What is Klaytn Wallet? How to use Klaytn Wallet

Korean-based Klaytn blockchain is an enterprise-grade, service-centric platform that aims to bring user-friendly blockchain experience to millions of users.

Recently, Klaytn launched a non-fungible token (NFT) minting service called KrafterSpace .The initiative aims to simplify the creation and management of NFTs. Users can turn an image or video into an NFT simply by uploading it on Klaytn. It's very easy to make a profit, right?

To be able to get skin in the game with this blockchain, of course, you will need a Klaytn Wallet. So what is a Klaytn wallet? Where to create a Klaytn Wallet? In today's article, I will show you the details on how to create a Klaytn wallet.

What is the Klaytn Wallet?

The Klaytn Wallet is where KLAY, KIP7, KIP37 standard tokens are stored in the Klaytn blockchain platform. KLAY is the native token of Klaytn. You can send and receive KLAY, KIP7, KIP37 standard tokens as well as interact with applications on the Klaytn platform.

In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.

Klaytn Wallet has 3 extremely important pieces of information you must note:

• Wallet address: A sequence of numbers and characters used to send assets to Klaytn wallet. Others can transfer coins to you through the wallet address you provide. A Klaytn wallet address (KLAY KIP7 KIP37) will have the following format: 0xBe588061d20fe359E69D78824EC45EA98C87069A.
• 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: tail solve lumber domain three social target mail long funny during pill.
• Private key: This is a string format to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 0xc9e65ceb161b59d1139cc1a52ffb1b46153cef63c4e54c4c190abc919d542f35.

To make it easier to visualize, you can imagine that the Klaytn Wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.

The difference here is that with a bank account, other people will know your personal information. As for the Klaytn 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.

Where to create a Klaytn Wallet?

You can create a Klaytn wallet through Coin98 Wallet.

Coin98 Wallet is a NFT & non-custodial walletthat not only supports the Klaytn platform but also many other platforms such as Ethereum, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & X-Chain) ), Polkadot, Cosmos, Terra, Fantom, Persistence, Bitcoin, TomoChain, Celo, Binance Chain, THORChain, BandChain, Kava, xDAI, GateChain, KardiaChain, OKExChain, Ronin, KuCoin Chain, Optimism, Arbitrum on Ethereum, Arbitrum on xDai, Boba Network, …

Because it is a decentralized wallet platform, users are in complete control of assets, no one has access to your wallet including the developers. You can rest assured when storing KLAY, KIP7, KIP37 standard tokens here.

How to create a Klaytn Wallet

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

Coin98 Mobile Wallet

Download and access the app

Coin98 Mobile Wallet currently supports users to store, send and receive KLAY, KIP7, KIP37 token standards.

Klaytn Wallet is now available on the Coin98 Mobile Wallet for both iOS and Android users: https://coin98.com/wallet

After downloading the app, you open the Coin98 Wallet application and select the language you want to use to directly access the wallet interface.

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

Create the Klaytn Wallet (KLAY, KIP7, KIP37)

Step1: Open the application, at the homepage click Manage.

Step 2: Click Add Wallet and click on the icon Klaytn (KLAY, KIP7, KIP37) to create a Klaytn wallet or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create.

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. 

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

• Copy and paste the Passphrase/Private key into the Confirm box.
• Tick ​​the box Backup your recovery key and click on the copy icon to confirm that you have saved yo ur 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 when someone knows these sequences of characters.
• Tick ​​the remaining two boxes to confirm that you understand the risks if you lose your Passphrase/Private key.

Select Create Wallet.

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

Coin98 Extension Wallet

Installation instructions

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

Create the Klaytn Wallet (KLAY, KIP7, KIP37)

Step1: Open Coin98 Extension Wallet, enter password. At the homepage click Manage. Click Add Wallet.

Step 2: Select the Klaytn Wallet 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.

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

How to receive KLAY, KIP7, KIP37 tokens into Coin98 Wallet

This operation is similar on both the mobile version and the extension, so you should refer to the ways below and follow.

Option 1

Step 1: Click on the Klaytn Wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code address.

Option 2

Step 1: Click Receive on the main screen.

Step 2: Enter KLAY, KIP7, KIP37 tokens' names in the search bar.

Step 3: Click the icon to copy the wallet address or get the QR address.

You can send KLAY, KIP7, KIP37 tokens to the address copied in step 3.

How to send KLAY, KIP7, KIP37 from Coin98 Wallet

This operation works the same on both Coin98 Mobile Wallet and Coin98 Extension Wallet. Here, I will give an example of how to receive KLAY stored in a mobile wallet.

Step 1: Click on Klaytn wallet.

Step 2: Choose Send.

Step 3: Select the token and enter the amount 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 sending.

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

Note:

• The gas fee for each transaction is paid with KLAY, approximately 0.000525 KLAY.
• The default gas fee on Coin98 Wallet has been set at the standard rate that offers the most optimized speed with a reasonable cost.

Some notes when using Klaytn Wallet

Is it safe to store KLAY, KIP7, KIP37 standard tokens on Klaytn Wallet?

Coin98 Wallet 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.

Is there a fee to send KLAY/ KIP7/ KIP37 tokens and transfer KLAY/ KIP7/ KIP37 tokens?

Sending KLAY, KIP7, KIP37 tokens from the Klaytn Wallet will cost the blockchain platform fee in KLAY to confirm the transaction. But the transaction fees on Klaytn are very cheap and nearly insignificant.

Is it possible to create multiple Klaytn wallets?

Of course! You can create as many Klaytn 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 Klaytn wallets.

Can Klaytn Wallet store other coins?

Klaytn Wallet can store KLAY, KIP7, KIP37 standard tokens supported by the Ethereum blockchain platform. In addition, absolutely do not transfer any coins on other blockchain platforms to Klaytn 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 Klaytn. Hope the tutorial can help you to easily create and use Klaytn Wallet on Coin98 Wallet.

If you have any questions about the above steps, don't hesitate to leave a comment at the end of this tutorial! The Coin98 team will answer your questions as soon as possible!

See you in our future posts!