What is Elrond Wallet? How to use Elrond Wallet

Elrond is a blockchain platform that can process transactions at high speed and provide security for the network by utilizing the Proof-of-Stake (PoS) mechanism. Elrond’s performance scales up with the number of computers joining the network, reaching more than 100.000 transactions per second.

To be able to skin in this blockchain, of course, you will need an Elrond Wallet. In today's article, I will show you the details on how to create an Elrond Wallet.    

What is Elrond Wallet?

The Elrond wallet is where EGLD and ESDT are stored on the Elrond blockchain. You can send and receive EGLD tokens as well as interact with applications on the Elrond platform. In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.

What is included in an Elrond Wallet address?

An Elrond Wallet has 3 extremely important pieces of information you must take note:

• Wallet address: A sequence of numbers and characters used to send assets to the Elrond wallet. Others can transfer coins to you through the wallet address you provide. An Elrond (EGLD) wallet address will have the following format: erd1l9wp4d4q2p5m6emr9l786f4calsm02emuxehmq34pscez2gvfxlqxr5j9s
• Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: accident cat else notice can rubber region intact human toast rich male
• Private Key: A string of letters and numbers to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 5HivxzagFZZbs6eYiQKwd1Q17dPQtkQ16PGR1kUFqYmpCQZPU9ijwFzsDbfb3R4mWTeAgnqg6WUZjCChZcnMg277

To visualize, you can imagine that the Elrond wallet is a bank account, the wallet address is the account number and the passphrase is the password.

The difference here is that with a bank account, other people will know your personal information. As for the Elrond wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

Elrond Wallet Review

There are many wallets on the market that support creating the Elrond blockchain. Let's take a look at some outstanding Elrond wallets in the crypto world.

Coin98 Super App

Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,...

Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to your wallet, including the developers. You can rest assured when storing EGLD tokens here.

Learn more: What is Coin98 Super App?

Elrond Wallet

Elrond Wallet is an official and user-friendly wallet where you can securely transfer, receive and store your Elrond tokens while interacting with Elrond dapps.

Create an Elrond Wallet here: wallet.elrond.com

Trust Wallet

Trust Wallet – Binance's electronic wallet with 5 million active users, is one of the most popular wallets on the market. Trust Wallet allows users to store assets on a variety of platforms and connect their wallets to Dapps, allowing them to freely study and trade on the Trust Wallet app.

Create the Trust Wallet here: trustwallet.com

How to create Elrond Wallet on Mobile

This tutorial will guide you on how to create a new Elrond wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.

Download and access the Coin98 Super App

Elrond wallet is now available on the Coin98 Super App for both iOS and Android users.

After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.

Create the Elrond wallet

Step 1: Open the application, at the homepage click the Wallet icon → Manage.

Step 2: Click Add Wallet and click on the Elrond (EGLD ESDT SFT) icon to create an Elrond Wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create.

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for er use). Click Next. 

Step 4: Back up the Passphrase in a safe place.

Note: These are CRUCIAL information that directly affects control over your assets.

• Copy and paste the Passphrase into the Confirmation box.
• Tick ​​the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
• Tick ​​the two remaining boxes to confirm that you understand the risks if you lose your Passphrase.

Click Create Wallet.

Once done, you can also go to Manage → Manage All Wallets to check the newly created Elrond wallet. 

How to create Elrond Wallet on Desktop

Install Coin98 Extension Wallet

You can access chrome.coin98.com to install the Coin98 Extension Wallet.

For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide here.

Create the Elrond wallet (EGLD ESDT)

Step 1: Open the Coin98 Extension Wallet and insert your password. At the main interface, click Manage. Click Add Wallet.

‌Step 2: Select the Elrond icon → Create Wallet.

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.

Step 4: Backup the Passphrase/Private key in a safe place.

Select Create Wallet.

After that, you can also go to Manage → Manage All Wallets to check the newly created Elrond Wallet.

How to use the Elrond Wallet 

Add tokens

Option 1

This process is similar on both the mobile version and the extension, so you can follow these steps for both.

Step 1: Click the Elrond wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code address and send your assets to this address.

Option 2

Step 1: Click the search icon on the main screen.

Step 2: Enter EGLD, ESDT token in the search bar.

Step 3: Click the copy icon to copy the wallet address or get the QR address and send your assets to this address.

You can send EGLD, ESDT tokens to the address copied in step 3.

Send tokens

This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send EGLD stored in the mobile wallet.

Step 1: Click the Elrond wallet. 

Step 2: Choose Send.

Step 3: Select the token, insert the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.

In addition, you can also go to the Send section in the main interface, select the Elrond wallet you want to send from.

Note:

• The gas fee for each transaction is paid with EGLD, approximately 0.00005 EGLD 
• The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.

Use the Elrond Wallet Explorer to check the transaction history

Elrond Wallet Explorer is the Elrond ecosystem explorer, allowing access to information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp now than ever before.

Elrond Explorers that are most commonly used by users: explorer.elrond.com

Some notes when using the Elrond wallet

Is it safe to store EGLD tokens in the Elrond wallet?

Coin98 is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.

Is there a fee to transfer EGLD tokens?

Sending EGLD tokens from an Elrond Wallet will cost the blockchain platform fee in EGLD.  

Is it possible to create multiple Elrond wallets?

Yes! You can create as many Elrond wallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Elrond wallets. 

Can Elrond wallets store other coins?

Elrond wallets can store EGLD tokens supported by the Elrond blockchain platform. Otherwise, do not transfer any coins on other blockchain platforms to Elrond wallet if you do not want to lose your assets.

Summary

With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Elrond. We hope the tutorial can help you to easily create and use the Elrond (EGLD ESDT SFT) Wallet on Coin98.

Learn more:  What is Secret Network Wallet? How to use Secret Network Wallet