Guide: Setting up a private ERC20 wallet using imToken
This guide is intended to help you set up a private Ethereum wallet that will give you full control over any tokens that are sent to it. It is important not to use an exchange address for the distribution of ERC20 tokens from ICOs. In this guide I reference SUNEX, but the same is true for any Ethereum based token.
The reason you shouldn’t use an exchange address as your receiving address for the distribution of your SUNEX tokens is that you do not own the private keys for an exchange address. If you where to provide an exchange address such as Luno, Coinbase, Bittrex, etc then you would have no way to access your SUNEX tokens, and they are likely to be permanently lost. The only way to have full control of your SUNEX tokens is to have them sent to an Ethereum address for which you own the private keys. There are various ways of creating an Ethereum address for which you will hold the private keys. This guide will focus on using imToken, available on Android and iOS.
Firstly download and install the relevant version of imToken by ConsenLabs.
After successfully downloading imToken and opening it:
- Tap on “Create Wallet”. The picture below is a screenshot of the dialogue that will be opened.
- Give your wallet a name. This can be any name you choose.
- Give it a password. Make this a very strong password that you don’t use anywhere else, write it down in a notebook and keep it in a safe place.
- You can create a password hint to help you remember your password easily, but the best way is to have it written down on paper and kept very safe.
- Select “Agree on Terms of Service and Privacy”.
- Tap “Create Wallet”.
NOTE: If you ever need to recover the wallet you create here, or any other Ethereum wallet you own, you can tap on “Import Wallet” and using the mnemonic phrase (or private key) you will be able to import a previously created wallet.
After tapping “Create Wallet” you will be presented with the following screen:
Now you should backup your private information.
7. Tap “Go Backup Now”.
8. Enter the password you just created.
The following screen will be presented:
It is extremely important that you do not store you mnemonic phrase on your phone or in your email as a screenshot, or anywhere digital for that matter, with the exception of a USB stick perhaps. Please write down the 12-word phrase in a notebook and keep it safe! Anyone that gains access to your mnemonic phrase will have access to your assets!
9. Tap “Understood”.
The following screen will be shown, however your 12-word phrase will be different.
10. Write these 12 words down in your notebook in the same order they appear on the screen.
11. On the next screen, tap the words in the same order that you wrote them down and tap “Confirm”.
Once confirmed you will be asked if you want to remove mnemonic, tap “OK”. This removes the 12 word phrase from your device. The only place these words exist now is in your notebook and on the blockchain (encrypted of course!).
Congratulations you have just created your first private ERC20 Wallet! Give yourself a pat on the back :)
12. On the next screen you will see the wallet name you created — your new privately owned wallet address is under the name.
Tap on the name of your wallet (in this case I named the wallet Test) to be taken to the following screen.
Tap “Copy Wallet Address”. You can now paste this into the field that requires your Ethereum wallet address for the distribution of your SUNEX tokens!
If you are paying for your SUNEX tokens in ETH you will need to send your ETH to this newly created wallet first, and then make the payment to the address provided on the order page.
NOTE: The information provided in this guide is for reference only. There are many options for creating your own privately owned ERC20 wallet and it is the responsibility of the individual user to ensure that all private key/mnemonic phrase information is kept securely. You are reminded that anyone that gains access to this information will have full access to your digital assets.