Get spun up with an ENS name and a self-custody wallet.
web3quickstart's Introduction
Web 3 Quick Start
Prerequisites
Computer, laptop, tablet, or smartphone.
Pen and Paper.
$10-$20 for registering the ENS name.
Photo ID, and bank account info.
Step One: Generate Private Key
The coolest thing about a private key is the astronomically small chance that
you will generate the same one as someone else. There are around 10^77
different possibilities for a Bitcoin private key.
Think of 12 words and write them down on a piece of paper. It is probably best
if the 12 words are disjoint and do not form a sentence or song lyrics.
Step Two: Create Hot-Wallet
This private key that we just geneated will now be used to create a
hot-wallet.
I like to use Coinbase Wallet, which is a self-custody wallet. This allows you
to use the Coinbase Wallet plugin in Google Chrome for example. Metamask is
another popular option.
Download the Coinbase Wallet App from the AppStore or wherever you get your
apps. I have both the iOS App on my phone, as well as the browser plugins on
any web browser that I decide to use.
You can import the 12 word phrase that you just created, or you can have the
App generate a phrase for you. Either way, you should not share this phrase
with anyone.
Step Three: Buy some ETH
Now we need to buy some Ether. I use the Coinbase App for this. Since Coinbase
complies with KYC and AML regulations, you need to upload a photo ID.
Once your account is verified, it is time to link your bank account and
purchase around $20 (with current gas fees) of ETH.
Since you purchased this ETH through a centralized custodial wallet, you will
now need to send it to the self-custodial wallet we created in steps 1 and
2.
From the Coinbase App, head to your assets and click on Ethereum. Find the
send button, and enter the hot-wallet address, or scan the QR code (the
chrome plugin can show this with the "receive" button).
Once you send the transaction you will experience the strange probabilistic
nature of a blockchain transaction. Since a block is not slated to be mined
at any particular time, and is a function of network congestion, hash power,
and other factors; this leaves random times that average to about 10 min on
BTC, and not sure on ETH network. It can be strange the first time you see
your transaction seemingly frozen in cyberspace.
Once here click on the "Go to app" button in the top right of the screen.
Now you can search for an ENS name. In this example I will be registering the
name cgutierrez.eth.
If the name is available, we can continue as shown in the gifs below:
Edit Record
One of the core features available through your ENS name is the ability to
edit the text record. This is useful for you to link your portfolio, email,
twitter, and most importantly your various crypto wallet addresses.
It is important to remember that each time you write to the Ethereum
blockchain, a transaction accompanies it. This means that you pay a small
ammount to edit your text record as well as gas fees at the time of your
transaction.
Follow the same process of signing the transaction with your hot-wallet as you
did to register your ENS. Just click the "edit record" button to get
started.
Make sure to follow the exact format specified for links, otherwise it will
not work and you will need to edit it again, which of course, means another
transaction.
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