diff --git a/lbry/lbry/extras/daemon/Daemon.py b/lbry/lbry/extras/daemon/Daemon.py
index dc1a10f06..ab1259ee4 100644
--- a/lbry/lbry/extras/daemon/Daemon.py
+++ b/lbry/lbry/extras/daemon/Daemon.py
@@ -999,7 +999,7 @@ class Daemon(metaclass=JSONRPCServerType):
     Preferences management.
     """
 
-    def jsonrpc_preference_get(self, key=None, account_id=None, wallet_id=None):
+    def jsonrpc_preference_get(self, key=None, wallet_id=None):
         """
         Get preference value for key or all values if not key is passed in.
 
@@ -1008,21 +1008,19 @@ class Daemon(metaclass=JSONRPCServerType):
 
         Options:
             --key=<key> : (str) key associated with value
-            --account_id=<account_id> : (str) id of the account containing value
             --wallet_id=<wallet_id>   : (str) restrict operation to specific wallet
 
         Returns:
             (dict) Dictionary of preference(s)
         """
         wallet = self.wallet_manager.get_wallet_or_default(wallet_id)
-        account = wallet.get_account_or_default(account_id)
         if key:
-            if key in account.preferences:
-                return {key: account.preferences[key]}
+            if key in wallet.preferences:
+                return {key: wallet.preferences[key]}
             return
-        return account.preferences
+        return wallet.preferences.to_dict_without_ts()
 
-    def jsonrpc_preference_set(self, key, value, account_id=None, wallet_id=None):
+    def jsonrpc_preference_set(self, key, value, wallet_id=None):
         """
         Set preferences
 
@@ -1032,18 +1030,15 @@ class Daemon(metaclass=JSONRPCServerType):
         Options:
             --key=<key> : (str) key associated with value
             --value=<key> : (str) key associated with value
-            --account_id=<account_id> : (str) id of the account containing value
             --wallet_id=<wallet_id>   : (str) restrict operation to specific wallet
 
         Returns:
             (dict) Dictionary with key/value of new preference
         """
         wallet = self.wallet_manager.get_wallet_or_default(wallet_id)
-        account = wallet.get_account_or_default(account_id)
         if value and isinstance(value, str) and value[0] in ('[', '{'):
             value = json.loads(value)
-        account.preferences[key] = value
-        account.modified_on = time.time()
+        wallet.preferences[key] = value
         wallet.save()
         return {key: value}
 
@@ -1342,7 +1337,7 @@ class Daemon(metaclass=JSONRPCServerType):
             account.name = new_name
             change_made = True
 
-        if default:
+        if default and wallet.default_account != account:
             wallet.accounts.remove(account)
             wallet.accounts.insert(0, account)
             change_made = True
@@ -1578,14 +1573,14 @@ class Daemon(metaclass=JSONRPCServerType):
         return hexlify(wallet.hash).decode()
 
     @requires("wallet")
-    def jsonrpc_sync_apply(self, password, data=None, encrypt_password=None, wallet_id=None):
+    async def jsonrpc_sync_apply(self, password, data=None, encrypt_password=None, wallet_id=None, blocking=False):
         """
         Apply incoming synchronization data, if provided, and then produce a sync hash and
         an encrypted wallet.
 
         Usage:
             sync_apply <password> [--data=<data>] [--encrypt-password=<encrypt_password>]
-                       [--wallet_id=<wallet_id>]
+                       [--wallet_id=<wallet_id>] [--blocking]
 
         Options:
             --password=<password>         : (str) password to decrypt incoming and encrypt outgoing data
@@ -1593,6 +1588,7 @@ class Daemon(metaclass=JSONRPCServerType):
             --encrypt-password=<encrypt_password> : (str) password to encrypt outgoing data if different
                                                     from the decrypt password, used during password changes
             --wallet_id=<wallet_id>       : (str) wallet being sync'ed
+            --blocking                    : (bool) wait until any new accounts have sync'ed
 
         Returns:
             (map) sync hash and data
@@ -1600,23 +1596,16 @@ class Daemon(metaclass=JSONRPCServerType):
         """
         wallet = self.wallet_manager.get_wallet_or_default(wallet_id)
         if data is not None:
-            decrypted_data = Wallet.unpack(password, data)
-            for account_data in decrypted_data['accounts']:
-                _, _, pubkey = LBCAccount.keys_from_dict(self.ledger, account_data)
-                account_id = pubkey.address
-                local_match = None
-                for local_account in wallet.accounts:
-                    if account_id == local_account.id:
-                        local_match = local_account
-                        break
-                if local_match is not None:
-                    local_match.apply(account_data)
+            added_accounts = wallet.merge(self.wallet_manager, password, data)
+            if added_accounts and self.ledger.network.is_connected:
+                if blocking:
+                    await asyncio.wait([
+                        a.ledger.subscribe_account(a) for a in added_accounts
+                    ])
                 else:
-                    new_account = LBCAccount.from_dict(self.ledger, wallet, account_data)
-                    if self.ledger.network.is_connected:
+                    for new_account in added_accounts:
                         asyncio.create_task(self.ledger.subscribe_account(new_account))
             wallet.save()
-
         encrypted = wallet.pack(encrypt_password or password)
         return {
             'hash': self.jsonrpc_sync_hash(wallet_id),
diff --git a/lbry/lbry/testcase.py b/lbry/lbry/testcase.py
index 9bf82cfe7..0e13971a9 100644
--- a/lbry/lbry/testcase.py
+++ b/lbry/lbry/testcase.py
@@ -151,11 +151,11 @@ class CommandTestCase(IntegrationTestCase):
         wallet_node.manager.old_db = daemon.storage
         return daemon
 
-    async def confirm_tx(self, txid):
+    async def confirm_tx(self, txid, ledger=None):
         """ Wait for tx to be in mempool, then generate a block, wait for tx to be in a block. """
-        await self.on_transaction_id(txid)
+        await self.on_transaction_id(txid, ledger)
         await self.generate(1)
-        await self.on_transaction_id(txid)
+        await self.on_transaction_id(txid, ledger)
         return txid
 
     async def on_transaction_dict(self, tx):
diff --git a/lbry/lbry/wallet/account.py b/lbry/lbry/wallet/account.py
index aa4f9e3ec..623d8dd35 100644
--- a/lbry/lbry/wallet/account.py
+++ b/lbry/lbry/wallet/account.py
@@ -28,7 +28,6 @@ class Account(BaseAccount):
     def __init__(self, *args, **kwargs):
         super().__init__(*args, **kwargs)
         self.channel_keys = {}
-        self.preferences = {}
 
     @property
     def hash(self) -> bytes:
@@ -37,10 +36,9 @@ class Account(BaseAccount):
             h.update(cert.encode())
         return h.digest()
 
-    def apply(self, d: dict):
-        super().apply(d)
+    def merge(self, d: dict):
+        super().merge(d)
         self.channel_keys.update(d.get('certificates', {}))
-        self.preferences.update(d.get('preferences', {}))
 
     def add_channel_private_key(self, private_key):
         public_key_bytes = private_key.get_verifying_key().to_der()
@@ -120,22 +118,17 @@ class Account(BaseAccount):
     def from_dict(cls, ledger, wallet, d: dict) -> 'Account':
         account = super().from_dict(ledger, wallet, d)
         account.channel_keys = d.get('certificates', {})
-        account.preferences = d.get('preferences', {})
         return account
 
-    def to_dict(self, include_channel_keys=True, include_preferences=True):
+    def to_dict(self, include_channel_keys=True):
         d = super().to_dict()
         if include_channel_keys:
             d['certificates'] = self.channel_keys
-        if include_preferences and self.preferences:
-            d['preferences'] = self.preferences
         return d
 
     async def get_details(self, **kwargs):
         details = await super().get_details(**kwargs)
         details['certificates'] = len(self.channel_keys)
-        if self.preferences:
-            details['preferences'] = self.preferences
         return details
 
     def get_transaction_history(self, **constraints):
diff --git a/lbry/tests/integration/test_sync.py b/lbry/tests/integration/test_sync.py
index cae210dcf..63bef8340 100644
--- a/lbry/tests/integration/test_sync.py
+++ b/lbry/tests/integration/test_sync.py
@@ -1,114 +1,66 @@
-from unittest import mock
-
-from torba.orchstr8.node import WalletNode, SPVNode
-from torba.testcase import AsyncioTestCase
-
-from lbry.conf import Config
-from lbry.wallet import LbryWalletManager, RegTestLedger
-from lbry.extras.daemon.Daemon import Daemon
-from lbry.extras.daemon.Components import WalletComponent
-from lbry.extras.daemon.Components import (
-    DHT_COMPONENT, HASH_ANNOUNCER_COMPONENT, PEER_PROTOCOL_SERVER_COMPONENT,
-    UPNP_COMPONENT, EXCHANGE_RATE_MANAGER_COMPONENT
-)
-from lbry.extras.daemon.ComponentManager import ComponentManager
+import asyncio
+from lbry.testcase import CommandTestCase
+from binascii import unhexlify
 
 
-class AccountSynchronization(AsyncioTestCase):
+class WalletSynchronization(CommandTestCase):
+    SEED = "carbon smart garage balance margin twelve chest sword toast envelope bottom stomach absent"
 
-    async def asyncSetUp(self):
-        self.wallet_node = WalletNode(LbryWalletManager, RegTestLedger)
-        await self.wallet_node.start(
-            SPVNode(None),
-            "carbon smart garage balance margin twelve chest sword toast envelope bottom stomach absent",
-            False
+    async def test_sync(self):
+        daemon = self.daemon
+        daemon2 = await self.add_daemon(
+            seed="chest sword toast envelope bottom stomach absent "
+                 "carbon smart garage balance margin twelve"
         )
-        self.account = self.wallet_node.account
+        address = (await daemon2.wallet_manager.default_account.receiving.get_addresses(limit=1, only_usable=True))[0]
+        sendtxid = await self.blockchain.send_to_address(address, 1)
+        await self.confirm_tx(sendtxid, daemon2.ledger)
 
-        conf = Config()
-        conf.data_dir = self.wallet_node.data_path
-        conf.wallet_dir = self.wallet_node.data_path
-        conf.download_dir = self.wallet_node.data_path
-        conf.share_usage_data = False
-        conf.use_upnp = False
-        conf.reflect_streams = False
-        conf.blockchain_name = 'lbrycrd_regtest'
-        conf.lbryum_servers = [('localhost', 50001)]
-        conf.reflector_servers = []
-        conf.known_dht_nodes = []
+        # Preferences
+        self.assertFalse(daemon.jsonrpc_preference_get())
+        self.assertFalse(daemon2.jsonrpc_preference_get())
 
-        def wallet_maker(component_manager):
-            self.wallet_component = WalletComponent(component_manager)
-            self.wallet_component.wallet_manager = self.wallet_node.manager
-            self.wallet_component._running = True
-            return self.wallet_component
+        daemon.jsonrpc_preference_set("one", "1")
+        daemon.jsonrpc_preference_set("conflict", "1")
+        daemon.jsonrpc_preference_set("fruit", '["peach", "apricot"]')
+        await asyncio.sleep(1)
+        daemon2.jsonrpc_preference_set("two", "2")
+        daemon2.jsonrpc_preference_set("conflict", "2")
 
-        conf.components_to_skip = [
-            DHT_COMPONENT, UPNP_COMPONENT, HASH_ANNOUNCER_COMPONENT,
-            PEER_PROTOCOL_SERVER_COMPONENT, EXCHANGE_RATE_MANAGER_COMPONENT
-        ]
-        self.daemon = Daemon(conf, ComponentManager(
-            conf, skip_components=conf.components_to_skip, wallet=wallet_maker
-        ))
-        await self.daemon.initialize()
+        self.assertDictEqual(daemon.jsonrpc_preference_get(), {
+            "one": "1", "conflict": "1", "fruit": ["peach", "apricot"]
+        })
+        self.assertDictEqual(daemon2.jsonrpc_preference_get(), {"two": "2", "conflict": "2"})
 
-    async def asyncTearDown(self):
-        self.wallet_component._running = False
-        await self.daemon.stop(shutdown_runner=False)
+        self.assertEqual(len((await daemon.jsonrpc_account_list())['lbc_regtest']), 1)
 
-    @mock.patch('time.time', mock.Mock(return_value=12345))
-    def test_sync(self):
-        starting_hash = '69afcd60a300f47933917d77ef011beeeb4decfafebbda91c144c84282c6814f'
-        self.account.modified_on = 123.456
-        self.assertEqual(self.daemon.jsonrpc_sync_hash(), starting_hash)
-        self.assertEqual(self.daemon.jsonrpc_sync_apply('password')['hash'], starting_hash)
-        self.assertFalse(self.account.channel_keys)
+        data = await daemon2.jsonrpc_sync_apply('password')
+        await daemon.jsonrpc_sync_apply('password', data=data['data'], blocking=True)
 
-        hash_w_cert = '974721f42dab42657b5911b7caf4af98ce4d3879eea6ac23d50c1d79bc5020ef'
-        add_cert = (
-            'czo4MTkyOjE2OjE6qs3JRvS/bhX8p1JD68sqyA2Qhx3EVTqskhqEAwtfAUfUsQqeJ1rtMdRf40vkGKnpt4NT0b'
-            'XEqb5O+lba4nkLF7vZENhc2zuOrjobCPVbiVHNwOfH56Ayrh1ts5LMcnl5+Mk1BUyGCwXcqEg2KiUkd3YZpiHQ'
-            'T7WfcODcU6l7IRivb8iawCebZJx9waVyQoqEDKwZUY1i5HA0VLC+s5cV7it1AWbewiyWOQtZdEPzNY44oXLJex'
-            'SirElQqDqNZyl3Hjy8YqacBbSYoejIRnmXpC9y25keP6hep3f9i1K2HDNwhwns1W1vhuzuO2Gy9+a0JlVm5mwc'
-            'N2pqO4tCZr6tE3aym2FaSAunOi7QYVFMI6arb9Gvn9P+T+WRiFYfzwDFVR+j5ZPmUDXxHisy5OF163jH61wbBY'
-            'pPienjlVtDOxoZmA8+AwWXKRdINsRcull9pu7EVCq5yQmrmxoPbLxNh5pRGrBB0JwCCOMIf+KPwS+7Z6dDbiwO'
-            '2NUpk8USJMTmXmFDCr2B0PJiG6Od2dD2oGN0F7aYZvUuKbqj8eDrJMe/zLbhq47jUjkJFCvtxUioo63ORk1pzH'
-            'S0/X4/6/95PRSMaXm4DcZ9BdyxR2E/AKc8UN6AL5rrn6quXkC6R3ZhKgN3Si2S9y6EGFsL7dgzX331U08ZviLj'
-            'NsrG0EKUnf+TGQ42MqnLQBOiO/ZoAwleOzNZnCYOQQ14Mm8y17xUpmdWRDiRKpAOJU22jKnxtqQ='
+        self.assertEqual(len((await daemon.jsonrpc_account_list())['lbc_regtest']), 2)
+        self.assertDictEqual(
+            # "two" key added and "conflict" value changed to "2"
+            daemon.jsonrpc_preference_get(),
+            {"one": "1", "two": "2", "conflict": "2", "fruit": ["peach", "apricot"]}
         )
-        self.daemon.jsonrpc_sync_apply('password', data=add_cert)
-        self.assertEqual(self.daemon.jsonrpc_sync_hash(), hash_w_cert)
-        self.assertEqual(self.account.channel_keys, {'abcdefg1234:0': '---PRIVATE KEY---'})
 
-        # applying the same diff is idempotent
-        self.daemon.jsonrpc_sync_apply('password', data=add_cert)
-        self.assertEqual(self.daemon.jsonrpc_sync_hash(), hash_w_cert)
-        self.assertEqual(self.account.channel_keys, {'abcdefg1234:0': '---PRIVATE KEY---'})
+        # Channel Certificate
+        channel = await daemon2.jsonrpc_channel_create('@foo', '0.1')
+        await daemon2.ledger.wait(channel)
+        await self.generate(1)
+        await daemon2.ledger.wait(channel)
 
-    @mock.patch('time.time', mock.Mock(return_value=12345))
-    def test_account_preferences_syncing(self):
-        starting_hash = '69afcd60a300f47933917d77ef011beeeb4decfafebbda91c144c84282c6814f'
-        self.account.modified_on = 123.456
-        self.assertEqual(self.daemon.jsonrpc_sync_hash(), starting_hash)
-        self.assertEqual(self.daemon.jsonrpc_sync_apply('password')['hash'], starting_hash)
-        self.assertFalse(self.daemon.jsonrpc_preference_get())
+        # both daemons will have the channel but only one has the cert so far
+        self.assertEqual(len(await daemon.jsonrpc_channel_list()), 1)
+        self.assertEqual(len(daemon.wallet_manager.default_wallet.accounts[1].channel_keys), 0)
+        self.assertEqual(len(await daemon2.jsonrpc_channel_list()), 1)
+        self.assertEqual(len(daemon2.wallet_manager.default_account.channel_keys), 1)
 
-        hash_w_pref = '2fe43f0b2f8bbf1fbb55537f862d8bcb0823791019a7151c848bd5f5bd32d336'
-        add_pref = (
-            'czo4MTkyOjE2OjE6Jgn3nAGrfYP2usMA4KQ/73+YHAwMyiGdSWuxCmgZKlpwSpnfQv8R7R0tum/n2oTSBQxjdL'
-            'OlTW+tv/G5L2GfQ5op3xaT89gN+F/JJnvf3cdWvYH7Nc+uTUMb7cKhJP7hQvFW5bb1Y3jX3EBBY00Jkqyj9RCR'
-            'XPtbLVu71KbVRvCAR/oAnMEsgD+ITsC3WkXMwE3BS2LjJDQmeqbH4YXNdcjJN/JzQ6fxOmr3Uk1GqnpuhFsta8'
-            'H14ViRilq1pLKOSZIN80rrm5cKq45nFO5kFeoqBCEaal4u2/OkX9nOnpQlO3E95wD8hkCmZ3i20aSte6nqwqXx'
-            'ZKVRZqR2a0TjwVWB8kPXPA2ewKvPILaj190bXPl8EVu+TAnTCQwMgytinYjtcKNZmMz3ENJyI2mCANwpWlX7xl'
-            'y/J+qLi5b9N+agghTxggs5rVJ/hkaue7GS542dXDrwMrw9nwGqNw3dS/lcU+1wRUQ0fnHwb/85XbbwyO2aDj2i'
-            'DFNkdyLyUIiIUvB1JfWAnWqX3vQcL1REK1ePgUei7dCHJ3WyWdsRx3cVXzlK8yOPkf0N6d3AKrZQWVebwDC7Nd'
-            'eL4sDW8AkaXuBIrbuZw6XUHd6WI0NvU/q10j2qMm0YoXSu+dExou1/1THwx5g86MxcX5nwodKUEVCOTzKMyrLz'
-            'CRsitH/+dAXhZNRp/FbnDCGBMyD3MOYCjZvAFbCZUasoRwqponxILw=='
+        data = await daemon2.jsonrpc_sync_apply('password')
+        await daemon.jsonrpc_sync_apply('password', data=data['data'], blocking=True)
+
+        # both daemons have the cert after sync'ing
+        self.assertEqual(
+            daemon2.wallet_manager.default_account.channel_keys,
+            daemon.wallet_manager.default_wallet.accounts[1].channel_keys
         )
-        self.daemon.jsonrpc_sync_apply('password', data=add_pref)
-        self.assertEqual(self.daemon.jsonrpc_sync_hash(), hash_w_pref)
-        self.assertEqual(self.daemon.jsonrpc_preference_get(), {"fruit": ["apple", "orange"]})
-
-        self.daemon.jsonrpc_preference_set("fruit", ["peach", "apricot"])
-        self.assertEqual(self.daemon.jsonrpc_preference_get(), {"fruit": ["peach", "apricot"]})
-        self.assertNotEqual(self.daemon.jsonrpc_sync_hash(), hash_w_pref)
diff --git a/torba/tests/client_tests/unit/test_account.py b/torba/tests/client_tests/unit/test_account.py
index 74a455d07..a9785ac2d 100644
--- a/torba/tests/client_tests/unit/test_account.py
+++ b/torba/tests/client_tests/unit/test_account.py
@@ -178,7 +178,7 @@ class TestHierarchicalDeterministicAccount(AsyncioTestCase):
         account_data['ledger'] = 'btc_mainnet'
         self.assertDictEqual(account_data, account.to_dict())
 
-    def test_apply_diff(self):
+    def test_merge_diff(self):
         account_data = {
             'name': 'My Account',
             'modified_on': 123.456,
@@ -213,13 +213,13 @@ class TestHierarchicalDeterministicAccount(AsyncioTestCase):
         account_data['address_generator']['receiving']['gap'] = 8
         account_data['address_generator']['receiving']['maximum_uses_per_address'] = 9
 
-        account.apply(account_data)
+        account.merge(account_data)
         # no change because modified_on is not newer
         self.assertEqual(account.name, 'My Account')
 
         account_data['modified_on'] = 200.00
 
-        account.apply(account_data)
+        account.merge(account_data)
         self.assertEqual(account.name, 'Changed Name')
         self.assertEqual(account.change.gap, 6)
         self.assertEqual(account.change.maximum_uses_per_address, 7)
diff --git a/torba/tests/client_tests/unit/test_wallet.py b/torba/tests/client_tests/unit/test_wallet.py
index cdd8392ce..a9424e2d4 100644
--- a/torba/tests/client_tests/unit/test_wallet.py
+++ b/torba/tests/client_tests/unit/test_wallet.py
@@ -1,12 +1,13 @@
 import tempfile
 from binascii import hexlify
 
+from unittest import TestCase, mock
 from torba.testcase import AsyncioTestCase
 
 from torba.coin.bitcoinsegwit import MainNetLedger as BTCLedger
 from torba.coin.bitcoincash import MainNetLedger as BCHLedger
 from torba.client.basemanager import BaseWalletManager
-from torba.client.wallet import Wallet, WalletStorage
+from torba.client.wallet import Wallet, WalletStorage, TimestampedPreferences
 
 
 class TestWalletCreation(AsyncioTestCase):
@@ -32,6 +33,7 @@ class TestWalletCreation(AsyncioTestCase):
         wallet_dict = {
             'version': 1,
             'name': 'Main Wallet',
+            'preferences': {},
             'accounts': [
                 {
                     'name': 'An Account',
@@ -60,7 +62,7 @@ class TestWalletCreation(AsyncioTestCase):
         wallet = Wallet.from_storage(storage, self.manager)
         self.assertEqual(wallet.name, 'Main Wallet')
         self.assertEqual(
-            hexlify(wallet.hash), b'9f462b8dd802eb8c913e54f09a09827ebc14abbc13f33baa90d8aec5ae920fc7'
+            hexlify(wallet.hash), b'1bd61fbe18875cb7828c466022af576104ed861c8a1fdb1dadf5e39417a68483'
         )
         self.assertEqual(len(wallet.accounts), 1)
         account = wallet.default_account
@@ -91,3 +93,56 @@ class TestWalletCreation(AsyncioTestCase):
             wallet = Wallet.from_storage(wallet_storage, manager)
 
             self.assertEqual(account.public_key.address, wallet.default_account.public_key.address)
+
+    def test_merge(self):
+        wallet1 = Wallet()
+        wallet1.preferences['one'] = 1
+        wallet1.preferences['conflict'] = 1
+        wallet1.generate_account(self.btc_ledger)
+        wallet2 = Wallet()
+        wallet2.preferences['two'] = 2
+        wallet2.preferences['conflict'] = 2  # will be more recent
+        wallet2.generate_account(self.btc_ledger)
+
+        self.assertEqual(len(wallet1.accounts), 1)
+        self.assertEqual(wallet1.preferences, {'one': 1, 'conflict': 1})
+
+        added = wallet1.merge(self.manager, 'password', wallet2.pack('password'))
+        self.assertEqual(added[0].id, wallet2.default_account.id)
+        self.assertEqual(len(wallet1.accounts), 2)
+        self.assertEqual(wallet1.accounts[1].id, wallet2.default_account.id)
+        self.assertEqual(wallet1.preferences, {'one': 1, 'two': 2, 'conflict': 2})
+
+
+class TestTimestampedPreferences(TestCase):
+
+    def test_hash(self):
+        p = TimestampedPreferences()
+        self.assertEqual(
+            hexlify(p.hash), b'44136fa355b3678a1146ad16f7e8649e94fb4fc21fe77e8310c060f61caaff8a'
+        )
+        with mock.patch('time.time', mock.Mock(return_value=12345)):
+            p['one'] = 1
+        self.assertEqual(
+            hexlify(p.hash), b'c9e82bf4cb099dd0125f78fa381b21a8131af601917eb531e1f5f980f8f3da66'
+        )
+
+    def test_merge(self):
+        p1 = TimestampedPreferences()
+        p2 = TimestampedPreferences()
+        with mock.patch('time.time', mock.Mock(return_value=10)):
+            p1['one'] = 1
+            p1['conflict'] = 1
+        with mock.patch('time.time', mock.Mock(return_value=20)):
+            p2['two'] = 2
+            p2['conflict'] = 2
+
+        # conflict in p2 overrides conflict in p1
+        p1.merge(p2.data)
+        self.assertEqual(p1, {'one': 1, 'two': 2, 'conflict': 2})
+
+        # have a newer conflict in p1 so it is not overridden this time
+        with mock.patch('time.time', mock.Mock(return_value=21)):
+            p1['conflict'] = 1
+        p1.merge(p2.data)
+        self.assertEqual(p1, {'one': 1, 'two': 2, 'conflict': 1})
diff --git a/torba/torba/client/baseaccount.py b/torba/torba/client/baseaccount.py
index 4c7644fe6..21431c662 100644
--- a/torba/torba/client/baseaccount.py
+++ b/torba/torba/client/baseaccount.py
@@ -42,7 +42,7 @@ class AddressManager:
             d['change'] = change_dict
         return d
 
-    def apply(self, d: dict):
+    def merge(self, d: dict):
         pass
 
     def to_dict_instance(self) -> Optional[dict]:
@@ -101,7 +101,7 @@ class HierarchicalDeterministic(AddressManager):
             cls(account, 1, **d.get('change', {'gap': 6, 'maximum_uses_per_address': 1}))
         )
 
-    def apply(self, d: dict):
+    def merge(self, d: dict):
         self.gap = d.get('gap', self.gap)
         self.maximum_uses_per_address = d.get('maximum_uses_per_address', self.maximum_uses_per_address)
 
@@ -310,7 +310,7 @@ class BaseAccount:
             'modified_on': self.modified_on
         }
 
-    def apply(self, d: dict):
+    def merge(self, d: dict):
         if d.get('modified_on', 0) > self.modified_on:
             self.name = d['name']
             self.modified_on = d.get('modified_on', time.time())
@@ -318,7 +318,7 @@ class BaseAccount:
             for chain_name in ('change', 'receiving'):
                 if chain_name in d['address_generator']:
                     chain_object = getattr(self, chain_name)
-                    chain_object.apply(d['address_generator'][chain_name])
+                    chain_object.merge(d['address_generator'][chain_name])
 
     @property
     def hash(self) -> bytes:
diff --git a/torba/torba/client/wallet.py b/torba/torba/client/wallet.py
index 83a2416c2..d64e2cea7 100644
--- a/torba/torba/client/wallet.py
+++ b/torba/torba/client/wallet.py
@@ -1,8 +1,10 @@
 import os
+import time
 import stat
 import json
 import zlib
 import typing
+from collections import UserDict
 from typing import List, Sequence, MutableSequence, Optional
 from hashlib import sha256
 from operator import attrgetter
@@ -12,6 +14,36 @@ if typing.TYPE_CHECKING:
     from torba.client import basemanager, baseaccount, baseledger
 
 
+class TimestampedPreferences(UserDict):
+
+    def __getitem__(self, key):
+        return self.data[key]['value']
+
+    def __setitem__(self, key, value):
+        self.data[key] = {
+            'value': value,
+            'ts': time.time()
+        }
+
+    def __repr__(self):
+        return repr(self.to_dict_without_ts())
+
+    def to_dict_without_ts(self):
+        return {
+            key: value['value'] for key, value in self.data.items()
+        }
+
+    @property
+    def hash(self):
+        return sha256(json.dumps(self.data).encode()).digest()
+
+    def merge(self, other: dict):
+        for key, value in other.items():
+            if key in self.data and value['ts'] < self.data[key]['ts']:
+                continue
+            self.data[key] = value
+
+
 class Wallet:
     """ The primary role of Wallet is to encapsulate a collection
         of accounts (seed/private keys) and the spending rules / settings
@@ -19,11 +51,14 @@ class Wallet:
         by physical files on the filesystem.
     """
 
+    preferences: TimestampedPreferences
+
     def __init__(self, name: str = 'Wallet', accounts: MutableSequence['baseaccount.BaseAccount'] = None,
-                 storage: 'WalletStorage' = None) -> None:
+                 storage: 'WalletStorage' = None, preferences: dict = None) -> None:
         self.name = name
         self.accounts = accounts or []
         self.storage = storage or WalletStorage()
+        self.preferences = TimestampedPreferences(preferences or {})
 
     @property
     def id(self):
@@ -75,6 +110,7 @@ class Wallet:
         json_dict = storage.read()
         wallet = cls(
             name=json_dict.get('name', 'Wallet'),
+            preferences=json_dict.get('preferences', {}),
             storage=storage
         )
         account_dicts: Sequence[dict] = json_dict.get('accounts', [])
@@ -87,6 +123,7 @@ class Wallet:
         return {
             'version': WalletStorage.LATEST_VERSION,
             'name': self.name,
+            'preferences': self.preferences.data,
             'accounts': [a.to_dict() for a in self.accounts]
         }
 
@@ -96,6 +133,7 @@ class Wallet:
     @property
     def hash(self) -> bytes:
         h = sha256()
+        h.update(self.preferences.hash)
         for account in sorted(self.accounts, key=attrgetter('id')):
             h.update(account.hash)
         return h.digest()
@@ -111,6 +149,27 @@ class Wallet:
         decompressed = zlib.decompress(decrypted)
         return json.loads(decompressed)
 
+    def merge(self, manager: 'basemanager.BaseWalletManager',
+              password: str, data: str) -> List['baseaccount.BaseAccount']:
+        added_accounts = []
+        decrypted_data = self.unpack(password, data)
+        self.preferences.merge(decrypted_data.get('preferences', {}))
+        for account_dict in decrypted_data['accounts']:
+            ledger = manager.get_or_create_ledger(account_dict['ledger'])
+            _, _, pubkey = ledger.account_class.keys_from_dict(ledger, account_dict)
+            account_id = pubkey.address
+            local_match = None
+            for local_account in self.accounts:
+                if account_id == local_account.id:
+                    local_match = local_account
+                    break
+            if local_match is not None:
+                local_match.merge(account_dict)
+            else:
+                new_account = ledger.account_class.from_dict(ledger, self, account_dict)
+                added_accounts.append(new_account)
+        return added_accounts
+
 
 class WalletStorage:
 
@@ -121,6 +180,7 @@ class WalletStorage:
         self._default = default or {
             'version': self.LATEST_VERSION,
             'name': 'My Wallet',
+            'preferences': {},
             'accounts': []
         }
 
diff --git a/torba/torba/orchstr8/node.py b/torba/torba/orchstr8/node.py
index 42cf49777..dec772102 100644
--- a/torba/torba/orchstr8/node.py
+++ b/torba/torba/orchstr8/node.py
@@ -68,7 +68,7 @@ def set_logging(ledger_module, level, handler=None):
 class Conductor:
 
     def __init__(self, ledger_module=None, manager_module=None, verbosity=logging.WARNING,
-                 enable_segwit=False):
+                 enable_segwit=False, seed=None):
         self.ledger_module = ledger_module or get_ledger_from_environment()
         self.manager_module = manager_module or get_manager_from_environment()
         self.spv_module = get_spvserver_from_ledger(self.ledger_module)
@@ -76,7 +76,9 @@ class Conductor:
         self.blockchain_node = get_blockchain_node_from_ledger(self.ledger_module)
         self.blockchain_node.segwit_enabled = enable_segwit
         self.spv_node = SPVNode(self.spv_module)
-        self.wallet_node = WalletNode(self.manager_module, self.ledger_module.RegTestLedger)
+        self.wallet_node = WalletNode(
+            self.manager_module, self.ledger_module.RegTestLedger, default_seed=seed
+        )
 
         set_logging(self.ledger_module, verbosity)
 
@@ -138,7 +140,7 @@ class Conductor:
 class WalletNode:
 
     def __init__(self, manager_class: Type[BaseWalletManager], ledger_class: Type[BaseLedger],
-                 verbose: bool = False, port: int = 5280) -> None:
+                 verbose: bool = False, port: int = 5280, default_seed: str = None) -> None:
         self.manager_class = manager_class
         self.ledger_class = ledger_class
         self.verbose = verbose
@@ -148,6 +150,7 @@ class WalletNode:
         self.account: Optional[BaseAccount] = None
         self.data_path: Optional[str] = None
         self.port = port
+        self.default_seed = default_seed
 
     async def start(self, spv_node: 'SPVNode', seed=None, connect=True):
         self.data_path = tempfile.mkdtemp()
@@ -168,12 +171,12 @@ class WalletNode:
         })
         self.ledger = self.manager.ledgers[self.ledger_class]
         self.wallet = self.manager.default_wallet
-        if seed is None and self.wallet is not None:
-            self.wallet.generate_account(self.ledger)
-        elif self.wallet is not None:
+        if seed or self.default_seed:
             self.ledger.account_class.from_dict(
-                self.ledger, self.wallet, {'seed': seed}
+                self.ledger, self.wallet, {'seed': seed or self.default_seed}
             )
+        elif self.wallet is not None:
+            self.wallet.generate_account(self.ledger)
         else:
             raise ValueError('Wallet is required.')
         self.account = self.wallet.default_account
diff --git a/torba/torba/testcase.py b/torba/torba/testcase.py
index b7c9ccbba..89bb14b5c 100644
--- a/torba/torba/testcase.py
+++ b/torba/torba/testcase.py
@@ -183,6 +183,7 @@ class AdvanceTimeTestCase(AsyncioTestCase):
 
 class IntegrationTestCase(AsyncioTestCase):
 
+    SEED = None
     LEDGER = None
     MANAGER = None
     ENABLE_SEGWIT = False
@@ -201,7 +202,7 @@ class IntegrationTestCase(AsyncioTestCase):
     async def asyncSetUp(self):
         self.conductor = Conductor(
             ledger_module=self.LEDGER, manager_module=self.MANAGER, verbosity=self.VERBOSITY,
-            enable_segwit=self.ENABLE_SEGWIT
+            enable_segwit=self.ENABLE_SEGWIT, seed=self.SEED
         )
         await self.conductor.start_blockchain()
         self.addCleanup(self.conductor.stop_blockchain)