Ethereum is an arrangement/setup on the blockchain that enables individuals/organizations run unstoppable decentralised applications through smart contracts
Typically ethereum is a coin itself that can be used to create erc 20 tokens[applications] on its platform and management of these tokens through a smart contract and utilization and interaction with the tokens through an erc 20 compliant ethereum wallet.
Basically ethereum is the mother currency that gives birth to erc 20 token through smart contracts which can be used to manage the tokens but to access,send and receive these tokens as well as perform some other actions on the ethereum blockchain,you need an erc 20 compliant wallet which is our major discussion for today.
Its important to note that erc 20 wallets do not basically store your tokens,it just serves as a safe portal through which an individual can access his tokens which are stored on the blockchain.
Ethereum is a really nice project on the blockchain which kick started on the 14th of August 2014 where a presale was held and investors contributed funds and received ether coin based on the total amount raised.
Note:these definations and illustrations are based on my understanding about ethereum and from some research and how it works,read more on ethereum here at ethereum.org for more information
As explained earlier,these wallets are simply portals that support and enabe active interaction within users and ethereum tokens on the blockchain.The best erc20 wallet i recommend for everyone :
● myetherwallet.com [mew]
MEW
Is the most effective and open erc 20 wallet am aware of...you can easily create a wallet through these following simple steps:
Step 1
type myetherwallet.com in your browser and hit enter for it to load,pls make sure you type in the address correctly,mew is a popular eth wallet and has a lot of scam phising sites by hackers...this page will display if you typed it correctly.
Take note of the little padlock at the top left corner of the screenshot,if its not there,then u probably got the link wrong.
STEP 2
Input your preferred password into the box immediately above create new wallet and hit the create new wallet button as illustrated below
This page will load where you will be required to download your keystore/json file which you can use to decrypt your wallet
Download the file and proceed
Step 3
This screen will appear...perform the actions as illustrated in the image below:
● copy your private key and save in as a draft on your email or google drive,or write it somewhere safe.
● click on print paper wallet and follow the prompt....paper wallet is a pdf file that contains details about your wallet...make sure u save it.
● click on save your address and proceed.
Step 4
Wallet creation process now complete and this page will appear on your screen,to access your wallet,click on either keystore file or private key to unlock your wallet as illustrated below
Step 5
Your wallet is now open and you can view your ethereum balance and send and receive ether or erc 20 tokens
This wallet used for this tutorial is absolutely for tutorial purposes only and is liable to access by anyone who reads this post,do not send eth or tokens to this address and dont try to use it as your personal wallet.
IN SUMMARY
An ethereum address is the portal through which you receive ether and tokens and your private key and keystore file are personal keys you shouldn't share with anyone that can be used to access your wallet
You can use your ethereum address to apply for airdrops and participate in ico and related campaigns,you can also use erc 20 wallets to access your stored ether on the blockchain and send and receive them.
Thanks to everyone for reading through,I made this post to help individuals know about ethereum and its tokens as well as complement my previous post on airdrops
