This is crucial and should not be ignored and surely it is a necessity for MyCDApp team to research and post this on time to save crypto community and especially NewB.
First lets start this way:
What is Ether?
It is the token used in Ethereum Blockchain and needed to pay for GAS fee when sending out Ether or any Ether ERC20 tokens from one wallet to another. Check the dictionary section of our App for more info on Ethereum.
What is Ether Tokens?
Due to the fact that Ethereum allows the development of smart contract Apps on the Ethereum Blockchain, alot of startups have found this interesting and undoubtably helpful, easier and faster to deploy their projects on Blockchain and reduce the financial burden of building a blockchain from scratch, providing security, upgrades, patches and lot others.
This had help many to kick start their businesses on blockchain with less capital and focus majorly on their product/services and not merge it with the headache of maintaining a Blockchain itself. Check the dictionary section of our App for more info on ERC20 Token.
4 Ways To Secure Your Ether and Ethereum Tokens
Yeah, we aim to run you through four basic tested and proven ways to secure your Ethereum wallet especially if you only hold it in MyEtherWallet (MEW) for now.
As crypto coins/tokens are gaining value, they are also attracting unethical hackers always in look for ways to feed on others wallet unlawfully and sure anyone can easily fall a prey if not vigilant enough.
1) Be On Alert:
Indeed a lot may have told you that cryptocurrency money is easy and cheap to access but most times do remove the fact that you will need to stay at alert or you lose all you gathered in twinkle of eyes to unknown hacker(s) and most time 99% cases are non retrievable considering the fact that crypto is still at infant stage and largely unregulated.
To be on alert means you should not just buy into a coin/token and go to sleep awaiting to return later to catch profit -NO! You need to stick to latest information as regards to the coin/token, the exchange or wallet platform you hold it on and crypto community security updates generally.
For example, the day we plan to sell a token (now worth $1,500) via EtherDelta was the day it was hacked, fake website by hacker fixed up sapping users private keys had replaced the genuine ED and ultimately their funds flying off their account like birds off their nest. We got series of alerts from our alerts channels and that was the what stopped us from using the website that day, if not all our token will graciously be given to those hacker with ease. That’s precisely what it means to stay on alert in crypto community.
2) Bookmark/Crosscheck Every Website:
Yeah, this might sound unrealistic but if your portfolio is less than $1,000 you can do anyhow with it but if more than that you will need to take caution. You simply bookmark the original verified website and always recheck once loaded to make sure you are not on copied version.
For example while this article was been compile, we got alert of a duplicate of Bitconnectx ico website (please we are not advertising bitconnectx ICO here but we need to use live example so you know this article is not just to gather popularity or readership but to protect every crypto community member that will read and implement it). The original website url of the ICO is Bitconnectx.com and the fake is xbitconnect.com, both websites have same design but little things like the ICO timer makes the different but that is only for observers, some may have falling prey even as we are discussing this here.
This does not stop on the website alone, always do same for every addresses you are sending coin/token too. At least try to cross check the first and the last six digits before you click the send button because some software now auto change copied address before you paste it if your device has been infected with their malicious software.
3) Use Double layer confirmation platforms
Do you every wonder why most platforms are now making it mandatory to have Two-Factor Authentication (2FA) on your exchange or wallet account? Yeah, its simple – The more layers placed on your wallets before it could be access, the more secured it becomes and for any to access it means it was a clean, well planed and schemed hacking specifically on your own account not just general hacking if you have all those security layers activated.
For example if you open Binance exchange account, you can deposit but before you withdraw you need at least your 2FA activated. After activation, you try to withdraw and then get the following layers of security.
(1)Login password – (2)enter 2FA code – (3)access to account – (4)request withdrawal – (5)enter 2FA code again – (6)open the verified email for the Binance account to approve the withdrawal – Then withdrawal successfully processed. You need atleast 6 solid layers to have your account wallet compromised and that makes if a bit more secured compared to just entering password and click withdraw and its done.
The same applies to MEW users, see how your Etheruem address on MEW works:
(1) Enter your Private Key on MEW – (2) Access to all features to withdraw Eth and tokens.
Did you noticed that, you only need your Private key and 100% access to your wallet is granted to you or hacker that may also have your key and do anything with your Ether balance and tokens. Yet a lot of newbie uses this platform due to the fact that its very compatible with ERC20 tokens and this article is not to condemn the platform (In fact we use it too) because they had been for long and one of the major platforms that made crypto attractive to newbies and for Airdrops but the security feature should not be ignored too and that posses danger to users.
So, lets now see how you can create some additional layers for yourself with your Ethereum address on MEW using the following;
i) Metamask: this platform gives you extra layer of security to your MEW wallet or you may just open your Ethereum account directly from there – it also supports ERC20 tokens like MEW. Let see how this works.
We are certain that most readers here already have MEW and looking for ways to make it more secured beyond the just one step full access explained above and we have the solution outlined below too.
1) Visit https://Metamask.io and follow their instruction on the website to install and setup your Metamask account via Chrome extension
2) Click the extension to create new account and import your MEW address to give it additional security
3) Henceforth don’t login into MEW or other platforms like EtherDelta, IDEX with your Private key again, instead locate option to login with Metamask and that gives you access to those platform full features without exposing your Private key anymore.
Once the steps above is done, see how the new security later added works
(1) Login with Metamask on MEW,Etherdelta,IDEX etc. – (2) Request withdraw of Eth or tokens – (3) Login To Metamask – (4) Approve the withdrawal request prompt with another opportunity to crosscheck that it is the transaction you initiated on other platforms and click Accept/Approve to complete it if not you press Cancel/Reject and the transaction will automatically fail on the other platforms where transaction was initiated.
Now if you crosscheck, Metamask has helped to add additional 2 extra layers of security to your account, first preventing easy access to your Private key unlike when you enter it directly and secondly giving you the power to control what transaction is allowed on your account.
ii) BLUE: Yeah if you have came across a token called EthereumBlue, you still mean the same. You may also been lucky to have gotten 1,000 to 10,000 of BLUE free via their Airdrop about 3 months ago. They are finally coming out strong and we can say this platform is doing strong has we have been following them since the Airdrop done.
They are really doing their best to keep crypto community safe and fight it hard and openly against coin/token developers with questionable features hidden in their codes and user interface.
Blue finally released their wallet alternative to Metamask (still in public beta with less fatures activated) which also helps to give added security to your existing MEW wallet or you can just open a fresh Ethereum address with them via their Chrome extension as they support ERC20 token too and also translate GAS value to dollar to make it easily readable before you send your Ether or ERC20 tokens..
Visit https://www.etherblue.org/wallet to get started with BLUE.
4) Diversify your portfolio
Its time to round this up before you get bored and lets close it with diversification of crypto portfolio. Following the above keeps you safe but it does not guarantee that hackers can not penetrate via one way or the other new ways yet to be known (remember hacker(s) can even be your close pals offline whom have access to where you store your backup offline and could break all odds above with ease).
Thus, another way to play safe in crypto is diversification, once your portfolio worth $1,000 above, don’t keep everything in one coin/token, spread it to two, three, four, five upto seven coins/tokens and do not have them all in one wallet even if they are all Ethereum based (which is not advisable, spread your investments outside Ethereum coins/token too for more safety).
If eventually one platform, exchange or wallet get hacked and you stand to lose your fund, diversification will safe you from complete wretch from crypto world.
Wahooo, thats a long epistle, but we hope it helps some of our users and you can download our App if you don’t have it yet, use and send feedback and also share with friends and family.
We await your feedbacks and comments