Obtaining collateral with a Seed-phrase
If you have a Seed-phrase instead of a Private key, then the procedure for obtaining a collateral on Electrum purse will be as follows.
Create a new purse in Electrum.
In the Install Wizard window, confirm the name of the new purse by clicking Next.
- Select Multi-signature wallet. Click Next.
- In the next window set the following values of the sliders:
- From 3 consigners
- Require 2 signatures
- Select I already have a seed. Click Next.
- In the window you will need to enter your Seed-phrase that you wrote down when you created the purse. Click Next.
- In the next window Electrum will generate a Master Public Key based on your Seed-phrase. You do not need to change it. Click Next.
- Select Enter cosigner Key. Click Next.
- In the Add Cosigner 2 window, specify the market's private key that was issued to you after the end of the loan application. Click Next.
- In the next window, once again select Enter cosigner Key. Click Next.
- In the Add Cosigner 3 window, specify the public key of the other party (Creditor or Borrower), which was provided to you by the market. Click Next.
- Before Electrum creates a new purse with a collateral, you will need to set a password. Click Next.
- After that the transaction records update will begin for the new purse, and you should be able to see the collateral, which you can use at your discretion.
Congratulations, you have successfully received a collateral.