Wallet Management in Orbit Wallet

In Orbit, a Wallet (also referred to as a Station) is the core unit for managing your assets. Each Wallet can have multiple Accounts, and each Account can hold different assets. Users can be granted specific privileges and policies per Account, enabling flexible and secure asset management.

Wallet (Station) Overview

A Wallet (or Station) is a trust-less, multi-custody canister that allows you to manage your crypto assets and operations. Key features of a Wallet include:

• Multi-Account Support: Each Wallet can have multiple Accounts, each holding different assets.
• Multi-User Access: Wallets can be shared with other users, enabling collaborative asset management.
• Custom Policies: Define approval policies and permissions for each Account.

Accounts and Wallets Relationship

What is an Account?

An Account is a record within a Wallet that represents ownership of specific assets. Each Account can hold multiple assets, such as ICP, or other ICRC-1 based tokens.

Key Features of Accounts:

• Unique Names: Each Account has a human-readable name for easy identification.
• Asset Management: Accounts can hold assets from different blockchains and token standards.
• Privileges and Policies: Users can define specific permissions and approval policies for each Account.

Adding Users to a Wallet

To add users to your Wallet and grant them access to specific Accounts:

1. Navigate to Settings:

   • Go to the Settings tab in your Wallet.
   • Select Users.

2. Add a New User:

   • Click Create User.
   • Enter the user’s Identity (their unique identifier on the Internet Identity).
   • Assign the user to one or more Groups.

3. Set Permissions:

   • Define the user’s or group’s permissions for each Account.

4. Save Changes:

   • Click Save to apply the changes.
   • The user will now have access to the specified Accounts based on their permissions.

Managing Accounts

Creating an Account

To create a new Account within your Wallet:

1. Go to the Accounts tab in your Wallet.
2. Click Create Account.
3. Enter a unique Account Name.
4. Select the Assets to be associated with the Account.
5. Click Save.

Editing an Account

To edit an existing Account:

1. Go to the Accounts tab.
2. Click on the Account you want to edit.
3. Update the Account Name (via Settings button) or Associated Assets (via the Asset detail page).
4. Click Save.

Deleting an Account

Accounts cannot be deleted at the moment. However, you can remove all assets from an Account.

Note

Deleting an Asset does not delete the assets on the blockchain. You can always re-add the Asset to the Account later.

Configuring Approval Policies

Approval policies define the rules for executing transactions within an Account. You can configure policies at the Account level.

Types of Approval Policies

1. Auto-Approve:

   • Transactions are automatically approved without additional signatures.
   • Suitable for single-user Accounts.

2. Quorum:

   • Requires a minimum number of signatures to approve a transaction.
   • Example: 2 out of 3 users must approve.

3. Quorum-Percentage:

   • Requires a minimum percentage of users to approve a transaction.
   • Example: 50% of users must approve.

4. Allow-listed Addresses:

   • Restricts transactions to specific addresses in the Address Book.

Setting Up an Approval Policy

1. Go to the Accounts tab.
2. Click on the Account you want to configure.
3. Navigate to Approval Policies.
4. Select the type of policy you want to apply.
5. Configure the policy rules (e.g., number of signatures, percentage, or allow-listed addresses).
6. Click Save.

Monitoring Wallet Activity

To monitor activity within your Wallet:

1. Go to the Activity tab.
2. View a list of all transactions, including:
   • Transaction Type: Send, receive, or approve.
   • Status: Created, approved, completed, or failed.
   • Timestamp: When the transaction occurred.

Tips for Managing Wallets

• Use Descriptive Names: Assign meaningful names to Wallets and Accounts for easy identification.
• Regularly Review Policies: Ensure approval policies align with your security requirements.
• Monitor User Access: Periodically review and update user permissions.
• Backup Important Data: Keep a record of Principal IDs, Account names, and approval policies.

Example Workflow

Scenario: Managing a Multi-User Wallet

1. Create a Wallet:

   • Name: “Team Treasury”
   • Add Accounts: “Marketing Budget,” “Development Fund”

2. Add Users:

   • User A: Full access to “Marketing Budget”
   • User B: Transaction approval for “Development Fund”

3. Set Approval Policies:

   • “Marketing Budget”: Auto-Approve (single user).
   • “Development Fund”: Quorum (2 out of 3 users must approve).

4. Monitor Activity:

   • Regularly check the Transfer Requests tab for transaction history.