Metaverse 101 #4- Virtual Wallet
What is a virtual wallet? How to own a virtual wallet? Let PANGU take you into the world of virtual assets!
In the previous chapters of entering the metaverse and recognizing virtual assets, virtual wallets were mentioned. In this article, we will introduce you to virtual wallets and teach you how to create wallets via Metamask.
What is a virtual wallet?
Just like a bank account, a virtual wallet is a tool that can store, receive, and transfer currency. Just like a bank can store foreign currency, a virtual wallet can store different virtual currencies, including the most famous Bitcoin (BTC), Ethereum Square (ETH), or SAND which is limited by certain platforms, etc., all virtual currencies can be stored in it. In addition to the virtual currency, we often hear, non-fungible tokens (Non–Fungible Tokens), that is, NFT, can also be stored in it.
*If you are not clear about NFT, go back to #3 virtual assets to read more.
Blockchain and Virtual wallet
To understand how a virtual wallet works, you first need to briefly understand what a “blockchain” is. The operation of virtual assets is through the “blockchain” data storage mechanism. Unlike the past use of hardware devices to store all data, all data in the “blockchain” are directly stored on the network in a transparent and open way, to achieve The effect of decentralization, so no one has the authority to modify without authorization.
At present, the more common chains include “Ethereum (Ethereum)”, “polygon chain”, and “Polkadot”.
Each virtual wallet will have a wallet address composed of letters and numbers. This address is like a bank account number. All transaction records and stored amounts of this account are recorded in the bank’s system; virtual wallets are similar concepts, the blockchain records the records of all virtual asset flows and transactions, and these records constitute the storage of assets in the wallet.
Therefore, “Virtual Wallet” can also be called “Cryptocurrency Wallet”, “Defi Wallet”
What is MetaMask?
MetaMask is a type of virtual wallet that can be installed on major browsers such as Chrome, Firefox, Brave, and Microsoft Edge using extension tools. In addition to using it on a computer, Metamask can also be downloaded and installed on a mobile phone.It will connect to the “Ethereum blockchain”, allowing users to use it on the Ethereum ecosystem. So far, it is the most well-known wallet on the market, and it is almost one of the must-have wallets for beginners in the currency circle.
How to create a MetaMask wallet?
Step1. Go to the official website Metamask and select the device you want to install. The following instruction uses the Chrome browser as an example.
Step2. Click【Add to Chrome】
After the installation is complete, you can open the MetaMask wallet from the extension in the upper right corner of the Chrome interface in the future.
Step4. MetaMask will ask you whether you accept data collection so that MetaMask can improve its services. It is recommended to click [I agree]
Step5. Set the password for wallet login, and check the options below, and click [Create a new wallet] after completion.
This password can be changed in the future.
Step6. Mnemonic phrases In addition to the password you just set, MetaMask will provide you with a set of 12-word passwords, which are equivalent to the “master key” of wallets and funds, and are more important than wallet passwords. If you forget it accidentally, you will no longer be able to connect to the original wallet, and all the assets in the wallet will be lost and cannot be retrieved. On the other hand, this means that you can log in to your wallet with the mnemonics, so when copying the mnemonics, be sure to encrypt the mnemonics and don’t disclose them to anyone (even the official ones don’t will ask you for the mnemonic). After understanding the mnemonic, click [Secure my wallet (recommended)]
Step7. Please make sure that your computer is not recording or being skimmed, and click [Show secret recovery phrase]
Step8. Record the 12 words and their order, and double check that the words and their order are correct, click “Next”
!!It is strongly recommended to copy the mnemonics (recovery phrase) and save them on paper.
Step9. Fill in the vacant word and click [OK] after completion
Step10. CLick【Got it】
Step11. Keep clicking the blue button until you enter this screen, congratulations on completing the creation of the MetaMask wallet!
The above is the step-by-step tutorial for creating MetaMask. Next, we will briefly introduce the user interface of MetaMask.
Your wallet address, click to copy
The total amount of ETH held by the wallet (Ethereum’s main currency) buy, buy virtual currency
Send, send the virtual currency in the wallet to other wallets. It should be noted that the sending and receiving chains must be the same to receive
Swap, convert the virtual currency in the wallet to other currencies
Bridge, which assists in cross-chain transactions, supports cross-chain exchanges between 4 networks, including ETH, MATIC, AVAX, and BNB. switch between different chains
Advanced tutorial: How to switch to a different chain?
Step1. Click [Ethereum Main Network] to select the network to switch to. If there is no network you want, click Add Network to add another chain.
Step2. You can directly search and click [Add] to add, or click [Add a network manually] to add manually
Step3. Manually add, fill in the information below, and click [Save] to complete the addition.
Take the Polygon chain as an example
Network name: Polygon New RPC URL: https://polygon-rpc.com Chain ID: 137 Currency code: MATIC Blockchain browser: https://polygonscan.com/
After adding, there will be more options of Polygon chain in the upper right corner, click to switch
The above is the tutorial for now! Hope it can help you understand Metaverse better! If you have any questions, welcome to join the PANGU by Kenal Discord community to ask us!
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