Getting started on Crypto
How to create your Telos Account
If you’re reading this article, you’re probably one of many people interested in the Cryptocurrencies. These digital currencies are part of a wave started by Bitcoin in 2009 that has only gained momentum and users since then. As digital assets that they are, using, and holding them require some previous steps that not all people are aware of, this short and not so traumatic process is a barrier into the crypto world that some don’t know how to overcome and, as a consequence, never enter the ecosystem despite being interested in it. This short guide will get you through all this process in the Telos Blockchain Network, one of the fastest growing cryptos of the third generation.
For holding, buying or transferring crypto currencies you need a digital address, although some exchanges let you bypass this requirement, as we will see later in this article, it’s not ideal for safety reasons as well of limitations in other Blockchain features, so once again we need to have that digital address; this address is referred as key, commonly in pairs, which are accessed and managed through a wallet, this tool lets you not only manage your assets by buying/selling them for FIAT money but allows you to access the inherent features of the Blockchain you are using. To access a wallet, most Blockchain require you to have a key pair, these are two numerical or alpha-numerical codes that will identify your digital address and will enable your selected wallet to interact with the Blockchain. A reasonable question is why two? The key pair consists of a public serial and a private one, the first will be the address that both you and other people will use to transfer coins in an out of your wallet and the private key allows you to access the special features of the Blockchain as well as mating it with the wallet, so while the public key is your digital street address, the private key is the key to your house, that’s why safeguarding it is imperative for the safety of your digital assets. Now, let’s take you step by step through the whole process, or you can watch the following tutorial video.
Step 1. Generating the Key Pair
In the case of the Telos Blockchain Network, you can generate your key pair in the official website, visiting https://monitor.telosfoundation.io/keys. In this site, you’ll find this:
The first serial is your public key and the second is your private key. The key pair must be stored by the user in a location he believes secure enough, this is crucial for the user’s wallet security and in most cases cannot be retrieved otherwise. For recommendations on how to store your keys look for the second part of this article explaining all the features accessible with your Telos Account.
Step 2. Choosing and Downloading a Wallet
Now that you have your keys, and you have saved them in a safe place, you can access a wallet with them. For that you can use any of the recommended wallets within the Telos Blockchain Network using this link https://telosnetwork.io/tools/, there you can select from a variety of wallets officially approved in both desktop and mobile format. In our case we’ll select Sqrl, being one of the Native Wallets to the Network with access to all of its features.
Once you have selected a wallet, you’ll have to download it either into your pc or to your smart device, in our case , you can download Sqrl here: https://sqrlwallet.io/ After installing it you will see this screen when opening the wallet:
Now you’ll have to choose an API URL, this can be any of the Telos’ block producers, it is set by default to Telos Miami who is this wallets developer. At this point, Sqrl allows you to create your key pair in case you haven’t already used the TBN’s website. The next screen you will encounter is as follows:
Step 3. Creating an Account
Now you can choose to create a new account or import an already existing one to be used through the Sqrl interface, since this is an introduction guide let’s follow the process as we are creating a new account, so, we click on that button.
Here you’ll be prompted to choose a 12 character long account name, later you’ll need to copy an owner and an active key (These serials are the ones that start with EOS), if you haven’t created them by this point you can begin by using the refresh button on the right of each filler. If you have created the keys following our steps you will only have one public key, which you can copy on both spaces. After filling the keys and pressing Next you’ll be prompted with a message asking if you saved those keys; if you have followed our steps this should be covered but if you are generating your keys with Sqrl make sure to copy them in a text file to be stored in a secure location of your preference. After that you can see the following screen:
Now by clicking “Create My Account” the process will be over; the app will give you a message offering to set up a password for accessing the app.
Step 4. Buying TLOS
Once you successfully matted your keys with a wallet, you can start using Telos, so , you will need some TLOS tokens, for that you have three options, receiving a transfer for an existing token holder, exchanging them from another crypto in any exchange or simply buying them with real world or FIAT money. In this last case, you can do it using your fresh Sqrl account where you’ll need to access to Carbon, with its token CarbonUSD. It is a stable coin which partnership allows easy buying and selling TLOS for FIAT currency using your credit card. You’ll find it on the left hand of your screen.
During this process, you’ll need to complete a short KYC, and you’ll be able to buy and sell your TLOS using the Carbon interface, simply and easily as this:
For additional guidance or support up to this stage you can visit both the Sqrl & Carbon websites using these links:
NOTE: purchase of cryptocurrencies with FIAT money may be restricted in some countries.
