Hello everyone! William Ryan here, one of your community leads. I wanted to create this document because we have community members who are asking how and where to store their KAT tokens.
The general consensus is that if you do not own your private key, you do not own your tokens. I understand that we need to use exchanges if we want to buy or sell our cryptocurrency, but it is highly recommended that when you are done trading that you withdraw your funds to a safer location. Exchange hacks happen all the time, and there are hackers who are relentlessly attempting to breach the security of exchanges, around the clock. My personal recommendation is to utilize cold storage via a hardware wallet.
For the purposes of this tutorial, I will use my new fancy Kambria Ledger Nano S (thanks team); however, you can apply this same technique to most of your other hardware options as well. I am also going to assume you have already initialized your hardware wallet device. Always be sure to store your recovery phrase in a safe location. I recommend purchasing a Crypto Steel, which stores your recovery passphrase or private keys in stamped metal so that it cannot be destroyed, even through fire.
Step One: Installing the Ethereum App
If you do not already have the “Ethereum” app installed into your Ledger Nano S, download Ledger Live and install it. If you do have it, you may skip this step.
Once you open Ledger Live and sign in, you will click on the left-hand side where it says “Manager.” You will then follow the on-screen instructions to unlock your Ledger and allow your computer permission to make changes to the device by clicking the ride-side button on your Ledger device. If there is a firmware update, please update your device before doing installing any apps.
On the Ledger Live application, once you allow Ledger Live to make changes to your device, a screen with applications will appear on your computer. Scroll down to find the “Ethereum” application, and install it.
Step Two: Setting Permissions
After step one is complete, you will find that you have an option on the home screen of your Ledger that is labeled “Ethereum.” You will want to open the Ethereum app on your ledger, and navigate to “Settings.” Within settings, you will find “Contract Data.” You need to set this to “Yes.”
Note: Older firmware versions also had a setting called “Browser Support.” If you are on an older firmware, it’s highly recommended you update your device, but if you are going to use it, then you must set “Browser Support” to “Yes” also.
Step Three: Connecting to the Interface
Two of the most popular blockchain wallets for Ethereum and its tokens are MyEtherWallet and MyCrypto. Both products are inherently similar, and whichever one you decide to use is completely fine. I prefer MyCrypto. Both of these wallets have both Ledger and Trezor support for hardware wallets.
Visit the respective website of the wallet of your choice and click “Ledger.” Make sure your Ledger is unlocked and opened to the Ethereum App. Click “Connect to Ledger,” and you should see a box pop up that shows a list of addresses. You can use any or all of those separate addresses with your Ledger. It’s great. Select the wallet of your choice and click “Unlock.”
Step Four: Adding Custom Token Information
Scroll down your wallet’s dashboard to the right side of your screen, and click “Scan For Tokens.” Once this is complete, it should load any tokens you may have, but oftentimes it will miss one or several different tokens, so you will have to add the data manually.
Click the “Add Custom Token” button. I will provide the contract data for KAT to you, but you can replicate this process for any Ethereum token. All you have to do is head to Etherscan and search for the contract you desire. The information you need is the contract address itself, and the number of “Decimals.” These are what you will input into MEW/MyCrypto. They even have an auto-import feature built into MyCrypto, so you may not need to input anything other than the contract address.
Once you input your contract data into the wallet, click “Save.” Now you are ready to send and receive KAT. (Note: You can still receive KAT prior to this process, but in order to initiate transactions, you will have to complete this process.)
KAT Contract Address: 0xa858bc1b71a895ee83b92f149616f9b3f6afa0fb
Step Five: Initiating Transactions
If you have any KAT in your wallet, you should now see your balance on under “Token Balances.” Initiating a transaction is very straight-forward.
- Input the address you want to send your tokens to.
- Select the token you want to send in the drop down box that says “Ethereum” by default.
- Enter the amount of tokens you want to send.
- Double check the address for accuracy.
- Click “Send.”
- On your Ledger Nano S, review the transaction information.
- Click “Confirm Transaction” by clicking the button associated with the “✔️”
- Review all of the transaction information one more time within your MEW/MyCrypto dashboard.
- Click “Send”
You should see a green box pop up that shows a successfully broadcast of your transaction. Occasionally though, you will get an error. Just refresh the page, and start over.
That’s it! If you’ve never done this before, it may seem like a bit confusing or like it’s a lot of work, but I can assure you the process is very smooth and not difficult. When we are our own bank, we must take the steps to protect ourselves. Security is paramount.
Kambria Community Manager