King Midas Blockchain Lycaeum: the basics - Ethereum Erc-20 token wallets.

midasgold (25)in #ethereum • 5 years ago

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(Crypto veterans are likely familiar with the information presented in here.
But as the blockchain space is growing and new denizens are arriving it is important to make available basic
information in a readily absorbable form to those whom this is all new territory.)

Choosing an Ethereum wallet:

Myetherwallet, Metamask, Trustwallet: These three are solid wallets and also widely used. They are also non-custodial wallets, which means that your funds are not held by anyone else but you.
But there are other wallets to choose from aswell.

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Metamask has the ability to interact with smart contracts that some wallets do lack,
Even though they can be used to store Ether and tokens. Metamask is a browser wallet that can be added to Chrome and Brave.
Metamask is a preferred choice to use when exchanging assets via a Dex (a Decentralized Exchange) or interacting
with other smart contracts.

Security must be Top Priority!

When downloading a wallet always doublecheck that you are on a correct webpage, as there can be lookalike ones set up by phishers. Also when downloading from playstore or appstore make sure it's a genuine one and not a copycat!

It's a good idea to use a hardware wallet like a Trezor or a LedgerNano to keep your private keys safe.
But you don't necessarily require one.

When you first create a wallet, you will be prompted to make a mnemonic that is used to create
the private keys to your wallet.
Store your mnemonic pass in a secure location. This mnemonic is all that is needed to access the funds, and
can be used to recreate the wallet incase your device brakes for example. Never reveal this to anyone!!!
12 words or 24 words are commonly used for this.

Trustwallet has a snappy mobile wallet that can be used to store several different coins (BTC & LTC etc.) and tokens.
(MyEtherWallet and Metamask are exclusively for Ethereum assets).

How to add custom token to a wallet
Not every token is displayed by default in most of the wallets. Usually only the top ones by marketcap are shown.
So, to see a token -it must be manually added, made visible in the UI.

Lets add a custom token to Trustwallet:
(process is similar in all wallets)

1.click on the "+" sign on top right. scroll down to "Add Custom Token", click.

2.Fill the details of the Token.

If you don't know the contract address of a token,
or you are unsure what tokens you have, you can use an explorer like Ethplorer.io to see what tokens your address contains. This works nicely when you already hold the token in question or you can search by the name/symbol. There can be many by the
same name/symbol , so check that you found the correct one.