How to setup ERC 1404 Wallet Quickstart Guide for XX coin


ERC 1404 Wallet Quickstart Guide

This is a quick start guide to get setup to receive ERC1404 (or any ERC20) tokens with an Ethereum wallet that supports custom ERC20s. While all of these wallets are well-known and widely used, this is in no way an endorsement or guarantee of the security of any of these wallets. 

Use all wallets and instructions covered here at your own risk. We are not responsible for any loss as a result of using this guide.

Always do your own research, keep your keys safe, and try to use a hardware wallet when possible.

Some notes before we begin, if you’re already pretty familiar with crypto wallets, this may be all you need to get from this article:

  • Do NOT use an exchange wallet to purchase or receive custom tokens.

  • ALWAYS test the ability to send and receive tokens from a new wallet before sending significant amounts of crypto to it.

  • ALWAYS keep your private keys safe, whether this is a password, key-store file, passphrase or mnemonic phrase. NEVER share it with anyone and keep copies in safe places (safe, safety deposit box, etc.). If you lose this, you can lose access to your crypto.

  • In order to receive your tokens, all you need is an Ethereum (ETH) address. In order to ensure that you are able to see and send those tokens at a later date, that ETH address should be generated with a wallet that is compatible with custom ERC20 tokens. We outline some that we’ve tested below. 

    • Note: if you’re experienced and know how to migrate your ETH private key to another wallet in a safe manner then it is possible to use any ETH address and then migrate the private key to an ERC20 compatible wallet at a later time.

  • Hardware wallets like Ledger and Trezor are HIGHLY recommended anytime you hold a significant amount of crypto. They will store any ERC1404 or ERC20 but the tokens will NOT necessarily be visible in the native apps of the wallet (Ledger Live and Trezor Wallet). In order to see your tokens, you will need to use a third party app as described in the next bullet.

  • MetaMaskMEW, or MyCrypto are all wallets we’ve tested with custom ERC20 and ERC1404 tokens and can be used with or without a hardware wallet. Custom tokens will not automatically be visible and must be manually enabled (we will provide info for this below).

  • If you prefer a smartphone solution, Trust Wallet has custom ERC20 support and is available on iOS and Android.

  • If you’re planning on getting a hardware wallet at a later date to store your tokens and you want to be able to migrate your tokens to that wallet (assuming you can’t just send them because they’re under a lockup period), you can use any of the software or smartphone wallets we mentioned above assuming you use and keep safe the recovery phrase when you create the wallet. This phrase can later be used to recover the tokens in your hardware wallet.

If you need additional guidance, the following sections will cover the necessary steps to set up the wallets described above. 

Hardware Wallets

Let’s begin by talking briefly about hardware wallets. Hardware wallets are generally small, digital devices that look like USB thumb drives with buttons. These wallets are used to store the private keys for you crypto wallets and are generally considered the safest practical way to store crypto outside of a paper wallet. If you hold a lot of crypto, it is highly recommended you get one of these. 

These generally work by plugging them into a software wallet on a computer using a usb cable. This keeps the keys off of your computer where they can be vulnerable to phishing or malware attacks. Instead of using the keys on your computer to sign a crypto transaction, the software sends the transaction to the hardware wallet where you can verify its correctness before signing and sending the signed transaction back to the software via USB. 

The most popular hardware wallet is generally the Ledger Nano, but more hardware wallets have popped up and Trezor has become widely known and is compatible with the software wallets we’ve listed. 

Ledger: https://www.ledger.com/

Trezor: https://trezor.io/

Setting up a wallet

Both websites do a great job walking you through the setup of your hardware wallet. Remember you’ll need to create an Ethereum wallet (if it isn’t automatically created) once you’re all setup. 

Ledger: https://www.ledger.com/start/

Trezor: https://trezor.io/start/

Receiving Tokens

If you have one of these hardware wallets set up, you can already receive ERC20 and ERC1404 tokens! Just provide the receiving Ethereum (ETH) address in your wallet and the tokens should arrive safely. Note: you may not be able to see the tokens in the native app of your hardware wallet (but you can see them in etherscan).

Viewing ERC20/ERC1404 Tokens

The Ledger Live and Trezor Wallet software used to setup these wallets do not currently support custom tokens so you won’t be able to view the tokens you receive until you connect your hardware wallet to a software wallet that supports ERC20 tokens. This does not need to be setup immediately but you may not be able to send tokens until you do.

We have identified three software wallets that work with both Ledger and Trezor wallets, each has a native guide for setting up using your hardware wallet. Once this is done, you will be able to see and send your tokens (assuming they aren’t in a lockup period or otherwise restricted).

Setting up with Ledger

Setting up with Trezor

Desktop Wallets

If you don’t have access to a hardware wallet or you want to receive tokens while waiting for your hardware wallet to arrive in the mail, you have a range of desktop wallets available (or smartphone wallets in the next section). These are generally straightforward to set up and use but require some care and diligence to ensure you keep your private keys safe. 

We’ll link the official setup instructions for each of the three wallets we mentioned above. Before setting up your wallet it’s important to determine whether or not you want to eventually move to a hardware wallet. 

If you plan to move to a hardware wallet

Make sure you setup your wallet in a way that can be recovered by the hardware wallet of your choosing. For example, if using a Ledger, the only way to insert a pre-existing wallet into the Ledger is through a recovery phrase (also called mnemonic phrase, or recovery seed but different than a passphrase). This means when you create your desktop wallet to receive your tokens, you want to make sure that you have a recovery phrase for that wallet before you use it to receive tokens. This phrase can be used to move to your hardware wallet once you receive it (note: this will wipe the hardware wallet so make sure you have secured any crypto you already have on it).

Using recovery phrase with:

Setting up the desktop wallet

The official instructions for each wallet should get you going but please take some time to familiarize yourself with the wallet, learn how it works, and make sure you test sending and receiving some Ethereum before you use it. Some of these wallets have additional features (MEW has an accompanying app that is used for 2 factor authentication) that may be interesting but are outside the scope of this document. Regardless of what settings you choose, make sure to secure and save at least one copy of your secret recovery information whether it’s a keystore file, recovery phrase, passphrase, etc.

DO NOT EVER SHARE THIS INFO WITH A WEBSITE OR PERSON. You will likely lose your crypto.

Receiving Tokens

Once you’ve setup each wallet, you just need to get your Ethereum address in order to start receiving Tokens. This will be a value that begins with “0x” followed by a string of numbers and letters. Make sure you use this address to test receiving and sending a small amount of Ether before you use it to receive any tokens or a significant amount of Ether.

Viewing ERC20/ERC1404 Tokens

All of these wallets support ERC20 and ERC1404 tokens but they need to be manually added. This is a simple process and generally you’re going to look for a button that says “Add custom token” in the wallet you’re using. You will be prompted for up to four pieces of information which you will get from whomever issued the token:

  • Smart Contract address: 0x89DD0a221A9ff138b4182826038605D7d3fFACc8

  • Name: “xx coin”

  • Symbol: “xx”

  • Decimal: 0

Entering these values should allow you to add the new token to your wallet and you should be able to see and transfer these tokens in the same way you would send ethereum (assuming there are no transfer restrictions or lockups on the token). Note, you will need a very small amount of Ether in this same wallet in order to pay the transaction fee before you can send the token to someone else.

Smartphone Wallets

Smartphone wallets are perhaps the most user-friendly way to receive tokens. The only smartphone app I’ve tested with ERC20s is the Trust Wallet https://trustwallet.com/ and it is available for both iOS and Android.

Setup of this wallet is extremely straightforward, just follow the directions on the screen. As with any other wallet, make sure you secure your seed phrase that’s created when you setup your wallet. 

Viewing ERC20/ERC1404 Tokens

To add custom ERC20 and ERC1404 tokens to Trust Wallet tap the “+” symbol in the top right. When you see a list of tokens, tap in the search field and type “custom”. Tap “Add Custom Token” and you should be able to enter the “contract address” from whomever issued the token. Generally the “Name”, “Symbol”, and “Decimals” field will autofill but if not, enter them and press “Done”.

Source: https://xx-coin.io/wallet-quickstart

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