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A memo is a message that is included in a transaction. This Stellar helper feature allows users to communicate with each other in a public global registry. The wallet Blockchain.com supports 2 types of memos:

  • Text, to inсlude messages in the transaction, the length of which is no more than 28 bytes.
  • A Memo Identifier (ID) that allows the receiving side to identify the sending side.

Why do I need to inсlude a memo in my transaction?

It is not uncommon for exchanges to require users to inсlude memos in their deposits. This is because, as a rule, exchanges use only one or several accounts to receive all deposits. In this case, they need a way to distinguish between different deposits of different users. In this case, the absence of a memo can cause a loss of funds.

If you need to send funds for exchange outside the Blockchain.com wallet, it is imperative to check if the exchange needs a memo. If yes, then the exchange will provide you with the required memo.

How to enable memo?

While sending Stellar (XLM), the sender screen should be able to add a memo. Be sure to sеlect the type of memo you are sending (identifier or text). After the transaction is broadcast, you can see all the details in the history of the transaction Stellar (Stellar), including the message.

*Links to third-party resources and sites are provided for educational purposes only and are advisory. They are not required to be used.

Night Exchange
10.12.2022, 06:29