Wallets

All your questions answered below about Checkmate Live web3 wallets

Why do I need a web3 wallet on Checkmate?

Your web3 wallet serves multiple purposes on Checkmate:

• Secure Login: Replaces traditional logins, enhancing account security.

• Asset Ownership: Store and manage Checkmate NFTs and other digital items.

• Pro Tournaments & Payouts: Required for participating in Pro tournaments and receiving winnings, ensuring fair play and proper distribution of prizes.

• Trading & Minting: Enables you to trade collectibles and create your own digital items.

• Exclusive Access: Grants access to token-gated tournaments or features.

• Fair Play & Rewards: Your wallet activity contributes to your Fair Play score, influencing eligibility for rewards and certain features.

How does my web3 wallet enhance my privacy on Checkmate?

Your web3 wallet is your key to a more private and secure Checkmate experience.

Here's how:

• Pseudonymous Identity: Instead of relying on traditional personal information, your wallet acts as a unique digital identifier. This lets you interact on the platform without revealing your real name or other details, giving you a level of anonymity.

• Control Your Information: You decide what you share. Unless a tournament specifically requires it (like some FIDE events), you can play and socialize using your avatar, keeping your real identity hidden.

• True Ownership: With a non-custodial wallet, you hold your private keys - the ultimate control over your digital assets. This reduces the risk of your data being exposed in a centralized breach.

In short, your web3 wallet lets you enjoy all that Checkmate offers while keeping your personal information safe. It's the perfect balance of privacy, participation, and fair play.

Why bother with web3 wallets? What are the benefits?

Web3 wallets offer several advantages that align with Checkmate's first principles: -

• True Ownership: Your assets are truly yours. You have full control and ownership of your digital items and in-game currency, not the platform.

• Enhanced Security: Decentralization and cryptographic protection make web3 wallets highly secure, reducing the risk of hacks and unauthorized access.

• Transparency & Immutability: Blockchain transactions are transparent and immutable, providing a verifiable record of ownership and activity.

• New Possibilities: Web3 wallets open up exciting possibilities for the future of gaming and sports, including participation models, decentralized governance, and true ownership of in-game assets.

• Global Accessibility: Web3 wallets enable seamless cross-border transactions and participation in the global Checkmate community.

What are private keys, and why are they important?

Private keys are like your digital signature - they prove ownership of your assets and allow you to authorize transactions. Keep them safe and never share them. Losing them means losing access to your assets.

Key Points to Remember:

• Checkmate is non-custodial: We don't access your wallet or assets. Their security is your responsibility.

• Choose a reputable wallet: Research and select a secure wallet.

• Back up your seed phrase: Crucial for wallet recovery.

• Stay informed: Keep up with Web3 best practices and security tips.

• Wallet Deletion: If you delete your linked wallet, you'll lose access to your Checkmate profile and will need to reverify a new wallet to regain access.

• Trading on Checkmate: Trading on Checkmate is peer-to-peer.

We're here to support you! If you have any further questions, reach out to our support team.

What kind of wallet should I use?

Checkmate supports MetaMask, Coinbase Wallet, and WalletConnect-compatible wallets. We recommend using a non-custodial wallet, which gives you full control over your private keys and assets.

Can I change or disconnect my linked wallet?

No, for security and fair play reasons, each Checkmate account is linked to one unique wallet address. This prevents the creation of multiple accounts and ensures accountability for actions tied to your wallet.

Do I need to verify my identity (KYC) to use my wallet?

Basic functions like login and receiving Drops don't require KYC. However, KYC is mandatory for participating in Pro tournaments, receiving payouts, trading, and minting. This helps ensure fair play, prevent fraud, and comply with regulations. It also positively impacts your Fair Play score.

You may want to consider creating a dedicated "burner wallet" for Checkmate Live, similar to how it's good practice to have separate email addresses for different online activities. This can help add an extra layer of privacy and security for your main wallet and assets.

Key Points to Remember:

• Checkmate is non-custodial: We don't access your wallet or assets. Their security is your responsibility.

• Choose a reputable wallet: Research and select a secure wallet.

• Back up your seed phrase: Crucial for wallet recovery.

• Stay informed: Keep up with Web3 best practices and security tips.

We're here to support you! If you have any further questions, reach out to our support team.