Rainbow Overview

What is Rainbow?

A fun, easy, and secure Ethereum wallet for managing and displaying Ethereum-based assets, and connecting to popular NFT and DeFi applications in the Ethereum ecosystem. Founded in 2019 by Christian Baroni, Jin Chung, and Mike Demarais. Rainbow's simple user interface makes it perfect for beginners, while its support for ENS domain names and bridging to Layer 2s like Optimism and Arbitrum make it a great choice for power users.

Main Features
Explore web3 and Connect to various apps
Wallet Backups
Phone swap
Easy to Purchase tokens and collect NFTs
Alternative to MetaMask

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Frequently asked questions

To connect Rainbow to websites or apps, follow these steps:

  1. On mobile, locate the "Connect Wallet" button on the website or app you want to use.
  2. If Rainbow is shown as an option, select it. Otherwise, select "WalletConnect" from the list that appears.
  3. If you selected Rainbow, choose it from the list of wallet apps.
  4. If you selected WalletConnect, open the Rainbow app on your phone and navigate to the QR scanner icon in the top right.
  5. Scan the QR code on the website or app using the QR scanner in the Rainbow app.
  6. A connection prompt will appear, and you can select "Connect" to establish the connection.

Note: These steps are for connecting on mobile. For desktop, follow similar steps by locating the "Connect Wallet" button on the website and selecting "WalletConnect" from the options that appear.

The importance of backups in Rainbow is that they ensure the safety and security of your wallet. Unlike traditional bank accounts or crypto exchanges, Rainbow does not hold your assets on your behalf. Your wallet is 100% yours, and the keys to it have been generated cryptographically on your device for your eyes only. If you don't back up your wallet, there is no way to recover it. Thankfully, Rainbow provides a simple backup feature that allows you to instantly backup your wallet, ensuring that you can always access and control your funds.

To perform a phone swap in Rainbow, you need to follow these steps:

  1. Before swapping phones, ensure you have a backup of your Rainbow wallet information. Rainbow is a fully non-custodial wallet, meaning they don't have access to your keys and cannot assist with recovery if you lose your secret phrase. It is crucial to keep your wallet secure.

  2. Write down your secret phrase. This phrase is essential for accessing your wallet and should be kept in a safe place. Rainbow recommends backing up your secret phrase using their iCloud or Google Drive features.

  3. Once you have your new phone, download the Rainbow wallet app on the new device.

  4. Open the Rainbow app on your new phone and select the option to restore a wallet.

  5. Enter your secret phrase when prompted. This will allow you to regain access to your Rainbow wallet and transfer your information to the new device.

By following these steps, you can securely and easily transfer your Rainbow wallet information to your new phone.

To purchase ETH using Rainbow, you have two options.

Option 1: You can buy ETH directly within the Rainbow app by clicking the Buy button on your main wallet screen. For more detailed instructions on purchasing directly in-app, you can refer to the article provided by Rainbow.

Option 2: Alternatively, you can buy ETH on a crypto exchange like Coinbase and then send it to your Rainbow wallet. After successfully acquiring ETH on an exchange, you can copy your wallet's public address from Rainbow by clicking the More button on your main screen, tapping "Copy Address," and then paste this address into your crypto exchange's send flow.

It's important to note that Rainbow only supports ETH and Ethereum-based assets, so make sure not to send other types of cryptocurrencies or assets to your Rainbow wallet.

To switch from MetaMask to Rainbow, follow these steps:

  1. On the website or dapp you want to connect to, locate the "Connect Wallet" button.
  2. If Rainbow is shown as an option, select it. Otherwise, select "WalletConnect" from the list of options.
  3. If you selected "WalletConnect," choose "Rainbow" from the list of wallet apps.
  4. Open the Rainbow app on your phone and go to the QR scanner icon in the top right.
  5. Scan the QR code displayed on the website or dapp using the QR scanner in the Rainbow app.
  6. A connection prompt will appear on your phone. Select "Connect" to establish the connection.

By following these steps, you can switch from MetaMask to Rainbow and connect to websites or dapps using the Rainbow wallet.

To stay safe and avoid scams in Web3, it is important to never connect to an unverified website that you do not trust. Always check the site's URL to ensure you are on the real site and not a fake. Additionally, be cautious when connecting your wallet to dapps, as this makes you vulnerable to compromise. Bad actors may imitate popular dapps to trick you into connecting, so it is crucial to exercise caution and not connect to suspicious dapps.

To protect your wallet in Rainbow, you can backup your wallet using iCloud or Google Drive. To do this, follow these steps:

  1. Go to Settings → Backup.
  2. Select Back up to iCloud/Back up to Google Drive.
  3. Create a password for your backup. Choose a password that you can remember, as it cannot be recovered.
  4. Input your password and click Confirm.
  5. Your backup is complete. You can check if the backup feature is turned on by viewing if the checkmark is green. Additionally, you can also manually backup your wallet using your secret phrase. If you encounter any issues, you can contact Rainbow support at support@rainbow.me for assistance.

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