Wallet Technology. Information Presentation

Save this PDF as:

Size: px
Start display at page:

Download "Wallet Technology. Information Presentation"


1 Wallet Technology Information Presentation 1

2 Basics A crypto currency wallet is a software program that stores private and public keys and interacts with various block chains (in our case Ethereum) to enable users to send and receive digital currencies and monitor their account balance. If you wish to use Bitcoin or Ether or, as in our case, ERC 20 tokens, you will need a digital wallet. How do these crypto currency wallets work? Millions of people use crypto wallets, but there are significant misunderstandings about how they work. Unlike traditional wallets, digital wallets do not store currency. In fact, currencies are not stored in a specific location or are somewhere in physical form. There are only records of transactions that are stored in the Blockchain. Wallets are software programs that store your public and private key and are connected to various Blockchain interfaces so that users can monitor their credit, send money and perform other operations. 2

3 Send and receive cryptos When a person sends you Bitcoins or any other type of digital currency (in our case MCV tokens based on the ERC20 standard), it basically overwrites the possession of the coins (MCV tokens) to the address of your crypto currency wallet. In order to issue these coins and unlock the money, the private key stored in your wallet must match the public address assigned to the currency. If public and private keys match, the balance in your digital wallet increases and the sender's balance decreases accordingly. There is no exchange of real coins. The transaction is only executed by a transaction data record in the associated block chain and a change of account balance in your crypto currency wallet. 3

4 Types of Wallets (1) What are the different types of crypto currency wallets? There are different types of crypto currency wallets that offer different ways to store and access your digital currency. Wallets can be divided into three different categories - software, hardware and paper. Software wallets can be desktop, mobile or online. Desktop (Computer): Wallets are downloaded and installed on a PC or laptop. They are only accessible from the individual computer on which they are downloaded. Desktop wallets offer one of the highest levels of security. However, if your computer is hacked or a virus occurs, you may lose all your money. Online: Wallets run in the cloud and are accessible from any computer anywhere. While online wallets are more convenient to access, they store your private keys online and are controlled by third parties, making them more vulnerable to hacker attacks and theft. Mobile (Smartphone): Wallets can be run on an app on your phone (SmartPhone) and are useful because they can be used anywhere, including in retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because there is little space available on the phone. 4

5 Types of Wallets (2) Hardware: Wallets differ from software wallets in that they store the private keys of a user on a hardware device such as a USB stick. Although hardware wallets do transactions online, they are stored offline, which increases security. Hardware wallets can be compatible with different web interfaces and support different currencies. It only depends on which one you choose. In addition, creating a transaction is easy. Users simply plug their device into an Internetenabled computer, enter a PIN, send currency and confirm. Hardware wallets allow an easy transaction and keep your money offline and are therefore extremely secure. Paper: Wallets are easy to use and offer a very high level of security. While the term paper wallet simply refers to a physical copy or printout of your public and private keys, it can also refer to software that securely generates and prints a key pair. Using a paper wallet is relatively straightforward. Transferring crypto currency into your wallet is done by transferring funds from your software wallet to the public address specified in your wallet. Alternatively, if you want to withdraw money or spend money, all you have to do is transfer money from your paper wallet to your software wallet. This process, often referred to as sweeping, can either be done manually by entering your private keys or by scanning the QR code in your wallet. 5

6 Are crypto currency money exchanges secure? Crypto currency wallets are secure to varying degrees. The level of security depends on the type of wallet used (desktop, mobile phone, online, paper, hardware) and the crypto service provider. A web server is a risky environment in itself to keep your currency compared to offline. Online crypto currency wallets can expose users to potential vulnerabilities in the wallet platform that can be exploited by hackers to steal your money. Crypto currency wallets, on the other hand, cannot be hacked because they are simply not connected to an online network and do not turn to third parties for security. Since online crypto currency wallets are the most vulnerable to hacker attacks, more careful security precautions must be taken and followed when using wallets. Remember that losing your private keys, no matter what wallet you use, will result in losing your money. If your wallet is hacked or you send money to a fraudster, there is no way to reclaim lost currencies or reverse the transaction. You need to take precautions and be very careful! 6

7 How do I make my wallet safe? Backup your crypto currency wallet: Store only small amounts for daily use online (on your computer or mobile phone) and keep most of your funds in a high-security environment. Cold or offline storage media such as the Cold Wallet "Ledger Nano" or paper protect you from computer failures and allow you to restore your wallet if it gets lost or stolen. However, it does not protect you from eager hackers. The reality is, if you choose an online wallet, there are inherent risks that cannot always be protected against. Update the software: Keep your software up to date so you have the latest security enhancements. You should regularly update not only your wallet software, but also the software on your computer or mobile phone. What more can I do? Setting up long and complex passwords and ensuring that funds are paid out requires a password. Use wallets that have a good reputation and provide additional levels of security, such as two-factor authentication and additional PIN requirements when a wallet application is opened. 7

8 Anonymity & selection criteria? Are crypto currency wallets anonymous? In principle YES, but not really. Crypto currency wallets are pseudonymous. While crypto currency wallets are not bound to the actual identity of a user, all transactions are publicly and permanently stored in the Blockchain. Your name or personal address is not available, but data such as your crypto currency wallet address can be traced back to your identity in various ways. While there are efforts to achieve anonymity and privacy more easily, there are also obvious disadvantages to complete anonymity. Which crypto currency wallet is the best? There is a growing list of options. Before choosing a crypto currency wallet, however, you should consider how you want to use it. Do you need a wallet for daily shopping or just the digital currency for an investment? Are you planning to use multiple currencies or a single currency? Do you need access to your digital wallet from anywhere or just from home? Take some time to assess your needs and then choose the wallet that's right for you 8

9 Which wallet do I need for MCV tokens (ERC20 standard)? The best ERC20 Wallets: imtoken Wallet Ledger Nano S MyEtherWallet MetaMask Mist Trezor Jaxx ImToken 2.0 is a free mobile wallet with great compatibility. It is also the world's largest wallet from Ethereum. Its six million users produce approximately 10% of Ethereum's transaction volume. Ledger Nano S is a paid hardware wallet. The portable USB device supports a variety of currencies, including ERC20 tokens. It is currently one of the most popular on the market. MyEtherWallet is one of the most popular web-based crypto currency wallets for Ethereum compatible coins and tokens. It stores private keys on your computer. MyEtherWallet can also write and access SmartContracts, making it a good companion for hardware purses like KeepKey and Ledger Nano S. The usability of MetaMask has led to a great popularity. It is a browser extension Ethereum Wallet that also provides access to DApps. For example, you can easily add MetaMask to Chrome or Brave. Mist is Ethereum's official wallet. Ethereum's own team developed it to provide a secure ERC20 token wallet that makes it one of the most secure desktop wallets. For serious investors, the Trezor hardware wallet is a market leader in terms of security and ease of use. The USB compatible device has a touch screen and can store any ERC20 token in addition to many other crypto currencies. Jaxx is one of the most popular mobile and desktop wallets thanks to its multi-chain compatibility. Jaxx is also an easily accessible and easy-to-use ERC20 token wallet. More: 9

10 Using the example of MyEtherWallet we will show you what to do! is an original wallet of the Ethereum platform and therefore best suited to explain the steps you need to take.. What to do: 1.) Creating an ERC20 capable wallet 2.) Transferring the wallet address to the ITO webpage of the MCV-CAP IF the MCV-CAP tokens are generated and distributed, we will inform you about all necessary steps using the example of 10

11 Wallet Address generation Click Load Click on APP Store Search for myetherwallet Step 1 Step 2 Step 3 11

12 Wallet Address generation Please enter password Click on CREATE NEW WALLET Step 4 Step 5 12

13 Wallet Address generation Please enter the SAME password again Click to start Step 6 Step 7 13

14 Wallet Address generation Open the web browser on your computer and start the link below Switch to Computer Step 8 Step 9 14

15 Wallet Address generation Click on Access My Wallet Step 10 15

16 Wallet Address generation Click on MEWconnect Step 11 16

17 Wallet Address generation Click on CSANN TO CONNECT Switch to MyEtherWallet Step 12 Step 13 17

18 Wallet Address generation These screens appear AUTOMATICALLY on the mobile phone until the home screen appears again (see step 17) Scan QR Code on computer screen with mobile phone Step 14 Step 15 Step 16 18

19 Wallet Address generation The browser screen on the computer has changed AUTOMATICALLY as follows Step 17 Step 18 19

20 Wallet Address generated With NOW you are in possession of an ERC20 portable wallet address! The next step is to enter this wallet address into the token webpage of MCV-CAP NOTE PLEASE DO NOT CLOSE THIS WEBPAGE If necessary, you may have to log in again with the mobile phone APP at a later time! (Step 8 - Step 18) 20

21 Wallet Address transfer Please login with "SIGN IN" Step 19 21

22 Wallet Address transfer Please login with and password Step 20 22

23 Wallet Address transfer Please select MY ACCOUNT Step 21 23

24 Wallet Adresse transfer Please select Profile Step 22 24

25 Wallet Address transfer Enter the wallet address in this section Step 23 25

26 Wallet Address transfer SWITCH to Press the Copy button to load the address into the buffer Step 24 26

27 Wallet Address transfer Switch back to 1 Click on this field 2 If it flashes in the field please press on the keyboard Step 25 27

28 Wallet Address transferred Click to save the address:!! DONE!! PLEASE check the address again AND NEVER enter address by HAND After successful verification under MY ACCOUNT, leave the Webpage safely with Log out Step 26 Step 27 28

29 YouTube Learning Videos The best ERC20 Wallets: imtoken Wallet Ledger Nano S MyEtherWallet MetaMask Mist Trezor Jaxx 29

30 Operation of the purchased Wallet This depends on the provider and can be found in the instruction manual enclosed with the crypto currency wallet. NOTE: We cannot recommend which crypto currency wallet you and/or your customer should choose, as personal preferences and technical necessities apply. What we can reliably say is that each Cold Wallet (see page 5) is better in terms of security than Online Wallets (see page 4). 30