How to Set Up Your MyEtherWallet — A Guide By TraXion
Hey everyone! We thought it would be helpful to show you how to set up your MyEtherWallet in order to help you prepare for our upcoming Pre-Sale and our Public-Sale that will be coming down the road.
What is MyEtherWallet (MEW)?
MEW is an intuitive and user-friendly Ethereum wallet. It allow a user to transact Ethereum (ETH) as well as other ERC20-based tokens. It also allows for the user to store their tokens as well. TraXion’s native token will be an ERC20-based token and will be fully compatible with MEW.
Step 1: Getting Started
Go to www.myetherwallet.com. It is very important to always note the website URL and make sure it is the correct site by checking the SSL certificate.
Step 2: Creating the Wallet
Enter a Password
In the box listed under “Enter a password”, enter a unique password. It is highly recommended that this password is separate from one that is linked to other accounts you may have for security purposes. Your TraXion tokens and other ERC20 tokens will be stored here so security is of utmost importance here. Once you have inputted your password, click the “Create New Wallet” button.
Keystore File
Once you have entered your password, you will be taken to the Save your Keystore file screen. You will want to download the Keystore file and store this on your computer. MEW provides instructions on this screen and on the page listed on how to store this Keystore file securely. After this is downloaded, you can click the “I understand, Continue.” button and proceed to the next step.
Save Your Private Key
On this screen, your private key will be visible in the gray box. It is beyond important to keep this key safe. No one from TraXion will ever ask you for your private nor should you give this key out to any parties. There are many steps you can take to store this key. You may print a hard copy of it and store in a private and secure place or secure it on your computer in a document. MEW also has guides in this step to help you secure your private key. After doing this, click the “Save Your Address” button.
Step 3: Unlocking Your Wallet
Your wallet will need to be unlocked each time you sign into it or whenever you wish to do a transaction. There are many ways to unlock your wallet. A popular way is to use a Ledger wallet which is a USB hardware wallet. For the sake of this guide however, we will stick to using the two most common methods in using the Keystore / JSON File and the Private Key:
NOTE: MEW and TraXion strongly suggest using a hardware wallet, running MEW offline and locally or MetaMask in place of these two methods. These methods are shown as a beginning step to ask your wallet.
Keystore / JSON File
Click on the “Select Wallet File” box. From here, go to the UTC JSON file that was downloaded during the earlier creation process of the wallet and open it.
After this, MEW will inform you to unlock your wallet and decrypt it by having you enter the password you used at the beginning of the wallet creation process. After you do this, the wallet will become unlocked to view.
Congratulations! Your wallet is now unlocked and ready to be used!
Private Key
MEW also allows you to unlock your wallet by inputting your private key. To do this, simply select the private key option and then enter your private key into the box listed and then click “unlock”
MEW Interface
Your Address
This is your wallet’s public address or public key. This is the key that you will give out when you are receiving ETH, TraXion tokens or other ERC20 tokens.
Other Aspects
- From this screen, you can access your tokens by clicking the “Show All Tokens” tab. MEW will have a sizable portion of tokens already listed. For ones that are not, they will need to be manually added.
- You can also click the Add Custom Token button so that you can implement a custom token that is not already on MEW’s token list
- You may also print a copy of your paper wallet here as well along with downloading a copy of your UTC file.
Send Ether & Tokens
Click on “Send Ether & Tokens” to gain access to this page.
With MEW, you are able to send tokens and ETH to a specified address. To do this, simply enter the person’s public address in the “To Address” box. Then select the amount of ETH or other ERC20 token that is in your wallet to send. The Gas Limit is the default gas price which can change depending on the smart contract. For beginning purposes, we will leave this at its default setting. After inputting this information, you may click the “Generate Transaction” button and then the following box and message should appear:
Click the “Send Transaction” and the transaction will be sent to the network!
Congratulations! You’ve learned how to set up your MEW and successfully send a transaction. Thank you for reading!
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