Ethereum contract addresses are enabled
On November 12, 2018 we launched a new release of the Lykke app. You probably haven’t noticed it, have you? While we have maintained the functioning UI, there is an important update that concerns almost all users, since almost all of us have performed at least one operation with ether.
The new Ethereum integration version 1.0.3 is significant because now Lykke supports withdrawals to smart contracts.
But what does it actually mean to the user?
Basically, you have one more instrument to perform transactions with your ether. For example, now you can withdraw directly from your trading wallet to, let’s say, Binance.
So, let’s have a look at the most common questions / doubts that a user might have trying to understand how Ethereum and its withdrawals work.
Question: Now that the new Ethereum integration has been released, users can send ether both to simple addresses and to contract addresses?
Answer: Yes, now both simple addresses and contact addresses are enabled.
Question: Does it mean that now it doesn't matter what type of an address the destination is? I just send ether and I don't care?
Answer: It costs different gas commission to send different withdrawals, it depends on the actual contract. But the difference between gas commission and Lykke withdrawal fee is covered by Lykke.
Question: What addresses do Lykke users have? Smart contracts or simple?
Answer: Our users have simple addresses for their deposit wallets.
Question: How do I know if the address I have to send to is simple or smart contract, given it contains only letters and numbers?
Answer: To know if the address is a contract you can open this address in the https://etherscan.io/. The type of address will be displayed as on these screenshots.
Question: What kind of addresses do exchanges normally have?
Answer: Different exchanges have different types of addresses,and there is no standard set of statistics available in this regard.
Question: What type of address do users normally have?
Answer: Private wallets of users are usually are simple addresses.
Question: Can I decide what kind of an address I want to have or does it depend on my exchange / wallet app?
Answer: It depends on the exchange.
Last, but not least! Remember, a withdrawal that a user executes from Lykke is performed from the Lykke hot wallet. Thus, if a user wants to send some ETH to a smart contract to participate in an ICO, they have to do it from their private wallet! Otherwise tokens will be transferred directly to the Lykke hot wallet and it will be impossible for us to determine what user these tokens belong to.