To understand the process of creating a TON wallet you need to understand what a crypto wallet is. A crypto wallet is a tool used to manage blockchain assets, such as cryptocurrencies and NFTs. Crypto wallets can be mobile or web-based. The mobile wallets offer the convenience of managing your crypto from an app on your phone. While web-based wallets provide the flexibility of accessing them from any device.
TON Wallets are cryptocurrency storages that provide users with the ability to securely store, send, and receive cryptocurrency. TON Wallets make it easy to keep your cryptocurrency safe and organized on The Open Network (TON) platform.
Creating a TON Wallet
To start using the TON network, you’ll need a TON wallet. These TON wallets are gateways to the TON blockchain, options include @wallet (which can be used within Telegram), Tonkeeper, and Tonhub (non-custodial cryptocurrency wallet). These wallets create an interface to allow users to access their assets on the decentralized ledger.
Setting Up a TON Wallet on Telegram
TON’s @wallet lets you integrate a crypto payment system into your Telegram account.
Step 1: Sign into Telegram; Before you can use @wallet, you need to have a Telegram account. If you haven’t installed the Telegram app on your device yet, you can download it from the app store. Once installed, register for Telegram using your phone number.
Step 2: After registering in Telegram, visit the TON wallet page and select @wallet from the options.@wallet launches a Telegram bot where you can set up and manage your wallet. Approve the permission prompt to open your Telegram and head over to Telegram to complete the setup.
Step 3: On Telegram, click “start” to commence the set-up process. Carefully follow the instructions provided by the system to set up this feature.
Step 4: Accept permission to add @wallet as a menu option, this allows you to access the wallet in chats.
Step 5: Look for @wallet in the menu and start the security setup process. To add extra protection to your account, it’s a good idea to turn on two-factor authentication and set up a password. Now your @wallet is ready for use on Telegram.
Step 6: Funding: To top up your @wallet, click Deposit crypto from another wallet from the wallet menu, select the asset you wish to deposit, and copy the provided address. Send the specified asset to the address. @wallet supports Toncoin, Bitcoin, and ERC20 USDT. Other options include; using a regular bank card, and through a P2P platform.
How to Configure Tonkeeper
Tonkeeper is now also integrated into Telegram, allowing users to execute activities on the TON network. Tonkeeper is non-custodial, letting users hold custody of their wallet keys. It also offers a wider range of uses for the TON network, including staking services and connection to decentralized applications.
Let’s consider the process of setting up your Tonkeeper wallet.
Step1: Visit the TON page, select Tonkeeper, and download the appropriate version for your device. Be sure to download the Tonkeeper wallet from the official page or appropriate app store to avoid downloading fake/scam app.
Step 2: Launch the Tonkeeper application and click ‘Get Started’ and ‘Create new wallet’.
Step 3: Click ‘Continue’, write down and save the seed phrase (usually 24 words in this case) that the wallet will show you. The seed phrase is the most important key to your wallet. Never share the seed phrase with other users. Only a user who knows the seed phrase will have access to all funds in this wallet. Remember: losing the seed phrase = losing the wallet and all funds on it.
Step 4: Verify the seed phrase and click ‘Continue’.
Step 5: Create and confirm your password. This password will be required to access the wallet in your device and to confirm transactions. In many wallets, you can also enable biometric authentication (fingerprint, face scan). If you forget this password, you can regain access using the seed phrase.
Now, you can send and receive Toncoin, as well as other supported assets, through your Tonkeeper wallet
SETTING UP PHRASES AND PRIVATE KEYS
A seed phrase is a sequence of random words that stores the data required to access or recover cryptocurrency on blockchains or crypto wallets. They are mnemonic code consisting of 12-24 words. Cryptocurrency wallets provide software that create seed phrases and encourage users to record them on paper for safekeeping. This helps during a hardware breakdown or file corruption. It is extremely important that your seed phrase be randomly generated, so that it cannot be guessed or reverse-engineered.
How to generate a seed phrase
There are several methods involved in generating speed phrases, here are four comon methods to generate a seed phrase:
Wallets
Most crypto wallets automatically generate a seed phrase when set up. There aren’t many choices available for customizing the seed phrase’s settings because the procedure is often mechanical.
Wallets will walk you through the steps to set up a seed phrase the first time they are used. When you arrive at the seed phrase creation step, the wallet will display each of the words, one at a time. Write down each word in the order it was received. For example, 1=Figure, 2=Happy, 3=Beach, 4=Nature, etc.
Because it is so important to permanently and correctly capture the seed phrase, most wallets will make you carefully verify that you have correctly recorded each word. After displaying all of the words, the wallet will ask you to confirm again, for example: “What is number 4? Number 1? Number 8?” Confirm all words to the wallet as it prompts you. Once you verify all of the words, you have successfully generated your seed phrase.
Apps
Some apps not only create a seed phrase but also help users generate an encrypted “vault” that holds their phrase and keeps all their digital assets secure within the vault. For example, Vault12 is an app that performs routine audits with automatic backups.
To generate a Seed Phrase in the Guard app and use it to initialize your wallet, you will need to complete the following steps:
Step 1: Using Guard, create and set up a Digital Vault.
Step 2: Add an Asset to your Vault, e.g., “Add Web3 Wallet.”
Step 3: Configure and generate a Seed Phrase, under “Advanced options,” choose to "Generate seed phrase”.
Step 4: Select the word count (usually 12 to 24 words), tap on the “Continue” button and Vault12 will start generating your unique seed phrase.
Step 5: Save the Seed Phrase or backup code into your Vault.
It’s important to note that not all wallets support all of these options, so check your wallet documentation to decide which option is best for you. Once the Seed Phrase is generated, Vault12 Guard will auto-populate the Asset Seed Phrase word-by-word form with your Seed Phrase for Vault storage and backup with Guardians.
Calculators
Calculator-based seed phrase is another analog method for offline phrase generation. To generate a seed phrase, use a calculator with “random” functionality and create a seed phrase with a random sequence of characters. However, these come with security vulnerabilities, as this method requires two devices to function, i.e., a calculator and an air-gapped computer, which is isolated from unsecured networks.
Dice
Another analog method involves the use of dice. This approach requires dice, paper, pens, and a BIP39 word list. This method involves rolling a die or dice and writing down the random results on a piece of paper. After the required number of characters, you’ll have generated a seed phrase.
Generating private key
Once your wallet is set up, it will automatically generate a private key for you. The private key is a randomly generated string of numbers and letters that provides access to your digital assets. The wallet usually keeps the private key hidden from the user for security reasons. It is crucial to backup your private key in case your wallet gets lost, damaged, or becomes inaccessible. Some wallets allow you to export the private key, which you can then store securely offline.
Remember, the private key is extremely sensitive and should be kept secret. Anyone who gains access to your private key can control your assets.
Importance of properly backing up seed phrases
Since your seed phrase is the key to all your crypto, it’s super important to make backups and store them safely. If you lose your seed phrase and don’t have a backup, your crypto could be gone forever.
When you write down your seed phrase, double-check that you copied it correctly and completely. It’s a good idea to make multiple backups and keep them in different secure places, just in case something happens to one of them.
Remember, you should always keep your seed phrase offline and away from any devices that connect to the internet. This helps protect it from hackers and malware.
Risks of Poor Private Key Management
When it comes to keeping your cryptocurrency safe, managing your private keys is super important. Private keys are like the secret codes that give you access to your digital asset. If you don’t take good care of them, you could end up losing your crypto forever.
Consequences of losing private keys
Losing your private keys means you won’t be able to access your digital coins anymore. They’ll be stuck in your wallet forever, and there’s no way to get them back.
Dangers of storing private keys online or on insecure devices
Some people think it’s a good idea to store their private keys on their computer or online. But this can be really dangerous! If a hacker gets into your computer or the website where you stored your keys, they could steal all your assets.
It’s like leaving your piggy bank out in the open where anyone can grab it. Instead, you should keep your private keys somewhere safe, like a special hardware wallet that’s not connected to the internet.
Below are some Do and Don’t to help to help safe guard our private keys.
Do
• Write down your Secret Recovery Phrase somewhere safe. The importance of handwriting your Secret Recovery Phrase is that it cannot be stolen online. If you store it in a file in an internet-linked cloud storage folder, it can be stolen if not properly managed.
• Double-check your spelling and that you wrote down every word in the exact order they were given.
• Reach out to wallet/exchange Support’s official channels if you need help.
Don’t
• Change the order of the words.
• Keep it in an easily discovered location, like a post-it note stuck to your computer.
• Keep it in an easily hacked location, like a cloud-saved document or an email titled ‘Seed Phrase’.
• Provide your seed phrase to anyone, even if they say they’re from wallet/exchange Support.
However, with great security comes great responsibility. Always follow best practices and explore additional security measures to protect your crypto assets effectively.