How to make a Web3 wallet
DappRadar lists the following Web3 wallet services:
- MEW wallet
- Coinbase Wallet
It's important to understand that these wallet services aren't technically your wallet. These are the tools you get to use to access and use your wallet. When you own a Web3 wallet, you have two things:
- 1.A public key, or wallet address i.e. 0xb8e023da63681230cb21845dc9b7485cb8b11111
- 2.A private key i.e. 0xcc505ee6067fba3f6fc2050643379e190e087aeffe5d958ab9f2f3ed3800fa4e
The public key serves as your address. You will use this to for example receive payments. However, the private key is something you will NEVER EVER share with anyone. Store these safely, preferably on paper, in a safe etc.
- 2.For this example, we will use the Metamask browser extension. Once installed, press "Get Started".
- 3.Press "Create a Wallet". We assume you don't have a wallet yet, so you will need to make a new one.
- 5.Create a password for your Metamask software. Minimum of 8 characters. When done, press "Create"
- 6.Now you will need to secure your wallet with a Secret Recovery Phrase. Every wallet you will make in Metamask can be protected through this 12-word phrase. It's a Master Key. NEVER SHARE YOUR SECRET RECOVERY PHRASE! Press "Next".
- 7.Reveal your 12 automatically generated secret words, make sure you store them safely. Press "Next"
- 8.Confirm your Secret Recovery Phrase by putting the 12 words in the correct order, and confirm.
- 9.Now you're "All Done" and you've made new Web3 wallet on the Ethereum blockchain.
- 10.In the top right of Metamask you will find a colored circle, here you will find your accounts. You can have multiple wallets connected to one Metamask.
- 11.You can even make an extra wallet by pressing "Create Account"
- 12.Give the account a name
- 13.Press "Create"
- 14.Metamask has now generated another completely random wallet address with the accompanying private key.
By opening the "Account Menu" and pressing "Account Details", a new pop-up will appear. Here you will see a couple of wallet options:
- 1.The ability to rename your wallet. This is only reflected in your Metamask wallet service.
- 2.A QR code, which for example allow mobile software to automatically import your wallet address.
- 3.Your complete wallet address
- 4.The button "View on Etherscan". Etherscan is a blockchain explorer service, allowing anybody to trace transactions and wallet holdings.
- 5.The button "Export Private Key". Never share your private key with anyone, but make sure you safely store your private keys. If your computer or phone gets stolen, you will still have access to your individual wallets.
Keep in mind, a Private Key gives the holder access to the contents of one particular wallet. However, the Secret Recovery Phrase of your Metamask can give those with bad intentions access to all the wallets connected to that particular Metamask. NEVER SHARE ANY OF THESE WITH ANYBODY!
Nice, you are the proud owner of an Ethereum wallet. Let's connect it to DappRadar, and let's start interacting with the wider blockchain ecosystem. However, there are still some lesson to be learned: