This is an easy-to-follow guide to help you to create an ERC20 wallet using MetaMask.
Why do you need an ERC20 wallet?
Tokeny issues tokens on the Ethereum blockchain, and for that you need an ERC20 compatible wallet where you and only you holds the private key to participate in token sales conducted on Tokeny platform. Once the trade settles, the smart contract will transfer the tokens to your Ethereum address.
Note: please do not pay from any exchange address.
There are plenty of ERC20 compatible wallets, such as MetaMask, MyEtherWallet, Mist. At Tokeny, we would recommend you use MetaMask as it is the easiest to use. You can install the MetaMask add-on with browsers such as Chrome, Firefox, Opera, and Brave. It includes a secure identity vault, providing a user interface to manage your identities on different sites to sign blockchain transactions.
What is Metamask?
Metamask allows you to perform activities on the Ethereum blockchain without having to leave your browser. It allows to give to the user an easy and simplified access to run Ethereum dApps. Metamask works on Chrome, Firefox, Opera and Brave.
How do I setup a MetaMask account?
1. Install MetaMask extension:
At the end of this step, the user should have a metamask extension in his browser looking like this:
2. Signing in:
Once you have added the extension, a window will automatically appear and display the next couple of steps to set up the account.
a. Click on the “get started” button to start the process:
b. To create your first wallet click on “Create a Wallet”. This will permit you to create your first Ethereum Wallet. In the off-chance you already have a wallet but would like to set it up on Metamask, follow the “import wallet” button.
c. The terms and conditions page appears. Signing up to Metamask won’t be possible if the user does not click “I agree”. Make sure to read it through and understand the terms and conditions before accepting:
d. Next, create a Metamask vault password. Make sure to use a strong password that you will also remember.
e. In the next step, Metamask will show a series of 12 random words, which consist of the user’s security sentence. User will be instructed to store his phrase in a password manager like 1 password as well as to write this phrase on a piece of paper and store it in a secure location. This phrase will permit the user to restore his account if one day he forgets his password.
6. Record your 'Secret Backup Phrase' safe
In this step, MetaMask will show a series of 12 random words, which consist of the user’s security sentence. The user will be instructed to store his phrase in a password manager like 1 password and to write this phrase on a piece of paper and store it in a secure location. This phrase will permit the user to restore his account if they forgets their password:
f. In order to confirm your secret phrase, Metamask will require you to provide the phrase again, selecting the words in the right order. This will ensure them that (1) You have understood the principle behind the secret backup phrase and (2) you have safely saved the phrase for any possible future use of it.
Once the phrase has successfully been made in the previous step, the users vault/wallet is created and ready to be used. The following message will appear on your screen:
Your Vault/wallet will look like this:
How to use Metamask?
Once logged in, the user is able to navigate among his various accounts and manipulate them however he sees fit.
To get access to the account, the user has to first select the metamask icon in the extension section. Metamask will then ask for the password.
What can you do with this MetaMask wallet?
1. View Balance:
The user can view the balance in the main account or the balance of any other account they have also set up with Metamask.
2. View the networks the account can navigate on:
The user can view the networks to navigate on. There are a couple of networks such as “Main Ethereum Network”, “Ropsten Test Network”, etc. To get access to that, the user must click on the name of the network they are currently using which is situated at the top middle of the window.
3. Wallet address
To view the Wallet address, the user must click on the “...” under the Icon on the top right hand of the window. Then, select “Account details”.
This will give the user access to the wallet address, the Etherscan, and the private key. The user should know that the Waller address is a series of 42 numbers and letters. This address is the one Tokeny will ask the user to provide in the funnel, in the “Ethereum Wallet” step. If the user wants to double-check the wallet was correctly copied, they can check whether the last numbers of the wallet address are correct.
Additionally, if the user plans on creating more than one account, there is the possibility to rename these after the user has completed the steps in the offering funnel. This can be done in the same window as before. Next to the account’s name, there is a little pen which gives the option to modify the name. Make sure to tick the checkbox before closing the window to save the new name.
If the user decides to subscribe on the Tokeny platform for some company’s token offering, the option to use metamask will be available. The only thing the user needs to do is:
1. Click on the metamask logo, the little fox, on the ‘Ethereum Wallet’ step.
2. Insert password
3. The wallet will then appear automatically on Tokeny’s platform. At this point, the user only needs to click ‘continue’
Once this has been completed, the users wallet will be safely kept among the user’s information for the security offering, and the user will eventually receive his tokens on that wallet.
We hope this guide has been useful. Any questions then let us know at firstname.lastname@example.org.