User’s Guide

DApp -> Wallet -> ETH

The best way to get started with Ethereum is to use Ethereum-based applications (DApps) and services right now, however because some Ethereum applications require you to have a wallet with Ether (ETH), we will take it step-by-step from the other side.

ETH -> Wallet -> DApp

Buy ETH

What is Ether?
ETH is Ethereum’s native currency. It is “digital money” that can be sent over the internet instantly and cheaply, and also be used in many Ethereum-based applications.

Want to avoid volatility of cryptocurrency prices?
Buy DAI (decentralized stablecoin running on Ethereum, that maintain a value of $1.00 USD) or use this buying tactic.

Buy ETH

Like exchanging into the local currency in a foreign country you’re visiting, you can buy it for different fiat money ($, €, ¥, £,..), by using various payment methods, platforms / apps.

  • On centralized exchange

Coinbase
Kraken

Cons: Requires identity verification and it is recommended for added security to withdraw purchased ETH into a wallet in your own control

Create an account -> buy ETH / DAI with card or bank transfer -> (optional) withdraw funds into your wallet

  • Directly into your wallet

desktop:
MyCrypto
MyEtherWallet

mobile:
Argent
Trust

Cons: Higher fees

Requires first to create / have your own wallet (see the section “Create Wallet” below)

  • Peer-to-peer on marketplace / in-person by cash

LocalCryptos
Dether

Cons: Requires to follow ETH price, as it is set by a seller

Create an account / wallet -> find a seller -> buy ETH with cash or other various payment methods

   For more exchanges and payment resources please follow here.  

Create Wallet

What is a wallet?
Wallet is your window to the Ethereum world.
– it works just like your normal wallet, i.e. it allows you to hold and send ETH / DAI
– allows you to interact with Ethereum-based applications (DApps)

Account address
Just as bank account numbers are used for transactions between bank accounts, the Ethereum account address is referenced when sending funds to the account.

Private key / Seed phrase
The main strength of decentralized wallet and difference between the existing banking system is a fact, that user own private key of his wallet.

Pros: You are the only one, who has an access to your funds
Cons: Losing your private key means losing your funds, so store it safely and take security seriously

Additionally:
smart contract wallets enable additional security and recovery features for users
wallet SDKs offer login and recovery features just like classical apps
hardware wallets provide cold storage and are great for storing large amounts of money

Ethereum Wallets

There are many varieties of wallets out there to choose.

desktop:
Metamask
MyCrypto

mobile:
Argent
Coinbase Wallet

Cons: You have to carry around your private key / seed phrase, what could be risky and dangerous and could be less user’s friendly

Download an extension / app -> write down the 12-word seed phrase and store it safely -> send ETH to your wallet (required in Metamask)

  • Wallet SDKs

Fortmatic
Torus
Portis

Cons: It’s security and privacy rely on a service provider, wallets only work for DApps that integrate them and their advanced functionalities could be priced

Create an account by using your e-mail / phone / password / Google or other accounts -> use supported DApps

  • Cards

Monolith Visa debit card
Coinbase Card

Cons: Requires identity verification and you have to carry around your card and private key / seed phrase, what could be risky and dangerous

Download an app -> create a wallet -> apply for a card -> exchange ETH for fiat -> spend it wherever Visa is accepted

  • Hardware wallets

Trezor
Ledger

Cons: Cost money and you have to carry around your device and private key / seed phrase, what could be risky and dangerous

Buy a device -> set it up -> write down the 12-word seed phrase -> store both on safe place

 For more wallets and security resources please follow here. 

Use Ethereum

There are many Ethereum-based applications and services, that you can use today and here you can find a few suggestions and usecases.

  • Decentralized Finance

InstaDApp
– access decentralized finance to lend, borrow, leverage or swap crypto assets
– it makes transactions easier by rolling several services into a single easy-to-use dashboard

Uniswap
 – easily and automatically trade your ETH for other ERC20 tokens
– create a pool for your own tokens

Synthetix
– buy and trade tokens that are pegged to different assets such as gold, Bitcoin, U.S. Dollars, TESLA, and AAPL

  • Social

Aragon
– create and manage decentralized communities, companies or organizations (DAOs)
– they wil be global, censorship resistant, transparent, bureaucracy-free and customizable

3Box
– create your social profile for Ethereum
– provide all-in-one sign-in to Ethereum, identity and reputation, and personal cloud storage

Cent
– participate on a social network where you earn money by posting, curating, and speculating

  • Marketplaces

OpenSea
– buy, sell, and discover exclusive digital assets like Gods Unchained Cards, ENS names, CryptoKitties, Decentraland land and other

Decentraland
– enter a virtual world where you can build and explore 3D creations, play games and socialize

  • Games

CryptoKitties
– collect and breed digital collectible cats, buy & sell them with a community and other
– each cat is one-of-a-kind and 100% owned by you; it cannot be replicated, taken away, or destroyed

0xUniverse
– build spaceships, explore the galaxy, and colonize collectible planets

  • Miscellaneous

Brave
– install secure, fast & private web and mobile browser integrated with BAT and ERC-20 tokens
– earn by viewing privacy-respecting ads and reward your favourite content creators

Bounties Network
– get paid for doing work in any sphere of activity or get accelerate your own project

PoolTogether – join a no-loss lottery for a chance to win a prize
– all the deposited DAI in the pool earn interest, so the prizes are funded solely by the interest earned

Kleros
– become a juror and earn arbitration fees each time you rule on a dispute

For more usecases please follow here.

Privacy

Ethereum blockchain is transparent to the core. That’s why it may seem contradictory, that an open-ledger, open-source technology like it would attempt to disguise itself with anonymous transactions. However, it’s more like a data security in order of protection the anonymity of cryptocurrency users – all while maintaining the integrity of public ledger.

Continue reading “Privacy”