Thursday, May 30, 2024

How to distinguish between true and false Ethereum wallets and the correct way to open Ethereum wallets?

Ethereum wallet refers to the public key and private key that can be used in the exchange and the correspondingly generated address. The function of the Ethereum wallet is to store, receive and send (i.e., transfer) your Ethereum cryptocurrency assets. This article teaches you how to distinguish between true and false Ethereum wallets and how to open the Ethereum wallet correctly and safely?

Distinguish between true and false Ethereum wallets

The easiest way is to check the contract address. As long as we log on to the etherscan website to check the contract address, it will be clear at a glance.

The real Ethereum is called “ether,” the currency issued based on erc-20 will be “eth token.” The name of the token on the Ethereum network cannot be repeated. If there is the same token, its name will be a number symbol at the back as a distinction.

The correct way to open the Ethereum wallet

Recommend a software called Keystore File. This Keystore is stored in the computer and requires a password, which is the one used when generating the wallet.

As for the private key, you can treat her as a kind of backup, just like a mnemonic. Usually, you don’t need to use it because it’s very troublesome to hit the private key. If you copy and paste it, it will save her on your computer or mobile phone. On the other hand, it leaves a security risk. Those power-on passwords and unlock patterns are equal to It’s nothing but the most important thing is that these devices are online. The private key is usually copied by hand or printed out for physical storage. In this way, the Keystore File and the private key form double insurance. As long as one is lost, you can consider changing your wallet.

Of course, there are many storage solutions. In addition to paper copying, it can also be encrypted with AES/DES and stored in a USB flash drive or an encrypted computer that never gets online, or it can be placed in a third party such as a bank safe. In addition to storage, you need to have a way to recover, deal with U disk damage, paper aging, etc. You can use several storage solutions together.

When an account is created in this type of wallet, the wallet will generate a set of mnemonics based on the generated private key file in English or Chinese. The Keystore + password can be calculated in reverse through the mnemonic. The mnemonic phrase is handwritten by the user and stored in a safe place. When a transaction is performed, the mnemonic phrase is entered to sign the transaction and sent. When the mnemonic phrase is lost, it means that the private key is lost, and the wallet generally does not save the user’s private essential information, and the assets will be permanently lost.

The advantage of a decentralized wallet is that there is no need to worry about the platform being stalked by it, and there is no need to worry about the loss of assets caused by the platform being hacked. Still, it requires individuals to have a specific ability to store private keys.

This article introduces distinguishing between true and false Ethereum wallets and the correct way to open Ethereum wallets. In short, the security of Ethereum wallets requires everyone to pay more attention to it. Cryptocurrency has many benefits, but just like actual currencies, you may also face thieves and robbers, so you must take good care of your private key, don’t click on inexplicable website links, and protect your digital assets.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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