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What is Emerald Wallet?
Emerald Wallet is a non-custodial or self-custody cryptocurrency wallet. You can download it to your computer; either Windows, Mac, or Linux; and start using Bitcoin, Ethereum, and Ethereum Classic. We also support stablecoins such as USDT, USDC, and DAI. A non-custodial wallet like Emerald means that you hold your accounts with your private keys, so you have complete control of your cryptocurrencies and assets. The custodial services such as exchanges and custodial wallets, basically have all the assets in their own accounts in the different blockchains, so they control your money and cryptocurrencies. On Emerald Wallet you may have many wallets with different blockchains enabled inside each one. This means you may have a wallet with Ethereum and Bitcoin and another with Ethereum, Bitcoin, and Ethereum Classic, and so on. When you enable Ethereum in any wallet inside Emerald, you will automatically have access to some stablecoins in that blockchain as well, such as USDT, USDC, and DAI. Once you have your wallets, blockchains, and accounts inside Emerald, you can send and receive cryptocurrencies, transform Ethereum into Wrapped Ethereum to use with dapps, organize your finances, make payments, and manage your address book. On Emerald, you can create new wallets in different ways: Using a hardware wallet such as Ledger Nano Creating a new seed phrase (24 word secret phrase) With a Private Key JSON file With a raw private key
What Is a Non-custodial or Self-custody Wallet?
To own or control cryptocurrencies and assets inside blockchains they are all under public keys, also known as accounts or addresses. Each of those accounts are controlled by private keys. A private key is like a unique password that controls a public key. When someone has a private key, they have absolute control of an account that is associated to that private key in a blockchain. Nobody else has such control. Custodial However, some people don't have the private keys to their cryptocurrencies. Instead, they delegate to another person or service the "custody" of their assets, so the other person or service has control of the private keys to the accounts. This means that you are trusting a third party with your assets. When you have delegated the control of your assets to a third party, this kind of relationship is called "custodial" because the service, which may be an exchange or a wallet service, really has ownership and control of the crypto. You just interact with them through their app or website. This is very similar to how banks or brokers work today. Non-custodial or Self-custody With non-custodial or self-custody relationships or services such as Emerald Wallet, you have total control of your private keys, and therefore of your accounts inside the blockchains and your assets. This is a lot of responsibility, but also much more secure and the purpose of the blockchain industry! The way Emerald gives you this control and security is by having only options to create wallets inside Emerald that use hardware wallets, seed phrases (24 word secret phrase), your raw private keys, or Private Key JSON files. Emerald does not, and will never have your private keys.
What Is a Cryptocurrency?
A cryptocurrency is a new form of money invented by Satoshi Nakamoto when he published his Bitcoin white paper in October of 2008, and launched the Bitcoin blockchain network by releasing and running the first node software in January of 2009 with Hal Finney as the first other user. Up until then, money was usually either a commodity product; such as gold; or a national currency; such as the dollar, euro, ruble, yen, yuan, or peso, also known as fiat currencies, which are issued by national governments. The term "crypto" in "cryptocurrency" is used because blockchain networks are built with cryptographic components created by cryptologists. Some of these components are hashcash, the proof of work component of blockchains; public key cryptography, the private key and addresses component; Merkle trees, the way in which transactions are transformed into smaller, concise snippets of information and stored in the data base; and hash functions, which are cryptographic functions that transform any amounts of transaction and block data into fixed size values. The term "currency" in "cryptocurrency" is used because the units that are issued as money inside blockchains are scarce, durable, costly to create, portable, divisible, fungible, and transferable. The term "blockchain" is a neologism that has been adopted to name these networks as they are effectively chains of blocks of data, as new transactions are grouped in blocks and added to the network every 15 seconds to 10 minutes by miners or stakers, depending on the network. Examples of cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), DAI, USDT, USDC, and WETH, which Emerald supports. Other non-supported cryptocurrencies yet may be Litecoin (LTC), Dogecoin (DOGE), Polkadot (DOT), BNB, Solana (SOL), Cardano (ADA), and Shiba Inu (SHIB). What is a native cryptocurrency? A native cryptocurrency is the one that is created by the blockchain network itself to pay for miner or staker rewards and to pay for transaction fees. These cryptocurrencies have a real economic use since inception as they are issued only in exchange for the work or staking by miners or stakers. Aside, from being issued and used for the internal economics of the blockchains where they exist, these cryptocurrencies can be bought, sold, transferred, and used for payments freely in the broader economy. Examples of native cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Dogecoin (DOGE). What is a programmable native cryptocurrency? A programmable native cryptocurrency is a native cryptocurrency that exists inside a blockchain that supports smart contracts, which are decentralized software programs. The programs allow the accounts and balances inside these networks to be programmable as they may respond to instructions from these smart contracts. Examples of programmable native cryptocurrencies are Ethereum (ETH), Ethereum Classic (ETC), Polkadot (DOT), Binance Smartchain (BNB), Solana (SOL), and Cardano (ADA). What is a non-native cryptocurrency or ERC-20 token? Because in smart contracts or programmable blockchains people can create any types of software programs and dapps (decentralized applications), one type of software program may be to create a new cryptocurrency, but that is not native to the network. These cryptocurrencies or tokens exist inside the blockchain as well, but they are not issued by the blockchain network. They are just created by developers to issue new cryptocurrencies for different purposes. The term "ERC-20 token", which is used to create these non-native cryptocurrencies, stands for "Ethereum Request for Comment" or "ERC" and the number "20" is the number of that particular ERC. The ERC-20 definition of rules and ways to create non-native cryptocurrencies is now an industry standard. Examples of these non-native cryptocurrencies or ERC-20 tokens may be Shiba Inu (SHIB), DAI, USDT, USDC, and HEX. What is a stablecoin cryptocurrency? A stablecoin cryptocurrency, or just stablecoin, is a non-native cryptocurrency or ERC-20 token that is pegged or associated to a national currency such that 1 token equals 1 unit of the national currency. These tokens or cryptocurrencies are called "stablecoins" because they are always worth 1 unit of the underlying national currency despite market conditions. Examples of these stablecoins may be DAI, USDT, and USDC which are all worth $1 because they are pegged to real US dollars deposited in a bank account or are guaranteed by other crypto assets to be worth $1 all the time.
What Cryptocurrencies Does Emerald Wallet Support?
Emerald supports the following cryptocurrencies: Bitcoin Ethereum Ethereum Classic In addition to the above blockchains, Emerald also support the following stablecoins inside Ethereum: USDT USDC DAI To use dapps on Ethereum, Emerald also enables the conversion from Ether (ETH) to Wrapped Ether (WETH). We are working to add new blockchains, cryptocurrencies, and assets to Emerald Wallet!
What Is the Difference Between a Wallet, a Blockchain, an Account, and an Address in Emerald Wallet?
On Emerald, you may have many wallets, each wallet may have many blockchains, and in each blockchain you may have many accounts, which are also called "addresses". What Is a Wallet? A wallet inside Emerald is like a compartment where you may have several blockchains with several cryptocurrencies. Each wallet in Emerald has a wallet ID which you can label. For example, if you have a wallet called "wallet 1" you may have Bitcoin and Ethereum enabled there. If you have a second wallet called "wallet 2" you may have Ethereum and Ethereum Classic there. So, the term "wallet" in Emerald means a separate place where you can have several cryptocurrencies. What is a blockchain? As explained above, each wallet in Emerald may have several blockchains. A blockchain is a cryptocurrency network such as Bitcoin or Ethereum. So, "wallets" are like containers where you may have several blockchains inside Emerald so you can better organize your money! What is an account? An account or address (which are the same thing) in a blockchain is analogous to an account in a bank. It is a long string of digits that is your account inside said blockchain. This means that all the assets, cryptos, NFTs, and balances that you have in that account belong to you and you control them with your private keys. For example, this is how accounts or addresses look in the blockchains we support: Bitcoin: bc1qtr4dxskads7awt77qjuwd6n8ap7vvjfhgvyxgf Ethereum: 0x5be6ce1b0b91764b0dceb5bd32643693a5873cca Ethereum Classic: 0x978B158c282A5C97a1eD2F03377f62F3D8E69fDa What is an address? An address is exactly the same as an account, it is just another term that people use.
What Are Hardware Wallets and Software Wallets?
The concept of wallet types is a function of security vs convenience. Some wallet types are less convenient, but more secure. Others are more convenient, but less secure. Choosing between wallet types depends on the use case and value stored in them. In general terms, smaller amounts of crypto and high frequency use are better managed in less secure wallets such as software hot wallets. This is because the crypto is always ready to use and sending transactions is as simple as a touch of a button from a computer or phone. Larger amounts of crypto and low frequency use are better managed in highly secure wallets such as hardware and cold wallets. Wallet types are defined by where the private keys are and in what format. All private keys are used to control addresses inside blockchains, and these addresses are the ones that hold people's cryptocurrencies and crypto assets. This is why the location of the private keys is what constitutes the type of wallet. What is a hardware wallet? A hardware wallet holds the private keys in a separate hardware device that never touches the internet nor your computer or phone. The private keys are kept in a sort of pen drive that is connected to your computer or phone with a cable only when a transaction needs to be signed. However, the transaction is signed inside the hardware wallet, so the private keys never touch your machines or the internet, where hackers may gain access and steal your crypto. Because of this feature, hardware wallets are considered more secure than software wallets. IMPORTANT: A HARDWARE WALLET IS NOT A COLD WALLET PER SE. A HARDWARE WALLET MAY CONTAIN COLD WALLETS OR HOT WALLETS, THOUGH. IT ALL DEPENDS ON WHETHER THE PRIVATE KEYS HAVE BEEN USED TO SIGN TRANSACTIONS. PLEASE SEE THE DEFINITION OF COLD AND HOT WALLETS BELOW. What is a software wallet? Software wallets hold the private keys encrypted inside your computer or phone. Usually, they are encrypted with a password you select to use the wallet app you are using, such as Emerald. Although this high level of encryption is extremely secure, machines and phones may be lost or hacked and there is a chance that someone else may gain access to your crypto if they can guess or reverse engineer your password. For these reasons, software wallets are considered less secure than hardware wallets. However, they are more convenient to use because they don't require connecting your hardware or cold wallets each time you need to transact on the blockchain. What is a cold wallet? A "cold wallet" is the highest level of security in terms of managing private keys. It holds private keys associated to addresses on the blockchain where the private key is on paper or on a hardware wallet, but has never been used to sign a transaction. This is considered the highest level of security in the blockchain industry because once you sign and send a transaction to a blockchain there is some traceability and information now on the public domain that could conceivably, however unlikely, be used to access your crypto assets. Although improbable, this marginal risk is sufficient to warrant keeping large amounts of crypto in this type of wallet, however inconvenient they may be to manage. When a cold wallet is used to sign a transaction, then it becomes a "hot wallet", even if it's on a hardware wallet or a paper wallet. If a private key is on a software wallet, it is "hot" even if it has never been used to sign a transaction as it is connected to the internet inside your machine or phone, which a less secure environment. What is a hot wallet? A hot wallet is one in which the private keys associated to addresses on the blockchain have been used to sign one or more transactions regardless of whether it is in a hardware wallet or a software wallet. Any keys, used or not, on software wallets are considered hot wallets because they are readily available to sign transactions and are in a less secure environment than hardware wallets or cold wallets.
What Are Cold Wallets and Hot Wallets?
The definition of cold or hot wallets depends on where the private keys are located and if they have ever been used to sign and send transactions to the blockchain. What is a cold wallet? A "cold wallet" holds private keys associated to addresses on the blockchain where the private key is on paper or on a hardware wallet, but has never been used to sign a transaction. This is considered the highest level of security in the blockchain industry because once you sign and send a transaction to a blockchain there is some traceability and information now on the public domain that could conceivably, however unlikely, be used to access your crypto assets. Although improbable, this marginal risk is sufficient to warrant keeping large amounts of crypto in this type of wallet, however inconvenient they may be to manage. When a cold wallet is used to sign a transaction, then it becomes a "hot wallet", even if it's on a hardware wallet or paper. If a private key is on a software wallet, it is "hot" even if it has never been used to sign a transaction as it is connected to the internet inside your machine or phone, which is a less secure environment. What is a hot wallet? A hot wallet is where the private keys associated to addresses on the blockchain have been used to sign one or more transactions. It doesn't matter if it's in a hardware wallet or software wallet. Any keys, used or not, on software wallets are considered hot wallets because they are readily available to sign transactions and are in a less secure environment than hardware wallets or cold wallets.
What Is Bitcoin?
Bitcoin was created by a Cypherpunk under the pseudonym "Satoshi Nakamoto" and it is the first and largest blockchain. Bitcoin is a simple ledger with accounts and balances which accepts new transactions to move balances from account to account. One of the critical security points of Bitcoin is that is does full transmission and full replication of every single transaction to all the 50,000 to 100,000 machines that participate in the peer-to-peer network. This means that all the data and information from all the accounts, balances, and transactions is copied identically across all the nodes of the network. These nodes are located in many countries, on all continents, and even space! the Bitcoin network includes new transactions into the network by producing blocks of transactions every 10 minutes that are connected in a chain of blocks since inception. This is why it is called a "blockchain". Each block is created by a subset of all the machines in the network that are called "miners". The term "miners" is just an analogy to gold mining in the real world since Bitcoin is considered "digital gold". To build each block, miners do a lot of work and spend a lot of electricity in order to create a cryptographic hash, also known as a cryptographic stamp. When they create each block, they immediately send it to the rest of the network for verification. When the non-miner machines, or "verifiers", receive and check that the block is well formed and built with a lot of work, they pay the miner who built it a reward in Bitcoin or BTC into their account. Since inception, miners have been paid per block a decreasing amount of BTC every 10 minutes that was 50 BTC in the first 210,000 blocks, or 4 years. Then, it went down by 1/2 to 25 BTC, then 12.50 BTC, then 6.25 BTC, and so on into the future every 4 years. Because this schedule is 50% less or 1/2 every 210,000 block period, this discount every 4 years is called "the having". This schedule will go to 0 in about the year 2130 and the total amount of Bitcoin that will ever exist will be 21,000,000. The process that the miners use to build blocks by creating a very costly cryptographic stamp per block is called "Proof of Work". Proof of work has 5 great benefits: The cost of creating blocks is equal to the cost of creating the currency. It enables global consensus between all computers. It is a safe focal point for entry, exit, and reentry to the network by anyone with no permission. It provides protection for new incoming transactions. It provides protection for all the history of transactions since inception. The whole process of the Bitcoin network is called "Nakamoto Consensus" in honor of its creator. This process includes, as mentioned above: Full transmission Full replication Proof of Work Block production Fixed supply of 21,000,000 BTC What does Bitcoin accomplish? All the components of the Bitcoin network guarantee the following features: Decentralization and a high level of security. Bitcoin can survive a nuclear war. Bitcoin is hard money.
What Is Ethereum?
Bitcoin is the first and largest blockchain, but it doesn't have smart contracts, which are decentralized software programs inside the network. This is why Vitalik Buterin, a brilliant programmer, but not a Cypherpunk, invented Ethereum. Ethereum is the same as Bitcoin but adds programmability. Ethereum does not have a fixed monetary policy as it has been changed several times. The cool thing is that the Ethereum ledger stores accounts, balances, and software programs. This transforms it into a fully programmable blockchain. Components: The following are the components that Buterin added to Ethereum to make it programmable: - A virtual machine (the Ethereum Virtual Machine or EVM): It is a software component to the node software, that is replicated across all the participating machines which can receive and execute computing instructions. - A programming language called Solidity: It is a programming language very similar to JavaScript, but adapted to a blockchain network. - State transition: Instead of using the UTXO model that Bitcoin uses, which means that all the history of transactions must be verified every time to know the balance of an account, Ethereum debits an account and credits the other account in 2 steps. This enables something called "state transition" which is critical for computing. This model eliminates the need to verify the history of transactions for each account and enables programmability. - The gas system: Because machines can enter into an infinite loop when executing complex software programs (e.g. when Windows or MacOS computers show the clock or infinite circle when programmes can't be executed) necessitating a shut down and re-start, this may happen in Ethereum. However, since there can't be a central arbiter telling all the machines of the network to re-start every time this happens, Vitalik invented the gas system, which basically puts a limit in "gas" per transaction. When machines enter into an infinite loop, they know they only have to use up the gas and then cancel the transaction. Gas has a cost, so it is another form of income for the Ethereum machines that produce blocks. - Stores programs in the ledger: As Bitcoin stores accounts and balances and nothing more, Ethereum stores accounts, balances, and also software programs inside the blockchain. What Does Ethereum Accomplish? - Dapps: When a software program or smart contract is sent to the Ethereum network, it becomes decentralized because it is replicated across all the machines that participate in the network. This enables applications (apps) which become decentralized (dapps) when they "live" inside Ethereum. - Decentralization: Because of the above feature, dapps are essentially like apps in your phone or computer, but decentralized. - Web 3: Dapps can be used for all sorts of functions. This includes for websites, domain names, money, payments, and many other applications. This is what is called the "web 3" because instead of dealing with centralized tech companies, people will use these decentralized apps or dapps in Ethereum. - Stablecoins: Among many of the applications that Ethereum enables are stablecoins, which are cryptocurrencies linked or pegged to national currencies, hence "stable". Some examples may be USDT, USDC, and DAI. - NFTs: Another kind of dapps are NFTs, which are collectables powered by a special kind of smart contract that makes them unique. - Many more applications: Because Ethereum is programmable, and programmability may be very complex and full of features, then it may enable a multitude of other applications in the future that we haven't even yet imagined! Proof of Stake An important point in the history of Ethereum is that it is moving to Proof of Stake, eliminating proof of work mining. However, all the functionality will be the same. The most important benefit of proof of stake systems networks is that they are more scalable so fees will be lower and they will process larger volumes of transactions. The tradeoff is that they are a bit more centralized than proof of work blockchains.
What Is Ethereum Classic?
Ethereum Classic is the original Ethereum blockchain. Both blockchains were one until July of 2016 when the Ethereum community decided to fork and split from the original chain to reverse a hack that happened to a dapp called "The DAO". This split occurred on the block 1,920,000. At the time, a large portion of the Ethereum community decided to continue working and operating the forked Ethereum blockchain and a minority continued with Ethereum Classic to preserve its principle of "Code Is Law". Main Differences Between Ethereum Classic and Ethereum Ethereum will move to Proof of Stake as its consensus mechanism and has no fixed monetary policy. Ethereum Classic will stay with Proof of Work as its consensus mechanism and has a fixed monetary policy. Like Bitcoin, which will have a total final amount of BTC of 21,000,000 in its history, Ethereum Classic will have a total final amount of ETC of 210,000,000. In other words, Ethereum Classic is the technology of Ethereum with the philosophy of Bitcoin. Components As Ethereum Classic is, in practice, the same as Ethereum, the components that make it programmable are the following: - A virtual machine (the Ethereum Virtual Machine or EVM): It is a software component to the node software, that is replicated across all the participating machines, that can receive and execute computing instructions. - A programming language called Solidity: It is a programming language very similar to JavaScript, but adapted to a blockchain network. - State transition: Instead of using the UTXO model that Bitcoin uses, which means that all the history of transactions must be verified every time to know the balance of an account, Ethereum Classic debits an account and credits the other account in 2 steps. This enables something called "state transition" which is critical for computing. This model eliminates the need to verify the history of transactions for each account and enables programmability. - The gas system: Because machines can enter into an infinite loop when executing complex software programs (e.g. when Windows or MacOS computers show the clock or infinite circle when programmes can't be executed) and they need to be shut down and re-started, this may happen in Ethereum Classic. But, because there can't be a central arbiter telling all the machines of the network to re-start every time this happens, the Ethereum Classic creators (Ethereum originally) invented the gas system, which basically puts a limit in "gas" per transaction. So, when machines enter into an infinite loop, they know they only have to use up the gas and cancel the transaction. Gas has a cost, so it is another form of income for the Ethereum Classic machines that produce blocks (miners). - Stores programs in the ledger: As Bitcoin stores accounts and balances and nothing more, Ethereum Classic stores accounts, balances, and also software programmes inside the blockchain. What Does Ethereum Classic Accomplish? - Dapps: When a software programme or smart contract is sent to the Ethereum Classic network, it becomes decentralized because it is replicated across all the machines that participate in the network. This enables applications (apps) that become decentralized (dapps) when they "live" inside Ethereum Classic. - Decentralization: Because of the above feature, dapps are essentially like apps in your phone or computer, but decentralized. - Web 3: Dapps can be used for all sorts of functions. This includes for websites, domain names, money, payments, and many other applications. This is what is called the "web 3" because instead of dealing with centralized tech companies, people will use these decentralized apps or dapps in Ethereum Classic. - Stablecoins: Among many of the applications that Ethereum Classic enables are stablecoins which are cryptocurrencies linked to national currencies, so they become pegged to them, hence "stable". Some examples may be USDT, USDC, and DAI. - NFTs: Another kind of dapps are NFTs, which are collectables powered by a special kind of smart contract that makes them unique. - Many more applications: Because Ethereum Classic is programmable, and programmability may be very complex and full of features, then it may enable many more kinds of applications in the future that we haven't even imagined! Ethereum Classic Will Not Migrate to Proof of Stake, But Ethereum Will An important point in the history of Ethereum is that it is moving to Proof of Stake, eliminating proof of work mining. However, all the functionality will be the same. However, Ethereum Classic will not migrate from proof of work to proof of stake as it has opted to stick with its principles of Code Is Law and immutability. The most important benefit of proof of stake systems networks is that they are more scalable so fees will be lower and they will process larger volumes of transactions. The tradeoff is that they are more centralized than proof of work blockchains. As proof of work is much more secure than proof of stake, Ethereum Classic will offer services to dapp developers and end users of strong safety and decentralization, but with less scalability. This will make Ethereum Classic optimal for high value and low volume applications.
What Is an ERC-20 Token?
An ERC-20 is a non-native cryptocurrency inside a programmable or smart contracts blockchain. Because in smart contracts or programmable blockchains people can create any types of software programmes and dapps (decentralized applications), one type of software programme may be to create a new cryptocurrency, but that is not native to the network. These cryptocurrencies or tokens exist inside the blockchain as well, but they are not issued by the blockchain network. They are just created by developers to issue new cryptocurrencies for different purposes. The term "ERC-20 token", which is used to create these non-native cryptocurrencies, stands for "Ethereum Request for Comment" or "ERC" and the number "20" is the number of that particular ERC. The ERC-20 definition of rules and ways to create non-native cryptocurrencies is now an industry standard. Examples of these non-native cryptocurrencies or ERC-20 tokens may be Shiba Inu (SHIB), DAI, USDT, USDC, and HEX.
What Are Stablecoins?
A stablecoin cryptocurrency, or just stablecoin, is a non-native cryptocurrency or ERC-20 token inside a programmable or smart contracts blockchain that is pegged or associated to a national currency, such that 1 token equals 1 unit of the national currency. These tokens or cryptocurrencies are called "stablecoins" because they are always worth 1 unit of the underlying national currency despite market conditions. Examples of these stablecoins may be DAI, USDT, and USDC, which are all worth $1 because they are pegged to real US dollars deposited in a bank account or are guaranteed by other crypto assets to be worth $1 all the time.
How to Create a Wallet on Emerald Backed by Ledger Nano Model S or X
1. Start by downloading Emerald Wallet. Download it here and open it: https://emerald.cash/download 2. The first thing you need to do is to set a global key or password for your Emerald Wallet. This is to use the app in general and is necessary for different functions within Emerald Wallet. 3. Once you established your 8 character password press "CREATE". 4. You will see a welcome message and then you need to create your first wallet. Press the button "CREATE FIRST WALLET": 5. Of the six options to create wallets, select the first one which says "Create from Ledger Nano". 6. The next step is to give a name or label to your wallet, as you can have several wallets, so it is easier to identify them! When you label your wallet press "NEXT". 7. Now Emerald is ready to create your new wallet using Ledger Nano. It will wait for you to connect your hardware wallet to your computer. Please connect and unlock your Ledger Nano X or S in this step. 8. Emerald will immediately recognize that your Ledger is unlocked and will go to the next step. 9. In the next screen, select the coins you want to manage in this wallet by enabling them and press "NEXT". 10. In the next step, Emerald will ask you to open your apps on Ledger Nano for the selected blockchains in the previous step. 11. In the next step, Emerald will generate your account and show you an HD Path. This will happen for each coin in your new wallet. This may be important to use the same path if in the future you need to generate your account/s again. Press "NEXT". 12. SUCCESS!! Your wallet using Ledger Nano has been created! Press "OPEN WALLET" to see your account/s.
How to Create a New Wallet on Emerald With a 24 Word Secret Phrase
1. Start by downloading Emerald Wallet. Download it here and open it: https://emerald.cash/download 2. When you open Emerald for the first time, the first thing you need to do is to set a global key or password for your Emerald Wallet. This is to use the app in general and is necessary for different functions within Emerald Wallet. 3. Once you established your 8 character password press "CREATE". 4. In the next screen, you will see a welcome message and then you need to create your first wallet. Press the button "CREATE FIRST WALLET". 5. Of the six options to create wallets, select the second one which says "Create new seed". 6. The next step is to give a name or label to your wallet, as you can have several wallets, so it is easier to identify them! This is done in the blank space that says "Label". Press "NEXT". 7. Now you are ready to create your secret 24 word phrase. Press "GENERATE PHRASE". 8. In the next step you will see the newly created 24 words of your secret or mnemonic phrase. 9. IMPORTANT: Write down on paper these 24 words. They are the backup to your accounts of this wallet and will be used to generate your same accounts again in case you lose your device! 10. Once you wrote down the 24 words in order, Emerald Wallet will ask you to enter them back. Enter the 24 words back again on the app IN THE SAME ORDER to make sure you got them right! Once you entered back the 24 words of your mnemonic phrase in order press the "CONFIRM" button. 11. In the next step you will have to enter the global password. 12. In the next step, you can select what cryptocurrencies you want to manage in this particular wallet. We support three blockchain for now, and those are Bitcoin, Ethereum, and Ethereum Classic. Select the coins you want to manage in this wallet by enabling them. then, press "NEXT". 13. In the next step, Emerald will show you something called an HD Path for each coin in your wallet. This may be important to use the same paths if in the future you need to generate your accounts again. Here, you only need to press "NEXT" to create your accounts. 14. SUCCESS!! Your wallet has been created! Press "OPEN WALLET" to see your accounts. 15. As you can see Emerald Wallet supports $ETH, $DAI, $USDC, $USDT, $WETH, $ETC and $BTC. Thank you for following this tutorial!
How to Set Manually the Gas Fee When Sending Ethereum or ETC Using Emerald
1. Open Emerald and select the wallet you wish to send cryptocurrency from. 2. Press the "SEND" button on the right. 3. Select the cryptocurrency you wish to send. 4. Deselect the "Standard Price" button. 5. Now move the point along the bar provided to select the gas fee you wish to pay. 6. Press "CREATE TRANSACTION" and proceed with the rest of the process.
How to Change the Label of a Wallet
1. Open Emerald. 2. See all wallets on the dashboard. 3. Open the wallet you wish to change the label to. 4. Where you see the name of the wallet, you will see a pencil icon to its right, click it. 5. The form of the label will open. Write a label. 6. To the right, click the green checkmark. You have changed the label of your wallet.
How to Add More Ethereum Addresses to an Emerald Wallet
1. Open Emerald and select the wallet in which you wish to add a new Ethereum address. 2. Open the sub-menu on the right of the name of the wallet. 3. Select the option "Use Additional Addresses". 4. In the next screen enter your Emerald global password and press "UNLOCK". 5. In the next screen select "Ethereum" from the dropdown menu at the top. 6. Then, press "ADD" on any of the Ethereum addresses shown below. 7. Emerald will take you back to your wallet automatically and you will see the new address added at the bottom.
How to Restore Your Wallets From an Emerald Vault Backup File
1. First, download Emerald here and open it: https://emerald.cash/download 2. You will see two options on your new install: "New setup" and "Restore from backup". Select "Restore from backup". 3. In the next screen you will need to enter your old Emerald password (the one you used to create the Emerald Vault backup file), and then click on the space provided to select the backup file from your machine. 4. Select the Emerald Vault backup file from your computer. 5. In the next screen press "IMPORT". 6. Now your wallets have been restored to your new Emerald installation.
How to Back Up Your Wallets to an Emerald Vault Backup File
1. Open Emerald and see your wallets on the dashboard. 2. Open the main menu on the top right of Emerald. 3. Press on the "Settings" option. 4. On the left menu, press on "EXPORT VAULT". 5. NOTE: Remember your Emerald global password because you will need it to restore your wallets back again in the future if necessary. 6. Press on the "EXPORT" button. 7. Name your Emerald Vault backup file. 8. Press "Save". 9. All your wallets are backed up in an Emerald Vault on your computer! PLEASE REMEMBER TO KEEP YOUR BACKUP FILE IN A SAFE PLACE.
What Is a DAO?
DAOs are code on the blockchain that represent organizations of people to get together for different objectives. In the future DAOs may be recognized legally as legal persons of many types. The term "DAO" is an acronym for "Decentralized Autonomous Organization". The term "autonomous" is used to describe a DAO because it is an immutable smart contract on a blockchain and it is practically impossible to stop or tamper with it by any traditional organization, corporation, or government. The term "decentralized" is also used to describe a DAO because when the smart contract is sent to the blockchain it becomes replicated globally in all the participating machines of the network. Structure Like traditional organizations, DAOs usually have the following structure: Participants: Participants may be persons who become DAO token owners by purchasing them in the market or acquiring them at issuance. DAOs may have boards, management, and people with different functions with different permissions to sign certain types of transactions with their wallets. Purchase and sale of participations: Token ownership of DAOs may be bought and sold in the market. Transfers: DAO tokens may be transferred from address to address just like ERC-20 tokens or other crypto assets. Rules: DAOs usually have rules similar to traditional organizations for their decision making, distribution of funds, and future changes in their rules. Treasury: The main objective of DAOs is usually to have a treasury with funds in crypto assets that are used for different objectives. What Objectives a DAO May Have and Legal Personhood? DAOs may be recognized as legal persons such as investment companies, corporations, charities or foundations, trusts and pension plans. The objectives that DAOs may have include the following: Investment: A DAO may have the structure of an investment company where token holders vote on projects and other crypto assets to invest in or they may hire professional investment managers. Business: DAOs may be recognized as legal persons in the future such as corporations, LLCs, partnerships, etc. As such, they will have very similar structures and rules as their traditional counterparts. Charity: A DAO may be organized just for the purpose of a charity to give money to beneficiaries and may even be recognized legally in the future for tax breaks and deductions. Trusts: A DAO may have rules very similar or identical to legal trusts and may have the same purpose and its token holders the same fiduciary duties. Pensions: A DAO may be a pension plan or retirement plan for employees or individuals that belong to different kinds of organizations.
What Is an NFT?
The term NFT stands for Non-Fungible Token Standard. The smart contract standard of NFTs is the ERC-721. They are decentralized programmes on a programmable blockchain. Instead of being an ERC-20 standard for fungible units, they are non-fungible or unique objects inside a blockchain. Although NFTs are best known for representing images and digital art for now, they can be associated with any other physical or digital object external to the blockchain through metadata. NFTs are transferable, can be bought and sold, and can be rented just like any physical object in the real world. They can be used as collateral for loans, so this, combined with the fact that they may represent a wide variety of physical and digital objects, lends itself to build complex structures in the future for the trading, hypothecating, lending, and leasing of all sorts of objects on the blockchain. The blockchain in itself, with the private and public key system, serves as the property registry for NFTs. NFTs may serve many use cases Collectibles: This is the first and most well known use case for now. NFTs are practically a synonym for digital art and images on the blockchain. Intellectual property: Other kinds of intellectual property may be represented as NFTs on programmable blockchains, these may include music, movies, books, scientific papers, articles, documentaries, and other kinds of IP. Movable property: Cars, trucks, boats, and all sorts of movable property may be represented on the blockchain as NFTs. Real estate: Houses, apartments, hotel rooms, buildings, office space and all sorts of real estate may be represented as NFTs on the blockchain. Cash flows: Non-fungible future cash flows, for example invoice discounting, may be represented as NFTs on the blockchain. Supply chain objects in general: Containers, ships, goods, pallets, and other supply chain objects may be represented as NFTs on the blockchain.
What Is a Dapp?
What are apps? When you use your computer or phone and you use software programmes like Facebook, Instagram, PayPal, SnapChat, Excel, Word, or Gmail, those are what are called "applications" or "apps" for short. All of these applications and more run on your computer or phone and connect to the centralized servers of the providers of the apps to render their services. These providers are tech companies such as Google, Meta, PayPal, Snap, Microsoft, Netflix, or Amazon, amongst many others. Until the advent of the blockchain industry, nearly all of these apps that we used and still use are essentially centralized services that have certain risks such as lack of privacy, censorship, surveillance, cooperation with government to suppress dissent, and general abuse of their power as monolithic and monopolistic services in their respective segments. Because blockchain technology is decentralized and some blockchains are programmable, now there is the real possibility of creating and providing decentralized applications. What are dapps? Applications that run on blockchains instead of the servers of the giant tech companies are called "decentralized applications" or "dapps" for short. The way they work is that you have your wallet installed on your computer or phone and from the wallet you can interact with these dapps, but instead of being hosted on centralized servers, they exist inside public blockchains which are decentralized, hence they are not controlled by the big tech companies or governments. The benefit of decentralization and dapps is that they greatly minimize the risks of centralized services as mentioned above. What is Web 3? When the web first started to get popular in the 1990s, that was what was called "web 1", which were the first generation web apps like Yahoo and AOL. The web 2 was the next generation of web apps and smart phone apps that came after web 1 during the 2000s and 2010s. These may be Netflix and social media apps in general. Now, with the advent of blockchain technology and the ability to provide services in a decentralized manner powered by crypto, the new generation of dapps are called web 3. This is because decentralization is a new paradigm in tech. When you use a centralized web 1 or 2 app, the back end code, front end code, images, text, and data are always retrieved from centralized servers that belong to the tech companies. When you use a decentralized web 3 dapps, the back end code, front end code, images, text, and data are always retrieved from decentralized blockchains that host all of these components.