How to create ERC20 compliance Myetherwallet address




 
ERC20 compliance Myetherwallet address

One important feature for participating in crypto token airdrops, bounty programs, or even initial coin offering (ICO) is your ERC20 compatible wallet address; and we all knows that cryptocurrency is of two types, which is coin and tokens. While coins are cryptocurrencies operating independently, tokens are cryptocurrencies that based their operation on the Ethereum network (smart contract).


While ‘ERC’ stands for Ethereum Request for Comment, the ‘20’ however, means unique proposal ID number for proposing improvements to the Ethereum network for the handling and clarification on how tokens developers should deploy smart contract (code that facilitate exchange of money, content, property, share, or anything).
 
ERC20 is also known as ERC20 tokens, which are cryptocurrencies that has to do with Ethereum blockchain ecosystem, existing as a digital assets with variety of value attached, that can be bought, sold, or traded just like Bitcoin and a crucial aspect of Ethereum now into the future.
 
Since ERC20 are crypto tokens in Ethereum blockchain, a standard was developed in 2015 specifically for smart contract as a set of rule for Ethereum network powered tokens to follow, empowering developers of all type to accurately predict how new tokens will function within the Ethereum blockchain ecosystem. This means that, to issue your crypto token on Ethereum public blockchain (smart contract), the developer must comply to the ‘ERC20 standard token rule’ as a set feature or interface for the token contract on the Ethereum blockchain.
 

ERC20 compliant Wallet address

 
 
Since ERC20 is a reflection of crypto token, ERC20 compliance wallet address is refers to a wallet address that is compatible, and in compliance with Ethereum wallet, which are ERC20 standard. There are many Ethereum wallet that support ERC20 tokens, the most popular ones includes Myetherwallet, Metamask, Mist, imToken, Parity, Trust etc.
 
Among other native Ethereum ERC20 wallet, I recommend Myetherwallet, which was launched in 2015 by Kosala Hemachandra and Tylor Monahan as an open source Ethereum wallet uses javascript and feature a side tool for clients that can generate Ethereum wallets and send transactions. Myetherwallet (MEW) has gained popularity over the years based on it increasing support for crypto coins and tokens.
 
With Myetherwallet (MEW) as a client side tool and ERC20 tokens standard wallet, users can get a private key, generate wallet and have a full control over his or her stored funds. The process happens entirely on your computer and not on server. Ethereum address of Myetherwallet is public, and so can accept newly launched altcoins (smart contract).
 
One intriguing aspect of (MEW) is the high level of security procurement, where only user can have access to their private keys and no one at the company. However, the process of generating new wallet is pretty complex compared to other ERC20 standard wallet providers, but (MEW) is more flexible.
 

3 importance of using Myetherwallet

 
 
The following points are the reasons behind what makes Myetherwallet so important and most popular among other ERC20 compliant wallet;
 
1. Using Ethereum via Myetherwallet proves you are the owner of that sending address because using Myetherwallet requires users to have private key or some control over that wallet address.
 
2. Myetherwallet support all ERC20 tokens including custom tokens, other wallets might not support certain tokens.
 
3. The developing ICO (including airdrops and bounties) will need your Myetherwallet address to distribute the tokens once ICO finished.
 
4. Myetherwallet have their own account on the blockchain with their entire customer’s fund in it, haven’t linked account with their respective private keys on their server, keeping track of how much Ethereum they own you.
 
5. Myetherwallet automatically receive and distribute any token on Ethereum network using smart contract.
 

Creating Myetherwallet address

 
 

For the purpose of participating in the crypto airdrops bounty program, and even contributing into any ongoing crypto token ICO project, you need to have your own ERC20 compactable wallet (not an exchange ETH wallet), which I recommend Myetherwallet being the leading ERC20 standard web wallet. 
 
The following processes should be of guide, helping you create your own ERC20 wallet address using Myetherwallet;
 
1. Visit Mytherwallet.com
 
2. On top left of the page, click on “New wallet”.

3. Ether a strong memorable password.

4. Click on “Create new wallet”.

 
ERC20 compliance Myetherwallet address1
 

5. On the next page, you’ll see “Save your keystore file” (you need to save it to your computer).
 
 
ERC20 compliance Myetherwallet address2
 

6. Click on “I understand”.

7. The next page will display your Myetherwallet ‘private key’ (a long string of numbers and letters). You need to copy it down on a safe place like piece of paper, hard drive or USB.

 
ERC20 compliance Myetherwallet address3
 

8. To unlock or have access to your Myetherwallet address, you need your private key. To simply do that, click on “Send Ether & Token”.
 
 
ERC20 compliance Myetherwallet address4
 

9. On the “how would you like to access your wallet” click on “Private key”.

10. In the open empty box displays, copy and paste your ‘private key’ and then click “Unlock”.
 
 
ERC20 compliance Myetherwallet address5
 

11. At this time, you should be in your Myetherwallet dashboard, where you’ll see your ERC20 compliance wallet address and with zero account balance on top right of the page.
 
 
ERC20 compliance Myetherwallet address6
 

This is the ERC20 standard wallet for Ethereum, where you can use to participate in crypto tokens airdrops, bounty programs and for purchasing token from initial coins offerings. All you have to do is to paste your Myetherwallet wallet address wherever you are demanded to enter your ETH or ERC20 wallet, which is the Ethereum standard wallet address where free or paid tokens can be distributed to or stored.
 

Adding Custom Tokens In Myetherwallet
 
 

Custom tokens are tokens from an ICO, and sometime, you are required or directed by the token project team to add custom tokens on your ERC20 wallet (Myetherwallet) back office using the token contract address, symbol and decimal number. The few following steps will guide you add custom tokens in your MEW;
 
1. Visit Myetherwallet.com
 
2. Click on “send ether & token

3. Click on “private key”.

4. Paste your private key and click unlock to get your Myetherwallet dashboard.

5. Click on “Add custom token” on the right sidebar of the page under the token balance.

6. Enter the token contract address, it symbol and decimal number (provided by the airdrop, bounty or ICO platform).

7. Click on “Save”.
 
 
ERC20 compliance Myetherwallet address7
 

You can now see the tokens that were sent to your Myetherwallet and the balance on the sidebar, but most times initial, token balance may not appear in-spite the fact that you’ve added the custom token, all you need do at this point is to click on “View all Token” (displaying listed tokens alphabetically) next to “add custom token”. When you find the token among the dropdown, click on it to load the token and display it balance.

You can as well delete any custom token already added from your Myetherwallet by clicking on the (-) icon next to your tokens. This is not removing the token from the interface neither deleting the tokens themselves, but only that token as it associated to your Myetherwallet private key, which can be added back using the token contract address, symbol and decimal.

Custom tokens can be added to your (MEW) back office whether it has fund in it or not, and you are free to add any custom token you either participated in a crypto airdrop or an ICO, even when the token is yet to be distributed (pending distribution), provided you have the token contract address, symbol and decimal number.

You can search for any existing crypto tokens or your participated token and balance using token name or symbol on Ethplorer.io and Etherscan.io which is also integrated into your Mytherwallet back office. Each and every token searched and stumbled upon displays the token contract address, symbol and decimal number.
 

Sending out ERC20 Tokens from Myetherwallet
 
 

After you’ve added the token through the “Add custom token” tab to make it display your tokens balance, you can now send out your respective tokens to their third party wallet or token exchange wallet. In order to send out token, just toggle the dropdown arrow that says “ETH” next the “Amount to send’ and click on the dropdown symbol of the token you want to send. Thereafter, enter the receiver’s wallet and the number of tokens you want to send and click ‘send’.
 
 
ERC20 compliance Myetherwallet address8
 

Note, to send out any distributed token from your Myetherwallet back office, you must have a minimum $1 in your Myetherwallet wallet address to cater for gas price (transaction fee) minimum 21000 gas limit (miners reward). Since your Myetherwallet address is equally an Ethereum wallet, you need to get it funded to enables you send your tokens to any third party token receivers’ wallet address or token exchange wallet address.

I’ve strives as accurate to provide you up-to-date details on how to create ERC20 compliance wallet specifically Myetherwallet, seems like there’s something I missed to mentioned, or you simply have reason to complement this post? I’ll like to hear from you through the comment box bellow.





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