A cryptocurrency wallet is a piece software used for storing your cryptocurrency. Endaoment runs on Ethereum, and requires an Ethereum wallet to interact with our application.
There are two key functions to every crypto wallet:
Stores cryptocurrency and allow you to both send and receive various tokens from your account
Stores secret keys used to digitally sign transactions & messages for blockchain interactions in a uniquely identifiable manner
While you can choose to have your organization receive funds in USD via a wire transfer, you will still need a digital wallet to interact with the Endaoment app. This will require you to hold a small amount of ETH* (Ethereum, a type of cryptocurrency) to pay for things like deploying an organization's contract or claiming your organization to withdraw funds.
When you claim your organization (a process that will require a small amount of ETH*) the wallet address you use will be irrevocably linked to your organization's account via a digitally signed secure message.
By using the built-in message signing capabilities of Ethereum wallets, we can ensure that only the wallet owner associated with the organization account is able to receive granted funds.
If for any reason your organization needs to change the wallet that has access to your organization's funds, please submit an additional claim by visiting:
*The easiest way to acquire ETH is to purchase it on an exchange (such as Coinbase) and transfer it to the wallet you are using to interact with the Endaoment website. If you'd like help with this process, contact us at email@example.com.