Airdrop Alert brings you this beginner’s guide on how to set up a Stellar wallet. But is it an important wallet in comparison to ERC-20 comp liant wallets? Certainly, yes, if you’re about to receive airdrops of tokens built on the Stellar blockchain.
The frequent Airdrop registrant knows about MEW (MyEtherWallet). This wallet is ERC-20 Compliant ETH wallet. You can receive the ETH blockchain tokens on it. That is to say, most airdropped tokens.
But how does this work for Stellar?
Cryptocurrencies built on the Stellar blockchain are considered assets, this list shows all assets on the Stellar Blockchain.
Apparently, for most ICO’s, latency or cost of transactions might not be a dealbreaker when it comes to choosing a blockchain. You know that Ethereum, Stellar, NEO have their own blockchains. Rather than those listed, dApps might opt for more alternatives. When data-gathering is essential to handle large amounts of transactions, a good alternative is Stellar. Stellar is an open platform for building financial products that connect people everywhere. Besides that, the Stellar blockchain is a nice match with IoT (Internet of Things), which is about to become an important part of our future.
And if it is so, we will observe the concept of airdrops on the Stellar blockchain more often. That’s a good reason to take a closer look at a Stellar Wallet.
What is Stellarport
Stellarport is an excellent service to make your Stellar wallet and receive your Stellar based tokens (or Assets) on it. That’s why we’ve created this video below. It will show you the complete process in creating a Stellar wallet on Stellarport. But before watching it, please, note the following:
- A Stellar Public Key always starts with G
- A Stellar Secret Key always starts with S
When filling in forms, a Stellar Public Key is the address which you need to submit. The Public Key is also called the Address. Same with the ETH address that always starts with 0x, Stellar Public Key always starts with G.
The Steller Secret Key is used to access your wallet. But to keep your wallet safe, we recommend the use of a cold wallet. Ledger Nano S is one example where accessing your wallet does not rely on copy pasting the Secret Key, protecting you from phishing attempts.
Making your Stellar wallet via Stellarport:
- Visit Stellarport.io
- Click SIGN UP
- Choose your preferred access method
- Keystore File is a File you need to upload every time. Besides, provide the password you chose in order to access wallet
- New Key Pair will generate a Public Key and Secret Key. Note that Secret Key is enough to access your wallet this way
- Ledger Hardware Wallet is the safest way, yet, it requires a Ledger hardware
- In this blog we go for option 2. Click “Generate New Key Pair” and proceed to store the information safely
- Checkmark YES in “I have secured my keypair” and click Next
- Access the wallet with the Secret Key you got
- Finally, you’re there. You have a Stellar wallet and can manage it via Stellarport.io.
The video below shows the above mentioned steps.
Exclusive Airdrop FlipNpik (Stellar Asset FNP) starts on Monday June 11th 2018. Hence, make sure not to miss out on your Stellar Assets!
A blockchain enthusiast and a content writer at AirdropAlert.com. My final goal is to help readers find what they need, understand what they find, and use what they understand appropriately. Favourite mystery – Satoshi Nakamoto, favourite crypto – Bitcoin (BTC), favourite airdrop – BRD.