How To Create Your First Ethereum Wallet?

If you are a crypto enthusiast and are looking to store Ethereum in a digital wallet, you might be wondering how to go about creating your very first …

Apr 11, 2019 19:30&nbspUTC

| Updated:

Apr 11, 2019 at 19:30&nbspUTC

By&nbspSumedha Bose

If you are a crypto enthusiast and are looking to store Ethereum in a digital wallet, you might be wondering how to go about creating your very first Ethereum wallet?

In that case, we can help you figure out how to go about creating your very own Ethereum wallet. But if you have no clue about why you might possibly need an Ethereum wallet, read on to find out.

An Ethereum wallet can be used to receive Ether tokens and in turn store them. With the advent of Initial Coin Offerings (ICOs), more people want to find out about new projects to invest in.

An ethereum wallet will allow its user to receive tokens from various new ICOs, via distributions called airdrops. Without it, a user cannot receive these tokens.

You May Also Read: How is Ethereum Different Than Bitcoin?

How To Create Your First Ethereum Wallet: A 5 Step Guide

Step 1

The first step is to visit www.myetherwallet.com.

This site will allow you to create your Ethereum digital wallet. Once you are on the site, you will find a safety popup, which you can either click through or skip by clicking on the corner box.

Once that is done, you will see the option to create a new wallet.

Step 2

To secure your new wallet, you will need to set a password for your wallet. This password needs to be strong and unique so that your wallet is not easily breachable.

Screen Shot 2018-01-29 at 11.49.04 PM.png

Once you have entered the new password, click on “Create New Wallet”. Note that there is no option to reset your password like is provided for our other accounts. So make sure to either remember it well or note it down somewhere.

Step 3

In the next step, you must download your JSON recovery file. This is the keystore file which is your recovery file. You should ideally store it someplace safe and make sure to keep a backup.

You will require the keystore file, along with your password, to access your wallet. Under no circumstances should you lose this file.

Screen Shot 2018-01-29 at 11.50.51 PM.png

Step 4

In the next step, you will see your private key. This private key is very important so make sure you save it safely and create a backup somewhere.

Screen Shot 2018-01-29 at 11.55.45 PM.png

Step 5

Well that’s pretty much it. You will now see many options to login. You can now use either your keystore file or your private key to unlock your wallet. Just upload the file or paste in the private key and enter your password.

Screen Shot 2018-01-29 at 11.56.47 PM.pngAll done, there you have it! Your first Ethereum wallet is ready.

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Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

Bittrex CEO: IEOs Could Be Larger than the ICOs of 2017

Bill Shihara, CEO of Seattle-based exchange Bittrex opines that IEOs have the potential “to be larger than the ICOs of 2017.” However, all is not devoid …
Reading Time: 2minutesbyAisshwarya TiwarionApril 11, 2019&nbspAdoption, Commentary, Exchange, Finance, News

According to a Bloombergreport published April 11, 2019, Initial Exchange Offerings (IEOs) have emerged as the preferred way of raising funds for the majority of new startups in the blockchain and crypto space.

IEOs Trump ICOs

Keen followers of the crypto industry would remember the Initial Coin Offerings (ICOs) frenzy which took the market by storm circa Q4 2017 and Q1 2018.

However, ICOs soon gained infamy the world over because of the frequent cases of exit scams and projects that saw their native tokens fall more than 90 percent from their original price in a matter of few months.

As a result, an increasing number of startups in the crypto industry are now flocking to IEOs as the preferred method of raising funds. Essentially, IEOs have replaced ICOs as the new buzzword of the emerging digital currency industry.

IEOs differ from ICOs in that instead of directly selling their tokens to investors, under IEOs, companies rely on cryptocurrency exchanges to serve as underwriters, review the projects and offer tokens to customers after a thorough inspection.

IEOs can be thought of ICOs plus the legitimacy and security of the exchange platform which undertakes the sale.

Are IEOs Just Better Groomed ICOs?

According to data from CoinSchedule.com, since February 2019, close to $180 million has been raised through IEOs in 23 offerings.

Bill Shihara, CEO of Seattle-based exchange Bittrex opines that IEOs have the potential “to be larger than the ICOs of 2017.”

However, all is not devoid of ills when it comes to IEOs. The emerging funding mechanism still exposes investors to the risk of fraud. Vetting process differs significantly across exchanges with some exchanges often tweaking their process.

Further, the regulatory bodies’ stance towards IEOs is likely to be the same as that towards ICOs.

Zach Fallon, a securities lawyer who worked on ICO issues at the U.S. Securities and Exchange Commission (SEC) until about a year ago, says that IEOs “take everything from an ICO and make it worse.”

Moreover, there’s also the narrative of exchanges inflating their native token’s demand using IEOs as bait. A prime example of this is Malta-based exchange Binance.

The exchange’s native token called Binance Coin (BNB) has emerged as one of the strongest performing cryptocurrencies of Q1 2019 due to several high profile IEOs that took place on Binance Launchpad, including those of BitTorrent and Fetch.AI.

Per Shihara, exchanges charge as much as ten percent of the total sale proceeds generated from IEOs.

Jeff Dorman, a partner and portfolio manager at Los Angeles-based Arca Funds, in a recent note stated that tokens issued by exchanges themselves are up about 200 percent on average. He said:

“The irony of course is that this is directly at odds with the decentralized ethos embedded in crypto, but this has been conveniently ignored as long as it’s working,”

Adding, “everyone involved is highly motivated not to kill the golden goose.”

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Market Update 4.11.19 – Bittrex Responds to NYDFS’ Denial of BitLicense Application

The highest losses are currently being experienced by Bitcoin Cash, Stellar and … Now, the valuation of the virtual currency is $18.11 billion. Ripple’s …

Market News

Bittrex Responds to NYDFS’ Denial of BitLicense Application

In a press release issued today, April 10, the US-based crypto exchange Bittrex has responded to the denial of its application for a BitLicense by the NYDFS (New York Department of Financial Services).

Earlier in the day, the NYDFS had vetoed the exchange’s application for a license to conduct cryptocurrency-related business in the state. The agency stated that it had denied Bittrex’s license application because the exchange did not have adequate policies or controls with regard to AML (anti-money laundering), KYC (Know Your Customer) as well as the OFAC (Office of Foreign Assets Control) standards.

Read the rest of the story here.

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Chinese Crypto Funds Turn to Lending to Tide Over Bear Market

A number of cryptocurrency funds and investment firms in China have now turned to lending to tide over the bear sentiment in the crypto market. Notable firms such as FBG Capital, Bixin Capital and DGroup are some of the companies that are now lending to stabilize revenues.

Changelly - Exchange cryptocurrency at the best rate

These investors, along with a startup Babelbank, have chalked up a combined total of $60 million in issued loans in the last 5 months. These have been in different denominations of cryptocurrencies or Chinese Yuan. According to the companies, the biggest demand for crypto loans comes from domestic users, hedge fund traders and, most surprisingly, cryptocurrency miners.

Read the rest of the story here.

Bermuda’s Finance Ministry Approves VLHL ICO

Bermuda’s Ministry of Finance has approved trading company VLHL’s (Velocity Ledger Holdings Limited) ICO (initial coin offering). VL Financial, VLHL’s subsidiary, is currently in the application stage with the BMA (Bermuda Monetary Authority) to get the necessary licenses to operate in the country. If its application is approved by the BMA, the company will be allowed to open a cryptocurrency exchange in Bermuda. The company will then be able to use its native token, VL Tokens, to pay for the licensing of its technology platforms and services.

About this development, the CEO of VLHL Shawn Sloves stated that Bermuda as a country had adopted practical as well as non-restrictive regulations for digital assets which provided regulatory stability and certainty to the industry there.

Read the rest of the story here.

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Total Market Cap: Apr 11

The crypto market’s capitalization has dropped to $177.57 billion in the last 24 hours. Additionally, the market is facing trading volumes of $56.82 billion.

Bitcoin Price Analysis: Apr 11

Bitcoin is down 0.77% to its current trading price of $5215.74, with a market capitalization of $92 billion. The crypto’s trading volumes are currently at $16.21 billion.

Ethereum Price Analysis: Apr 11

ETH’s price has plunged 5.14% in the last one day and is now at $171.55. Capitalization of the cryptocurrency is at $18.11 billion. Trading volumes are $8 billion.

State of the Top 10 Cryptocurrencies: Apr 11

All of the top cryptocurrencies by market capitalization are down at this time. The highest losses are currently being experienced by Bitcoin Cash, Stellar and Ethereum. These tokens have lost 6.50%, 5.16% and 5.14% in price respectively. Cardano has also fallen on spot in the top ten rankings to take 10th place, with Tether replacing it as the 9th most valuable crypto in the world.

  • Bitcoin’s trading at $5215.74, down 0.77%. Now, the valuation of the virtual currency is $92.00 billion.
  • Ethereum’s trading at $171.55, down 5.14%. Now, the valuation of the virtual currency is $18.11 billion.
  • Ripple’s trading at $0.338913, down 4.73%. Now, the valuation of the virtual currency is $14.16 billion.
  • Litecoin’s trading at $85.02, down 3.83%. Now, the valuation of the virtual currency is $5.21 billion.
  • EOS’s trading at $5.65, down 2.75%. Now, the valuation of the virtual currency is $5.12 billion.
  • Bitcoin Cash’s trading at $283.24, down 6.50%. Now, the valuation of the virtual currency is $5.01 billion.
  • Binance Coin’s trading at $17.81, down 3.97%. Now, the valuation of the virtual currency is $2.51 billion.
  • Stellar’s trading at $0.119951, down 5.16%. Now, the valuation of the virtual currency is $2.31 billion.
  • Tether’s trading at $1.01, down 0.07%. Now, the valuation of the virtual currency is $2.27 billion.
  • Cardano’s trading at $0.086041, down 0.75%. Now, the valuation of the virtual currency is $2.25 billion.

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International Chamber Of Commerce, Perlin Partner To Drive Blockchain Adoption

The International Chamber of Commerce (ICC) is collaborating with distributed ledger firm Perlin to drive blockchain adoption across its vast …

David Pimentel

The International Chamber of Commerce (ICC) is collaborating with distributed ledger firm Perlin to drive blockchain adoption across its vast membership base.

ICC is the largest, most representative business organization in the world, with more than 45 million member businesses in over 130 countries. It fosters international trade and commerce to promote and protect open markets for goods and services and the free flow of capital. The chamber performs three primary activities: establishment of rules, dispute resolution and policy advocacy.

Perlin has built a practical decentralized privacy-preserving cloud network, which it said “will provide cheap, fast and secure cloud services using the computing power currently sitting idle and unutilized on millions of computers, phones and devices globally.” The platform is powered by the Wavelet Protocol, a protocol developed by Perlin that enables an “ultra-fast directed-acyclic-graph (DAG) distributed ledger capable of over 10,000 transactions per second.” The firm is currently conducting blockchain traceability pilots for major regional businesses, such as Asia Pacific Rayon (APR), the first fully-integrated viscose rayon producer in Asia producing viscose-rayon fibre with its raw material coming from its renewable plantations.

As part of the partnership, the ICC will connect Perlin to its vast member pool, which includes most national chambers of commerce and direct membership from companies including Amazon, Coca Cola, Fedex, McDonalds and PayPal. Perlin will join the ICC as an official technology partner, offering free access to its blockchain platform during the early stages of the project, with an initial focus on practical, efficient and scalable blockchain traceability and transparency systems for value chains.

“The ICC has always been committed to empowering our members to achieve the highest levels of corporate excellence and continuing innovation,” aid John Denton AO, Secretary General of the ICC, “In collaboration with Perlin, which leads the field in blockchain and distributed ledger development, we can help facilitate practical and truly disruptive transformation for businesses across every conceivable industry sector.”

“The Perlin team has always recognized that meaningful blockchain and distributed ledger tech adoption can only be achieved by building tools that are practical, scalable, cost-effective and add substantial value for businesses” said Dorjee Sun, CEO of Perlin, “As the real-world pilots we’re already deploying show, the technology we’ve built meets each of these essential criteria.”

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Blockchain’s Hedera Hashgraph Adds BlockTower Capital Co-founder Ari Paul As Advisor

Hedera Hashgraph, a public distributed ledger platform, has announced the appointment of Ari Paul as advisor. Hedera Hashgraph is an …

David Pimentel

Hedera Hashgraph, a public distributed ledger platform, has announced the appointment of Ari Paul as advisor.

Hedera Hashgraph is an enterprise-grade public ledger designed to have highly diversified governance and the most distributed consensus at scale. It enables organizations to build enterprise-grade applications that address issues such as latency on cryptocurrency transactions, confidence and efficiency in the verification of smart contracts, and secure and transparent storage of files. In 2018, Hedera raised $124 million, all held in fiat, to further the development and launch of the platform.

Paul is the CIO and co-founder of BlockTower Capital, an investment firm that takes long and short positions across a variety of cryptocurrencies. He was previously a portfolio manager for the University of Chicago’s $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group (SIG). He earned a BA in political science from the University of Pennsylvania, and an MBA from the University of Chicago.

Mance Harmon, CEO of Hedera, said that Paul’s knowledge and expertise in the field of distributed ledger technologies, and his advocacy for the space, will be invaluable to Hedera as they continue the important work towards creating the industry’s first enterprise-grade distributed ledger technology.

“We are delighted to welcome Ari Paul, a luminary investor and thought leader, to our advisory board,” Harmon said.

Paul said that the Hedera Hashgraph platform is pushing the performance and security boundaries of distributed ledger technology, marking this an exciting moment to join as an advisor.

“Dr. Leemon Baird and Mance Harmon have built a remarkable team and developed a technology which represents a fundamental paradigm shift for the DLT space,” Paul said. “I look forward to working with Hedera through the next phase of their development.”

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Archives

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Law Review Articles

  • Selected Law Journal Articles
    Title Journal Date Published Nobody Puts Blockchain in […]

Job Announcements

  • Blockchain’s Hedera Hashgraph Adds BlockTower Capital Co-founder Ari Paul As Advisor
    Hedera Hashgraph, a public distributed ledger platform, has announced the appointment of Ari Paul …
  • ServerFarm Appoints AJ Matel As Senior VP Sales, North America
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