"Do not uninstall the app"
When the Loopring Smart Wallet app is uninstalled from the user’s device, the private keys are removed. In order to regain access to the wallet and the funds secured within, a Recovery is required. During a recovery, the private keys are regenerated and the smart contract is updated. This is a L1 on-chain transaction and therefore requires a gas fee to be paid. This may be expensive based on the cost of Ethereum gas fees at the time of recovery.
The Loopring Smart Wallet differs from a standard Ethereum wallet; it is managed by a smart contract. This allows users to benefit from additional security features like: multi-signature transactions, daily transfer limits, locking the wallet, whitelisting addresses, and social recovery through Guardians. When creating the wallet, it needs to call the Loopring Ethereum Layer 1 (L1) smart contract. Through this process, the wallet’s private keys are generated, encrypted and stored securely on the user’s device, never exposed publicly - even to Loopring.
Loopring strongly recommends users do not uninstall the Loopring Smart Wallet app from their device once they have completed their initial deposit to create the wallet. If you wish to Migrate your wallet to a new device, do not uninstall the app first as you will need the old device in order to move your wallet and assets to a new device.
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