How to Safely Store Your NTK
Safety is our top priority for token holders. We care about our token holders and want to keep them secure. If you purchased NTK through our token sale or are considering purchasing NTK on the exchanges on February 15th, this article is for you. We’ve put together a comprehensive guide to help you keep your NTK safe and secure.
Don’t Use Exchange Wallets
If you participated in our crowdsale, then you probably already have a private wallet set up. Private wallets made it possible for you to contribute ETH to our sale and receive NTK at the same address. If you tried to contribute to our crowdsale using a wallet hosted on an exchange, you would likely run into difficulty redeeming the NTK tokens since your exchange owns your wallet and its associated keys.
The same issue applies for users hoping to purchase NTK in our upcoming exchange launch. When you use a wallet that an exchange provides to hold your NTK, you don’t directly control that wallet. Instead, the exchange manages it, and the exchange controls access to it. Trusting your wallet access to a third-party exchange is inherently risky. Scandals in cryptocurrency’s history, such as Mt. Gox, have shown us that keeping your tokens in an exchange wallet is vulnerable to hackers.
A private wallet gives you complete control over your wallet’s security. You and only you will have access to your private key. Once you have a private wallet set up, you’ll be able to store your private key in any number of ways for future use. If you plan to purchase NTK on February 1st, you’ll want to quickly transfer your funds out of the exchange wallet into a private wallet. Luckily, this is pretty easy to accomplish.
Setting Up a Private Wallet
The first step to securing your NTK is creating a private Ethereum wallet, if you haven’t already. This is a fairly straightforward process. You don’t need any special skills or technical expertise.
MyEtherWallet has gained a reputation for being the simplest, safest way to create a new Ethereum wallet. Head over to their website to get started with your first private wallet. It’s a simple process:
- Enter a password in the box on the home page. This password will not create your private wallet, it will just be linked to the new random wallet they create for you. To access the wallet in the future, you’ll need this password AND your private key. Be sure the password you choose is not a password you use elsewhere online. Security measures like upper + lower case, numbers, and symbols are recommended.
- Next, follow the prompts to download a copy of your keystore file. For maximum security, keep this file on a USB drive that you won’t use regularly.
- Finally, copy your private key into a secure place. The most secure place is somewhere not connected to the internet. A computer without an internet connection, special hardware for storing private keys (a hardware wallet like Ledger Nano S), or even printing a paper wallet are the safest ways to keep a copy of your private key. DON’T LOSE IT. You’ll lose access to your wallet if you do, and anyone who finds it can access and authorize transactions on your wallet.
Congratulations! You’ve just set up a private wallet. Doing so is the most important step you can take for the safety and security of your tokens.
Even though what you’ve created is called an Ether wallet, you’ll be able to add NTK to this wallet because NTK is an ERC20 token. We’ll see how to do that shortly.
NTK will be available for trade on exchanges. We’ll be adding support for more exchanges over time as well. Each exchange has its own user interface and methods of operation. As such, this article would be very long if we gave detailed instructions for buying and transferring tokens on each exchange. You’ll need to read the documentation on the exchange you’ve chosen if you’re having trouble setting up a trade or transfer.
That said, there are some critical general pieces of advice you should follow when trading on any exchange.
First, make sure you’re trading on one of NTK’s official listed exchanges. There are scammers who will claim to be able to sell you NTK. Many people fall victim to these false exchanges. The nature of blockchain technology makes it impossible to reverse a transaction. If you fall victim to a scam, there’s no way to get your funds back. Double and triple check every website URL and company you deal with. On February 1st, the only official exchanges for trading NTK will be Yobit and Huobi.
Second, make sure you’ve opted for the correct token when making your trade. There are hundreds of cryptocurrencies, and many of them are similarly named. You should ensure the token you’re buying is called “Neurotoken” and its symbol is NTK.
Sending NTK from an Exchange Wallet to Your Private Wallet
Once you’ve successfully purchased NTK, it will be credited to your exchange wallet. Since exchanges are subject to hacks and other types of attacks, you’ll want to move your NTK out of your exchange wallet and into a private wallet as soon as you make the trade.
To do so, follow your exchange’s procedures for creating a transfer. As part of the process, the exchange will ask for the address of your private wallet. This is not the same as your private key! You can find this address by logging into MyEtherWallet and looking for “Account Address” on the right side of the page. Use this address to tell the exchange where to send the funds. Make sure you type your address perfectly. Triple check! If you send your NTK to the wrong address, you can’t get them back.
It may take a little while for the transfer to process. Once it does, you won’t immediately see the NTK in your private wallet. This is because MyEtherWallet doesn’t know to look for NTK at your address. You’ll need to tell it what to look for:
- Once logged into your wallet on MyEtherWallet, on the right side of the page under “Token Balances” click “Add Custom Token.”
- Since, NTK is so new, you’ll need to give MyEtherWallet details on where to look for NTK. Here are the details you’ll need to input:
Token Contract Address: “0x69BEaB403438253f13b6e92Db91F7FB849258263”
Token Symbol: NTK
3. If you move other altcoins over from your exchange wallet at the same time, you can look up their contract addresses and decimals on ethplorer.io
4. The NTK amount in your private wallet will now appear on the right side of the page when you log into MyEtherWallet.
Congratulations! Your NTK is now secure in a private paper wallet.
The final safety measure you’ll need to take is to beware of phishing scams. Phishing involves posing as an authority and getting you to input sensitive details. For instance, there are phishing sites similarly named to MyEtherWallet. However, if you input your private key there, they will steal the contents of your wallet. Better yet, use a browser extension like MetaMask to avoid ever having to directly type sensitive information.
Always triple check the URL of the website you’re using before inputting sensitive information. This applies for everything you do on the internet, not just cryptocurrency.
We’re happy to welcome new owners of NTK token on February 15th to the Neuromation community! We hope this guide helps you to transfer and store your NTK securely. If you have questions or need help, don’t hesitate to reach out on Telegram to get support from our community.