Supporter guide, step 1: Set up an Ethereum wallet on MyEtherWallet

Supporter guide, step 1: Set up an Ethereum wallet on MyEtherWallet

This is step 1 of our Three step guide on how to become a Cofound.it supporter. If you already have an Ethereum wallet, you can skip to step Two on how to buy ETH on an exchange. To learn more about Cofound.it, visit our website.

In this guide, we’ll demonstrate you how to create a fresh Ethereum wallet. The wallet you’ll use to participate in the Cofound.it crowdsale has to be ERC20 compatible. You can skip this step if you already have a MyEtherWallet, Parity, Mist, or MetaMask wallet. If you want to check whether any other existing wallet is compatible, join our public Slack and we’ll check together!

MyEtherWallet is a quick and effortless way to set up a free wallet, so the rest of this guide concentrates on using this wallet service.

To generate a fresh wallet, go to MyEtherWallet (https://www.myetherwallet.com/) and you should see the following Generate Wallet screen. Choose a strong password (we recommend at least 20 characters). Click on the “Generate Wallet” button to confirm.

On the next page make sure to Download your wallet keystore file. The name of the file will be a long string of numbers and letters, kicking off with UTC — 2017-and the rest of the date on which you create your wallet. Make sure to save the file somewhere safe and also back it up to a safe location (not on the same computer).

After saving the keystore file, you can click on the “I understand. Proceed.” button to proceed.

The following page will display your private key information. The private key can unlock your wallet if you leave behind your password, so it’s very significant to keep your private key safe. If you lose access to your private key, you lose access to your tokens, so don’t share this information with anyone under any condition. You should save your private key in a safe location, not on an internet-connected device. You can lightly print a paper version of your wallet by clicking on the “Print” button, and save the printed sheet of paper in a safe offline location.

Recall: whoever has access to your private key has total access to your wallet, so it is very significant to keep it safe! For extra and convenient security, you can also get a hardware wallet like the Ledger Nano S.

Once you’ve printed and saved the private key to a safe location, click on the “Next: Save your address” button.

Congratulations! You now have a fresh Ethereum wallet.

Whenever you want to access your wallet or do any transactions on MyEtherWallet, you’ll need to unlock your wallet very first. To unlock the wallet, you need the keystore file you previously downloaded (the one kicking off with UTC — 2017- and a date stamp) and your wallet password. When you see the unlock screen, just choose “Keystore File (UTC / JSON)”. When you select this option, a “SELECT WALLET FILE…” button shows up on the right. Click the button to find the wallet file on your computer or outward drive. After you select the file, you’ll also be prompted to come in your password. If both elements match, you can now click on the “Unlock” button that shows up.

To check your wallet balance, click on the “View Wallet Info” tab. After you unlock the wallet, you’ll see your public Account Address, your Account Balance and Token Balances in the left column. Save your account address for later — this is your wallet’s public address, which you can use to send and receive Ether or various tokens like the CFI token.

This public address (kicking off with 0x) is similar to your traditional bank account number, so it’s ok to let others know your public account address if they want to send you ETH or tokens. Just keep in mind that you should never share your keystore file, password, or private key — the key is the lock that keeps your wallet safe and others don’t need to know it to send you funds, all they need to know is your public address.

In the next step, you’ll learn how to use your public address on an exchange website to pack your fresh Ethereum wallet with Ether (ETH).

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