COSS (DEX) Deposit/Withdraw

COSS uses a decentralized wallet built on ByteTrade blockchain. ByteTrade is the first cross chain lightning network. All transactions in COSS will be recorded to ByteTrade blockchain and executed automatically without any human intervention.

You can check all your operations in the block explorer: https://explorer.bytetrade.com/. Enter your user id in the search box, then you should be able to find all of your transactions

In this case, every token transaction happens on its corresponding blockchain, for example, ETH and ERC20 should be processed by Ethereum, BTC and BCH should be processed by Bitcoin, CMT should be processed by CyberMiles. ByteTrade blockchain is super fast and all orders can be processed within 1 second. However, Ethereum, Bitcoin and CyberMiles processing speed is different and usually much slower. So when you submit a withdraw, please wait for a while for the transaction to be processed.

To know more about ByteTrade cross chain payment protocol, please read intro to Pitio.

For CMT/USDT withdraw or deposit, please refer to other articles in this section

What is seed phrase/mnemonics?

The seed phrase/mnemonics is another manifestation of the plaintext private key, first proposed by the BIP39 proposal, to help users remember complex private keys (64-bit hashes). Seed phrase/mnemonics are generally composed of 12, 15, 18, and 21 words. These words are taken from a fixed vocabulary and the order of generation is also based on a certain algorithm, so you do not need to worry that random 12 words can access a blockchain address. Although both seed phrase/mnemonics and keystore can be used as another form of a private key, unlike keystore, the seed phrase/mnemonics are an unencrypted private key. Anyone who gets your seed phrase/mnemonics can access your account and take away your assets without any effort.

For more info, please check: https://coinsutra.com/mnemonic-passphrase/.

What are the benefits of seed phrase/mnemonics?

COSS will gradually support more ways to back up your account. The first support for seed phrase/mnemonics backups is mainly due to these reasons:

  • Although keystore is an encrypted private key, it is not convenient to copy. Under normal circumstances, it needs to be stored through network transmission, and key store often brings security illusion to users. There have been many cases that users send key store through WeChat or email which causes the money stolen issues.
  • The security level of the plaintext private key is the same as the seed phrase/mnemonics. It is an unencrypted private key, but the plaintext private key is very inconvenient for the user to copy and memorize. If the private key has a copying error, user will lose their assets, so we do not recommend backing up or transferring the plaintext private key.
  • Seed phrase/mnemonics is convenient for users to copy and backup. We recommend that users use physical media backup, that is, writing seed phrase/mnemonics down on paper. This backup method can be said to have the highest security, because it is completely isolated from the network, and can effectively prevent professional attacks by hackers.

How to properly back up the seed phrase/mnemonics?

Seed phrase/mnemonics is a private key that is not protected by any encryption. Once someone gets your seed phrase/mnemonics, it is equivalent to controlling your account and assets. The following points should be noted when using seed phrase/mnemonics:

  • After creating an account in COSS DEX, be sure to back up the seed phrase/mnemonics in time and double check to make sure it is correct.
  • When backing up seed phrase/mnemonics, try to use physical media, such as handwriting on a piece of paper, and then saving the paper properly. Do not use screenshots whenever possible.
  • Be sure to take good care of the seed phrase/mnemonics you backed up. First, do a good job of network isolation. Second, you must take actions to prevent loss.

How to import your seed phrase/mnemonics?

You import your account by selecting Import in User Info. The only requirement for importing an account is a seed phrase/mnemonics, and you can reset the password to make it completely different from the last one.

What is the relationship between passwords and seed phrase/mnemonics? Why I have to enter the password when using COSS?

The most important use of a password is to encrypt the private key of the user locally. The binding between password and account means that the same account for a user, but the passwords on device A and device B can be completely different. When you forget the password, you only need to clear the device cache and then import the seed phrase/mnemonics to reset the password.

After the user completes the backup, COSS will no longer store the user's password, seed phrase/mnemonics or private key in any form. The private key is encrypted by account password and is stored locally on the user’s device. So when the user is doing some operations which require signature, the user needs to enter the password.

What should I do if I suspect a seed phrase/mnemonics leak?

A seed phrase/mnemonics is an unencrypted private key that anyone can easily take control of your assets if he/she gets your seed phrase/mnemonics. Therefore, you must transfer your assets the first time you find a seed phrase/mnemonics leak to ensure the security of your digital assets. The specific steps are as follows:

  • Create a new account;
  • Backup the seed phrase/mnemonics of a new account on physical media
    (such as paper);
  • Make sure seed phrase/mnemonics are properly kept;
  • Finally, transfer your assets to the new account.

If your problem still exists, please send your user id and issue details to [email protected]

What is the COSS account name/user id?

The account name/user id is created on the ByteTrade blockchain as your unique identifier. Compared with the address, the account name has better legibility and memorability. For example, if A transfers money to B, A will no longer need to copy and paste the complicated address of B, instead of A just needs to enter the account name of B.

The account name is case sensitive. If you transfer to a wrong ByteTrade account name, we can do nothing in this situation because every transaction is recorded on blockchain and cannot be reversed. The best solution is to try to find that user in our community and talk to them.

How to access fiat through CEX by setting up a separate account, execute the withdrawal & transfer funds.

  • Step One : Create an account on CEX (coss.io)

  • Step Two : Submit KYC (Level 1 - Government Issue ID - selfie)

  • Step Three : Deposit using credit card

  • Step Four : Withdrawal funds to the DEX deposit address for your account