Steemit Crypto Academy Task 5: Understanding Decentralized Finance Part 2 | How to Use MyEtherWallet (MEW) | lecture by @yohan2on
Good day, Steemians. It’s yet another wonderful time to attend the
Steemit crypto academy to learn more about cryptocurrency. This is the week 5 and I’ve learned new things from professor @yohan2on who is one of the Steemit crypto professors. The
professor continued with the Decentralized Finance he taught for the week 4. And it’s that
wonderful time to work on the task attached to the lecture. In this piece today, I will talk about a
Web3 wallet (MEW- MyetherWallet) that has its operation through DeFi. Be my guest on this
ride.
Decentralized Finance (DeFi)
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It’s necessary to give a flashback of what DeFi is, Decentralized Finance is the new sector in the financial realm which comes with innovation to eliminate the centralized protocol used by brokerages, exchanges, local banks and many more. The innovation is aimed at improving the crypto ecosystem thereby making transactions such as, buying, selling, exchanging and swapping, more easily done without the involvement of third parties.
DeFi has improved the financial sector to a more advanced stage whereby users can have a full control over their assets, supports smart contracts, users have the
keys (public/private) to their wallets which is not possible with the centralized finance, enabling
liquidity (swapping of assets with almost instant effect) at ease, incorporation of DApps (Decentralized Applications) and the list of the innovations are ending.
MEW Wallet (MyEtherWallet)
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MyEtherWallet otherwise known as MEW came into limelight in the year 2015 and it’s an invention of Kosala Hemachandra and Taylor Monahan. MEW is a crypto wallet built on the Ethereum blockchain which give users the access to create or generate wallets, interact with smart contracts and giving users the full control over their assets in the wallet. And note that MyEtherWallet is a Web3 wallet, which means it’s a crypto wallet that uses the
Semantic Web + AI + Blockchain for its operations.
Features of MEW Wallet (MyEtherWallet)
- Enables storage of assets.
- Users’ full control over their assets.
- Easy sending and receive of Ether and other ERC-20 tokens (Tokens built on the Ethereum
blockchain). - Allows interaction with smart contracts.
- Built-in DApp (Decentralized Application) to interact with other DApps.
How MEW (MyEtherWallet) works
I will be discussing how to use this Web3 wallet and it will range
from creation of wallet, backup, send and receive, and the usage of its built-in DApp
(Decentralized Application).
How to create a wallet
- Visit the App Store or Google Play store on Mobile, download and install the App.
- Now you have MyEtherWallet installed on your phone and open it.
- Select Create a free wallet.
- Create Pin and confirm.
- Wallet created, Click start using MEW wallet.
- Backup your private key (24 words), to ensure retriever of your assets in case of forgotten Pin
and the likes. Write it down securely.
- Finish Backup.
- Your account is fully ready.
Receiving and Sending assets from your MyEtherWallet (MEW)
Select the receive icon to proceed to receiving from other wallets.
Copy wallet address.
- For sending of assets, click the send icon and follow the process. Input the address and the amount of tokens you are sending.
Add to the existing account
- From your wallet, scroll to the right just beside the existing wallet and add. It only requires a preferred name to create this.
How to Swap on MyEtherWallet (MEW)
- Select Swap at the bottom of the page.
- Select the token and how much Ether you are swapping for the ERC-20 token.
How to use DApp on MyEtherWallet (MEW)
- Select Browsers at the bottom of the page.
- Select from the list of DApps or input into the address bar a preferred DApp.
How to earn on MyEtherWallet (MEW)
- You can earn by staking thereby earning certain APR on your staking.
- Select earn button and click start staking.
- Input the amount you are staking.
Learn with MyEtherWallet (MEW)
- You can learn through the MEW. Click on education at the bottom of the page and select any of the education center available.
Decentralized finance is the new crypto world bringing innovations that makes the blockchain a better place for users such that all can be done at ease with users' full-control over their assets. It’s a refreshing experience to have come this far and I leave this in the hand of the crypto professor @yohan2on for review. Thanks professor @yohan2on for the lecture as I look forward to learning from you and other Steemit crypto professors subsequently. Thanks to all that read this piece from me.
Special regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @yohan2on
Written by; @fredquantum
Hi @fredquantum
Thanks for attending the 5th- week Crypto course and for your effort in doing the homework task.
Feedback/suggestions/corrections
This is good work though you left out some things such as how to add other ERC20 tokens such as Maker, Uni, DAI to Myether wallet as you creatively relate it to any DeFi project.
Homework task
7
Thanks for the review professor @yohan2on. I will try to explore the tasks better in subsequent lectures. Thank you, sir.