This Beginner Guide is introduced to you by AirdropAlert to inform you how you can make a Stellar wallet and why this is necessary to receive Airdrops of tokens built on the Stellar blockchain.
The frequent Airdrop registrant is probably aware of MyEtherWallet’s service where you can make your own ETH wallet. Since most Airdropped tokens are built on the ETH blockchain, you can receive tokens built on the ETH blockchain on your ERC-20 Compliant ETH wallet. A wallet from MyEtherWallet is ERC-20 compliant, this means you can receive ERC-20 (Tokens built on ETH blockchain) on your MyEtherWallet.
But how does this work for Stellar?
Cryptocurrency built on the Stellar blockchain are considered assets, this list shows all assets on the Stellar Blockchain:
For most ICO’s latency or cost of transactions might not be a dealbreaker when it comes to choosing the Blockchain (Ethereum, Stellar, NEO have their own blockchain). However, blockchain applications might opt for alternatives, when data-gathering is essential (for example Internet of Things) to efficiently handle large amounts of transactions,. One alternative, or better candidate, is Stellar. Stellar is an open platform for building financial products that connect people everywhere.
This brings with it the concept of ‘Airdrops on the Stellar blockchain’, for which you need a Stellar Wallet.
Stellarport is an excellent service to make your Stellar wallet on which you can receive your Stellar based tokens (or Assets). The video below shows the complete process in creating a Stellar wallet on Stellarport. It is very important to understand the following:
- A Stellar Public Key always starts with G
- A Stellar Secret Key always starts with S
A Stellar Public Key is the address which you need to submit when filling in forms, the Public Key is also called the Address, just like ETH address always starts with 0x, Stellar Public Key always starts with G.
The Steller Secret Key is used to access your wallet, 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 which you need to upload everytime and provide the password you chose in order to access wallet
- New Key Pair will generate a Public Key and Secret Key, Secret Key is enough to access your wallet this way
- Ledger Hardware Wallet, safest way but 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
- That’s it, you now have a Stellar wallet and can manage your wallet via Stellarport.io.
The video below shows the above mentioned steps.
Exclusive Airdrop FlipNpik (Stellar Asset FNP) starts on Monday June 11th 2018, make sure not to miss out on your Stellar Assets!