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For my own reference, how is a memo created? Does

the wallet generate it?

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Memo is used when exchanges uses same wallet address for eg for Atom. Exchange can give same wallet address of atom to five different person. But each one is asked to insert unique memo only linked to their account during deposit of atom. So when you transfer 5 atoms with your memo asked by exchange, They know to who's account those 5 atom belong to.

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