Create an Ethereum Wallet Address
A rising number of people recognize that one of the best ways to get involved in cryptocurrency is by participating in token sales, ICOs, Airdrops, Bounties. Nevertheless, one barrier that stops people from doing so is unfamiliarity with the token sale process. At a glance, funding your favorite project through a token sale might seem complicated. However, once you get there, it will be a piece of cake. This article will show you how to create an ERC20 Ether wallet, a step required to participate in most token sales issued on the Ethereum blockchain.
Why do you need an ERC20 compatible Ethereum wallet?
Most token sales are built on the Ethereum blockchain; therefore, you need to have an Ether wallet compatible with ERC20 protocol in order to participate. To ensure full control over your assets, you must use a wallet for which you have control of the private key. It is not recommended to use a third-party portfolio such as your wallet in an exchange or from a company that has custody of the resources. Having control of your own portfolio is key to appropriately controlling and moving your resources.
These wallets have been verified to support Ethereum ERC20 tokens. The list is continuously updated at TokenMarket.
- MyEtherWallet (Online and local browser)
- MetaMask (Firefox and Chrome browser extension)
- Mist (Desktop)
- Parity (Desktop)
- Jaxx (iPhone and Android)
To date, these Ethereum wallets are known to be incompatible with token sales. Before investing, you should move your ETH to one of the wallets mentioned above.
- Any Ethereum exchange
How to open MyEtherWallet to participate in ICO
Step 1: Go to https://www.myetherwallet.com
Step 2: Create your wallet with a strong password. Make sure you save the password somewhere — there is no recover password functionality! We recommend saving it on a piece of paper in addition to anywhere digital you plan to save it.
Step 3: Download your Keystore File and save it. This file combined with your password unlocks your wallet.
Step 4: Save your private key somewhere safe. Do not lose it and do not send us your private key. If you own one, use a printer to get a paper wallet as well.
Step 5: On the next page, you’ll need to unlock your wallet to find your address. You can either upload the Keystore File you just downloaded, or enter in the Private Key you just saved. You’ll also be prompted to type in your password if you use the Keystore option.
Step 6: Once you’ve unlocked your wallet, you’ll see your account balance and your Ethereum address. In this example, we’re blurred part of the address. This is your public Ethereum address, which you need to submit to us (Just to clarify, your public address will be the one that starts with 0x. Do not send us your private key)
Now you have your Ethereum address,