Bitcoin Forum

Alternate cryptocurrencies => Altcoin Discussion => Topic started by: talenthone.io on May 17, 2018, 08:06:07 AM



Title: ERC20 Wallet for ICOs, Why is it needed? How to create it?
Post by: talenthone.io on May 17, 2018, 08:06:07 AM
Without taking you into too much technical bla,bla I would come straight to the point. Tokens or Coins used by ICOs are not listed on any public exchanges at the time of ICOs. So, If you put wallet address which is issued by a public exchange the ICO company won’t be able to transfer their tokens into your address as those exchanges will refuse to accept ICO tokens.

So, you would need to create ERC20 compatible wallet address to store these tokens. ERC20 wallet address is nothing but an address which can be used by ethereum blockchain. Bitcoin blockchain would recognise a different format of wallet address and would not undertand ERC20 adresses.

Creating a wallet address is very easy and can be done in 2–4 Minutes. Before I explain how to create a wallet address you would need to remember that where ever you would create your wallet you will set up your password and “pass phrase”. If you lose your password then you can restore your wallet easily by using pass phrase. If you lose your passphrase and password then your tokens are gone for ever. “Nobody” can get them back. It’s not a babnk account for which you get to talk to call centres.

Also, If anybody gains access to your passphrase then they can quickly restore your wallet into their device and steal your tokens/coins without you knowing about them ever. So, No pics of passphrase or sharing please.

If you like to use desktop then I would recommend to use metamask to create your wallet.

Here is a video showing how to create wallet using metamask:

https://www.youtube.com/watch?v=gNphLqGVSsw

If you like to use mobile phone for creating your wallet then I would recommend ImToken, Download the app, set your password, write down the passphrase and you are good to go.

If you like this article than please don’t forget to give it a clap. If you are looking for a genuine, no nonsense trustworthy ICO which has huge growth potential then visit us at www.talenthon.io