MIST ETHEREUM WALLET

After Bitcoin, Ethereum has the second largest market cap amongst Crypto-Currencies, according to the Coin Market Cap. Bitcoin and crypto lovers all around have considered Ethereum as an interesting platform that guarantees scalability, reliability and growth potential.

The speed with which Ethereum is advancing and grabbing the market share is surprising!

A. Downloading the Ethereum Mist Wallet

To store, accept and send ether, a wallet is needed. Download the latest release of mist wallet as per the system being used.

  1. Choose Ethereum-Wallet-YourSystem. For example, if working through the installation of the wallet for Mac OS, select Ethereum-Wallet-macosx-0–8–1.zip
  2. Once the link is clicked, it’ll automatically start to download the zip file. After the folder is unzipped, look for Ethereum-Wallet application and launch it.

B. Installing The Wallet

After the application is launched, the following window will appear-

Once the node is fully synced, it will ask to choose the network. For testing purpose, choose ‘USE THE TEST NETWORK’ option and then choose the password.

C. Your Account

This is how the wallet’s overview screen looks like.

At the top of the Wallet overview screen, the info related to the sync status of the node is seen. If the node has stopped syncing (e.g. zero peers or block number remaining constant), try restarting the Wallet app or wait for some time.

Account Address

Go inside the ‘MAIN ACCOUNT’. The string below the account name is the account address. It starts with 0x (hexadecimal format).

To receive the ether from another party, simply share the address. The status of the transaction can be seen at http://testnet.etherscan.io/. Simply put the account number or the transaction number sent by another party in the search bar.

Sending Ether

  1. Go to SEND.
  2. Put in the address of the receiving party.
  3. Choose the amount of ether that needs to be sent.
  4. Try sending it without changing any fees.
  5. And enter the password.

Your Transactions

To see all of the transactions, go to Wallet overviewLatest Transactions and then click on the particular transaction to display the Transaction box.

KRYPTOKIT JAXX

Jaxx Liberty expands on the success of Jaxx, one of the most famous blockchain and digital asset wallets, with a huge number of downloads. It is now available on Android, iOS, and Google Chrome.

ETHERWALL

 

It is the First Ethereum Desktop Wallet and is a free software wallet/front-end for Ethereum.      

MyEtherWallet

MyEtherWallet is a free, open-source, client-side interface that allows interacting directly with the blockchain while remaining in full control of the keys & funds. Only the user is responsible for his security.

MyEtherWallet aims to simplify all complexity for the average user.  Before MyEthereWallet, owning Ether implied using command-line programs like Geth and Eth to send and receive transactions. While a few people prefer to use the overwhelming black-box of code, most users don’t have sufficient time or the interest to learn a new, unintuitive interface. According to a recent Reddit post by the MyEtherWallet makers, “[MyEtherWallet] has been used successfully (by more people than [they] ever imagined) to transfer Ether, print paper wallets, move funds from exchanges into cold storage, and more.”

With Myetherwallet the process of creating a wallet is simple.  Simply type a minimum 7 character password and the wallet is generated in JSON, private key, and QR code form. Sending ETH is just as simple. Most importantly, the code is all client side. No data that is created by MyEtherWallet is stored on their servers.

MyEtherWallet released a Chrome browser extension that makes Ether taking care,  seamless and secure. The extension stores and encrypts the wallet just like it stores any passwords or data that may already be present on chrome. If Ethereum continues to gain traction as it has in the last few weeks, it’s entirely possible that the MyEtherWallet Chrome Extension will be the handiest extension around for Ether transactions. Until then, be cautious about the dependability of these services and make sure to fact check and do research on any wallet before utilizing it.

COLD STORAGE

Cold storage is storing digital currency offline. Creating a paper wallet has been a simple method of offline storage. An image that can be printed onto paper with a Bitcoin or Ethereum wallet comprises of 2 keys – the public key (your wallet address / how other people send currency to you), and the private key (how you send currency).

How to Setup a Cold Storage Wallet-

  • Go to https://github.com/kvhnuke/etherwallet/releases/latest.
  • Click on etherwallet-vX.X.X.X.zip
  • Move zip to an air-gapped computer.
  • Unzip it and double-click index.html. This should open MyEtherWallet in the browser. 
  • Enter a strong but easy to remember password. Do not forget it.
  • Click the Generate Wallet button. 
  • Download the Keystore / UTC file & save this file to a USB drive. 
  • Read the warning. If you understand it, click the “I understand. Continue” button. 
  • Print the paper wallet backup and/or carefully hand-write the private key on a piece of paper.
  • Copy & paste the address into a text document somewhere. Get it to the primary, online computer.
  • Send a small amount of Ether (0.0001 ETH) from an exchange or another wallet to the new offline wallet.
  • On the offline device, unlock the wallet from the Keystore / UTC file on the USB drive or via the private key that was printed out. Ensure it unlocks the wallet that was sent and that it matches the bookmark.
  • Send a few Ether (0.00001 ETH) amount from this new wallet to another address.
  • Ensure that all necessary bits of information are recorded and the addresses match at all times. If they don’t, something somewhere is mis-written. That means it’s time to start from the beginning in order to make sure access to the funds is never lost.

Doing all of this is tedious, but it ensures (1) complete access to funds (2) the address sent to is correct and matching the private key that is saved and (3) one can rest easily for years to come, knowing one will be able to access their ETH later.

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Asma
Blockchain Research Analyst at Nvest
I am a BE graduate, specialized in Computer Science. Currently, pursuing ME in Computer Networks from UVCE. Also, I am working as a Blockchain Research Analyst at Nvest.
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