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What is a Web Wallet?

To join Telos, you'll need to have a Web Wallet. We'll explain what it is and how to use it.

A web wallet, also known as a crypto wallet, is a software program that enables you to buy, sell, and store your digital assets like cryptocurrencies and Non-Fungible Tokens (NFTs). It serves as your address on the blockchain, storing your digital items and keeping them secure. It's important to keep your wallet locked and safe, just like you would with a physical wallet.

Types of Web Wallets​

Web wallets can be categorized into two types: custodial and non-custodial wallets.

  • Custodial Wallets: These are managed by a third-party company. They are like a storage facility where you keep your valuables. They require less responsibility from your end, but are dependent on the third party. For instance, if the storage facility was compromised, your assets could be at risk.
  • Non-Custodial Wallets: These wallets are not managed by a third party. They are akin to a safe in your house where you store your valuables. They give you full control over your assets, but also demand extra care and responsibility from you.

Non-custodial wallets further include software and hardware wallets. Software wallets live on your computer or internet browser, making them convenient for quick transactions. Hardware wallets, on the other hand, are physical devices that offer secure storage for long-term, albeit less convenient for frequent transactions.

How to Set Up a Web Wallet​

The process of setting up a web wallet can vary depending on the wallet, but generally, it involves the following steps:

  1. Download the Wallet: Some wallets have browser extensions, iOS apps, and Android apps. For starters, download the browser extension.
  2. Follow Prompts: Open the downloaded extension and follow the prompts to set up a new wallet.
  3. Create and Store Your Seed Phrase: During the setup, you will be presented with a seed phrase. It's crucial to store this seed phrase in a secure place as it is needed to recover your wallet.
  4. Connect Your Wallet to the Platform: Once your wallet is set up, connect it to the platform where you will perform your transactions.

Funding Your Web Wallet​

You can fund your wallet by adding funds directly to it or by transferring cryptocurrency from a crypto exchange. Different wallets have different methods for funding, but they typically include services like Moonpay or Wyre that allow you to buy cryptocurrency using a credit or debit card.

Protecting Your Web Wallet​

Just like any valuable asset, your crypto wallet needs to be kept safe. Some best practices include not reusing passwords, protecting your seed phrase, and not clicking links from unrecognized sources.

Connecting Your Web Wallet to Gaming Platforms​

Many gaming platforms that use blockchain technology will allow you to connect your web wallet to their platform. The process typically involves clicking on a wallet icon on their site, which will then guide you through connecting your wallet. Once connected, you can use your wallet to buy, sell, or transfer digital assets on the platform.

Remember, not all wallets support NFTs, so double-check this before setting up a wallet. You might also want to have different wallets for different blockchains or for different purposes like convenient transactions and secure long-term storage.