P2PG Token: Creating a wallet w/ MyEtherWallet – P2P Guru
Just like you can easily create and set up your browser wallet using Metamask, you can also create your wallet on another popular wallet provider for Ethereum based tokens — MyEtherWallet (MEW).
MEW is a free interface that allows you to interact with the Ethereum blockchain, transfer and receive Ether and other ERC20 tokens. Just like Metamask, MEW allows you to create your wallet in a matter of seconds and generates the combination of your public address and the private key.
On top of that, you can also connect MEW with your Metamask wallet and use these two wallets together. In case you have a hardware wallet such as Ledger or Trezor, you might as well integrate your HW wallet with the MEW wallet.
Creating your MEW wallet
To create a wallet, go to the MEW official site:
www.myetherwallet.com
It’s really important to double-check that you are on the official site as many vicious phishing sites are trying to trick you. Once you make sure about this, you may as well bookmark the site so, in the future, you can enter the site this way.
Now you can click on “Create a new wallet” right on the homepage and initiate the process.
You can then select from three ways of creating and accessing your wallet:
The remaining two ways that you can select are the mnemonic phrase and the Keystore file.
- The Mnemonic phrase is basically the same as the secret backup phrase that we used while creating a wallet with Metamask. It is a sequence of 12 or 24 randomly generated words.
- The Keystore file is a repository where sensitive information and security certificates like private and public keys are stored. Although setting up a wallet this way is not recommended by MEW, to keep this guide desktop-oriented, we will proceed this way, however, we would suggest creating your wallet using the MEWconnect app if it is possible for you to set up a wallet on your smartphone instead.
After selecting the Keystore file you need to select a password of at least 9 characters that you will use to access your wallet. Once again, we would suggest choosing a strong password combination.
Once you input your password, you will be asked to download your Keystore file. Make sure to store this file safely, ideally offline — if you lose this file, you may not be able to recover your account.
You can now access your wallet with this Keystore file that was generated for you. You can generally access your MEW wallet using one of these ways:
· MEWconnect mobile app as mentioned before (recommended)
· With a hardware wallet such as Ledger, Trezor or Finney
· With a browser extension like Metamask that we have created in the previous guide.
· Software access with your private key, Keystore file (the option chosen for this tutorial) or mnemonic phrase
Since we have just generated our Keystore file, select this option. Once again, this option is not recommended by the MEW team but represents an easy way of creating a software wallet on your desktop.
When you click on the Software option, you have now another choice to make: you can decide to access your account with your Keystore file, private key or mnemonic phrase. Because we have already download a Keystore file in our previous step, we can now either select to either:
- import the whole Keystore file
or - select the private key and copy our private key from the Keystore file as our Keystore file contains our private key as well
You can thus simply locate the UTC JSON Keystore file that was downloaded during the earlier creation process of the wallet and import it here. After this step is completed, you are requested to submit the password that you have chosen at the very beginning… and voila, here comes your wallet!
The interface of the MEW wallet is pretty intuitive. You can find the address of your wallet on the left corner. This is the address (= public key) that you can submit to your account on P2P Guru to link your MEW wallet with your account on P2P Guru (just like we did with Metamask).
Published at Wed, 05 Feb 2020 13:22:37 +0000
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