Steemit Crypto Academy: Decentralized Finance (MyEtherWallet)
It was an exclusive teaching on the steemit academy this week and I must confess that I am learning so many things through the academy, I will like to participate on the assignment given by professor @yohan2on about the decentralized finance system and through the lecture and my own personal research, and I have learnt a lot about this topic.
Through this post I will be discussing about MyEtherWallet which is one of the DeFi wallets available, with Ether Wallet it is possible to create a wallet which could be backed up, it is a web based system that allows transactions to be made possible both offline and online.
Creating an Ether wallet.
The creation of an Ether wallet is actually very easy it can be done through the web address and all that is required is to select a strong password that will fit into the system and proceed to simply generate a wallet.
After the wallet has been successfully created, you will successfully generate a private key which should be stored carefully in a safe place. The wallet address should also be saved carefully because this wallet transaction is highly required for a transaction to occur.
The process of making transaction happen.
Once an account has been successfully created on MyEtherWallet it is very easy for Etheruem tokens to be sent and received easily without stress by simply following the trend on the site.
There are two methods to make a transaction happen, transactions can be done either through an online or offline method. This offline method does not literarily mean putting off the internet connection but it is an option that can be used when you do not want your private key exposed, you simply select the option for offline transaction and put in the wallet address where you want you send your Ethereum to. The option for making offline transaction is highly helpful as it helps protect the user against the risk of getting hacked.
MyEtherWallet has easy steps of account creation and with the simple steps involved in creating the account it is very possible to get an account in place within few seconds, with the accounts in place it is very possible to carry out transactions making use of the online and offline approach.
Hi @ireti
Thanks for attending the 5th-week Crypto course and for your effort in doing the given homework task.
Feedback
You had to demonstrate the step by the step process of creating the account using well edited screenshots and also guide us through the various features in myether wallet. For a tutorial about an application, screenshots and images are very vital.
Homework task
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