There is no doubt that understanding blockchain technology can be daunting for beginners. Some simple concepts can guide your initial steps. A web3 wallet is one of those.
What is a Web 3.0 Wallet
A Web3 wallet helps you gain access to the web3.0 economy. Web3 is the newest and the most inclusive version of the web which allows people to have considerably more control over their data and privacy. Web3 also gives people considerably more freedom and opportunity to shape the internet infrastructure as opposed to the previous interactions of the web where this power was mostly concentrated in the hands of big tech corporations.
Control and anonymity are crucial to web3 and therefore the most important characteristic of a web3 wallet is that it is non-custodial. This maintains user privacy and anonymity since they can store digital assets safely without relying on a third party or going through onerous KYC/AML procedures.
On the flip side, however, it means that the final accountability for preserving the resources remains with the user himself.
Since the interactions are too sophisticated for a small screen, web3.0 delivers a different user experience that is more in line with desktop programs than mobile. There are currently a lot of non-custodial crypto wallets available in the market.
Introducing MetaMask; the most accessible and convenient web and mobile crypto wallet
Creating a MetaMask wallet will help you interact with various dapps or decentralised applications.
It allows you to store and swap cryptocurrencies and navigate through a growing array of decentralised applications (dApps). It is one of the most widely used crypto applications in the world.
MetaMask is a free browser extension that can run on many browsers such as Chrome, Firefox or Brave.
We recommend the Brave browser as it offers privacy safeguards and cross-site security protection.
Here’s how you can create your MetaMask Wallet
- Click “Get Started” to begin.
- You will now find two options: “Import Wallet” and “Create a Wallet”.
- Click on “Create a wallet” to start creating your wallet on MetaMask
- Next, you can choose to share some anonymous data with MetaMask.
- Alternatively, you can click “No Thanks” to jump onto the next screen. (It won’t hamper your user experience with MetaMask).
- Select accordingly and proceed.
Create a strong password:
- You’ll see the MetaMask team trying to emphasise the importance of the seed phrase with a short video. Better watch it and click Next.
- Make sure you create a strong password!
- And never share it with anyone! Your password lets you access your crypto. Therefore, anyone who has your password can send tokens out of your account.
Store your seed phrase:
- Store your seed phrase safely!
- You can uncover the seed phrase and then write it on a piece of paper or store it in any other safe place.
- Click Next to proceed.
- You can think of your seed phrase as a master backup of all the cryptocurrency in your wallet.
- A seed phrase, also known as a recovery phrase, might just be the single most important layer of security for crypto users.
- Seed phrases can serve as the last line of defence preventing you from losing access to your crypto in the event something happens to your device.
Confirm your seed phrase:
- Your seed phrase consists of 12 words. Enter this 12-word sequence of words to finish.
- MetaMask goes to lengths to ensure you remember this important phrase as they don’t store it for you. So you see a word puzzle to rebuild that phrase, exactly the way it was. Unless you get it right, the “Confirm” button at the end won’t get activated, and you can’t proceed.
- If you’ve missed remembering or saving it, there is a “back” button under the MetaMask icon at the top. That will take you to the previous page to download and memorise it.
- Once you complete this, the “Confirm” button will come to life. Click on it, and you will see the congratulations message on the last screen of the registration process.
Follow our step-by-step guide to learn more: https://myterablock.medium.com/how-to-create-or-import-a-metamask-wallet-a551fc2f5a6b
Web3.0 wallets are the perfect entry point to a wide range of blockchain-based cryptocurrency applications, such as Decentralised Finance (DeFi) applications or dApps, Gaming, and Non-Fungible Tokens (NFTs), that are best accessed and used via desktop browsers because they frequently run in the background and share activity notifications with your browser.