.

A blockchain explorer is like a search engine for blockchain networks. It provides a detailed view of the entire transaction history, block information, and wallet balances within a blockchain.

What Can I Do with a Blockchain Explorer?

With a blockchain explorer, you can:

• Track Transactions: See details of a specific transaction, including status, fees, and confirmations.
• View Wallet Balances: Check the balance of a particular wallet address.
• Explore Blocks: View recently mined blocks and their data, including block height, timestamp, and the miner’s information.
• Check Network Stats: Some explorers provide additional metrics, such as network hash rate and the current difficulty level.

Why Would I Use a Blockchain Explorer?

Users, developers, and researchers use blockchain explorers to verify transactions, research historical data, or simply monitor the status and health of a blockchain network.

Are Blockchain Explorers Free to Use?

Yes, most blockchain explorers are free to use and offer basic information. Some may offer premium features for advanced analytics.

We are rolling out Veera WEB3 services in phases. A phased rollout allows us to ensure a seamless experience for our users. By launching incrementally, we can test each service, gather feedback, address any issues, and scale the infrastructure effectively. We’re excited to roll out Veera WEB3 for everyone, and you should soon see an option to open your wallet and explore these services.

In order to withdraw your cryptocurrency from the Veera wallet to any other wallet, please follow the steps as per below:

• Tap on " Web3 wallet" on the top right of the Veera app homepage
• Select the crypto that you would like to withdraw from the list provided
• Tap on " Send"
• Enter the receiving wallet address into the address field
• Enter your Passkey

The transaction will process immediately. 

Important points to note:

1) Please make sure that the receiving wallet is on the same network as the token on the Veera wallet

2) For all Solana withdrawals, please ensure that you're leaving at least 0.005 Sol in your Veera wallet when withdrawing to cover wallet fees.

3) Veera wallet is a self-custody wallet and the Veera team does not have access to your wallet at any time. 

You are required to authenticate your login via OTP and hence you can login only on 1 device at a time. 

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If you no longer want to use Veera and delete your account, just uninstall the app from your smartphone. This will help you keep your wallet if you ever want to use it in the future. 

If you still wish to completely delete your account, please submit a ticket and our team will get back to you at the earliest

To avoid losing access to your wallets, make sure you have a backup of your account and your Private Key before proceeding.

It is simple to create wallet or connect your existing wallet(s) on Veera. Simply follow these steps:

Step 1: Click on "Web3 Wallet" on the top right screen on your home page.

Step 2: Login using your Mobile number or email id

Please note that your wallet will be connected to this email or mobile number and will be used for wallet recovery purposes

3) Verify your email / mobile using the OTP that you will receive.

4) Set up your passkey, which is your biometric / mobile device login mechanism

Please note that Veera is a self-custody wallet and the Veera team does not have access to your wallet at any time. Your Passkey is saved on your device only.

Your wallet is now set up are ready for transactions. 

KYC(Know Your Customer) is not required for Veera Wallet at the moment.

There are no fees for creating or keeping a Veera wallet. Veera costs no fees to set up your wallet, and there are no hidden or maintenance expenses. Click here to know more about transaction and other charges

Your wallet allows you to keep, send, and receive tokens at no additional cost.

When users sign up, Veera automatically creates multiple wallets for them, giving them the flexibility and power to manage their assets as they see fit. Whether they want to separate funds for different purposes or explore various transactions, they have full control.

This ensures maximum convenience, security, and freedom to use their wallets however they choose.

if you for any reason, you have lost access of your wallet, you can recover by following the below process. 

• Go to settings and select 'Restore Wallet'
• Enter your email address
• Enter the code received on your email address from 'Turnkey'
• Your wallet would be recovered after successful validation and you would be prompted to create a new device passkey

Recovery code email is sent immediately when you request on your account. Please check your mailbox spam folder in case if you do not receive it. 

Need more help? Create a ticket here.

“Turnkey”, a third-party private key management software solution. For more information about Turnkey, please visit: TOS | Turnkey.

Security is essential when managing a Web3 wallet. Since you control your assets, you need to take precautions to protect them.

Key Tips:

• Use a strong, unique password and enable two-factor authentication (2FA) where possible.
• Never share your private key or recovery email and password with anyone. Veera, for instance, never asks for these details.
• Be wary of phishing attempts and only interact with trusted DApps.
• Consider using hardware wallets for additional security.

You can use your tokens on decentralized applications (dApps) in various ways. Once your wallet is set up, connect it to the dApp of your choice by selecting the "Connect Wallet" option within the dApp. Off Ramp service is currently not available on Veera. 

With your wallet connected, you can explore multiple use cases. For example, you can trade or stake. If you're interested in NFTs, you to buy, sell, or mint NFTs. Additionally, you can participate in blockchain-based games or explore metaverse platforms powered by Solana.

Keep in mind that SOL is used to pay transaction fees, which are minimal due to Solana’s high-speed network. As a safety precaution, always verify the legitimacy of a dApp before connecting your wallet or authorising transactions.

Gas fees are what you pay to the blockchain network (like Ethereum) to process your transactions. These fees change based on how busy the network is at the time. 

Veera doesn’t control these fees, but it shows you the current prices so you can choose the best time to make your transaction.

Moving assets between different blockchains often means paying gas fees on both chains. Veera supports these transfers and will let you know about any fees involved beforehand

If you interact with decentralized apps (DApps) through Veera, you might see extra fees. These come from the DApp or the network it’s on, and Veera will show you any costs upfront before you proceed.

Slippage refers to the difference between the expected price of a transaction (like swapping tokens) and the actual price at which it gets executed. This often occurs due to price changes between the time you initiate the transaction and the time it is confirmed on the blockchain.

Here are some key points about slippage:

1. Why It Happens: In fast-moving markets, especially when trading tokens with low liquidity or during times of high volatility, prices can change quickly. By the time your transaction is processed, the price may be slightly higher or lower than when you started.

2. Impact on Trades: If slippage is too high, it can result in a less favorable trade. For example, if you're swapping tokens and the price changes too much during the transaction, you might end up with fewer tokens than you expected.

3. How to Manage It: Many wallets, including Veera, allow you to set a "slippage tolerance" – the maximum percentage of price change you're willing to accept for your trade. If the slippage exceeds this tolerance, the transaction will fail instead of proceeding at a worse price.

In short, slippage is a natural part of trading in decentralized markets, especially when dealing with volatile assets or low-liquidity tokens. By setting slippage tolerance, you can control how much price difference you're willing to accept.

Unfortunately, orders cannot be cancelled after they are placed. If your transaction fails for any reason, the funds will be refunded to your bank account.

Need more help? Create a ticket here.

Currently gas limit can not be changed on Veera. You would be notified about the current gas fee while placing an order. 

The blockchain has to validate transactions for Bitcoin, Ethereum, and ERC20 before they show up in your wallet. To view its current status, go to the transaction list of your account on Veera.  

You can view the detailed status of your transaction on the respective block explorers.

Decentralized applications (DApps) are software applications built on blockchain networks. Unlike traditional apps that rely on centralized servers, DApps operate on decentralized networks, typically leveraging smart contracts to function autonomously. This removes the need for intermediaries, allowing users to interact directly with the app and its services.

Key Features:

• Decentralization: DApps run on blockchain networks, meaning no single entity controls the app or its data.
• Transparency: The code of DApps is often open-source, meaning anyone can audit it to ensure the app is secure and functions as expected.
• Censorship-resistant: Because DApps operate on decentralized networks, it’s difficult for authorities or other entities to shut them down or control access.
• User control: Users interact directly with the DApp through their Web3 wallets, maintaining control of their funds and data without relying on third parties.

DApps span various industries, offering decentralized solutions for a wide range of use cases. Some of the most popular sectors include:

• Finance (DeFi): Decentralized finance (DeFi) apps like Uniswap, Aave, and Compound allow users to trade, lend, or borrow crypto without intermediaries like banks. DeFi DApps enable peer-to-peer financial transactions, often offering higher interest rates than traditional savings accounts.

• Gaming: Games like Axie Infinity and Decentraland enable players to earn cryptocurrency or NFTs (non-fungible tokens) through gameplay. These games run on blockchain networks, giving players full ownership of in-game assets.

• NFT Marketplaces: DApps such as OpenSea and Rarible are popular for buying, selling, and trading NFTs, which represent digital ownership of unique assets like art, music, or collectibles.

• Social Media: Decentralized social platforms like Steemit and Minds give users control over their content and data, rewarding them with tokens for contributing to the platform.

DApps offer several advantages over traditional applications:

• Autonomy: Users interact with DApps directly without needing intermediaries, giving them full control over their assets and interactions.
• Security: Since DApps operate on blockchain networks, they inherit the security of the underlying blockchain, making them resistant to tampering and hacks.
• Global access: Anyone with an internet connection and a Web3 wallet can use DApps, allowing for global participation without geographic restrictions.
• Lower fees: By removing intermediaries, DApps often have lower transaction fees compared to traditional financial or service providers.

DApps are generally safe, but users should always practice caution, especially when interacting with unknown or unverified DApps. Here are some tips to stay secure:

• Only use trusted DApps: Stick to DApps with strong reputations, such as Uniswap or Aave, to minimize risk.
• Check smart contracts: If you're technical, review a DApp’s smart contract before using it, or look for third-party audits from security firms.
• Beware of phishing: Ensure you're using the official DApp website and not a malicious copy designed to steal your private keys or funds.

By following these steps, you can use DApps securely and benefit from the decentralized ecosystem.

No. Veera Web3 Wallet just allows users to access dApps and has no involvement with the functioning of these third-party platforms.  Users are recommended to conduct independent research and participate with dApps based on their own discretion and knowledge of trust.