The most detailed Guidebook for Wallet 3

Wallet 3 is a fully open-source Ethereum Wallet. It has a great user experience and UI design. It uses WalletConnect to interact with DApps, so it’s not limited to the browser and extensions environment, and Wallet 3 uses many of the security mechanisms provided by the system to provide users with more security than the browser extensions. So here is the tutorial for you.

First, go to the official website https://wallet3.io to download the installation package. After running, enter the main interface and choose to create a new wallet or import it according to whether you have a private key or mnemonic phrase. As a demonstration, a new wallet is created here.

After creating a new wallet, the app will give you the current mnemonic phrase and wallet address. The words will be shown if you move the mouse to the mnemonic area; click on the address to open Etherscan to view the complete address. You can also switch between 12/24 words of mnemonics. The 24 words of mnemonics are generated using 256-bit entropy, which is safer than the 12 words of mnemonics.

Click Next and enter the password. To improve security, it is recommended to add letters to the password.

Since Wallet 3 stores all confidential data in the Keychain provided by the system, the Keychain access authorization will pop up the first time you use it, just enter the password and click “Always Allow” (the dialog box may pop up 3 times, all click “Always Allow” “). This pop-up is limited to macOS users, and Windows users will not be affected by this.

Enter the main interface after completing the authorization.

You can see that Wallet 3 will directly display the assets owned by that address. The title bar above the App also provides extensive functions. Click “Ethereum” to see the currently supported Layer 2 and sidechains. Wallet 3 should be the wallet that provides the most complete Layer 2 and sidechain support on the market. Click on the Layer 2 or side chain you want to access to switch to that chain.

If you want to see your own ERC20 tokens, click the “…” icon on the right of the asset to enter the token interface. Just turn on the switch according to your preference.

If you want to add a Token by yourself, click the + button, enter the address of the Token, and click save.

Go back to the main interface and click the “Send” button to enter the transfer interface. Fill in address of the payee and the quantity to be sent.

At this point, you can adjust the transaction nonce number, Gas price, etc. If you don’t know what these are, you can just ignore it and click “Send”. The wallet will pop up a confirmation dialog.

At this point, you still have the opportunity to adjust some transaction parameters. After confirming that it is correct, click Continue. At this point, the wallet will require security authentication, touch Touch ID, and the transaction will be sent after the authentication is passed.

So far, the most basic way to use Wallet 3 is introduced. Next, you will be taken into the world of DeFi.

The world of DeFi

A single wallet, of course, is nothing interesting. Only with rich DApps can we experience the charm of the new generation of financial services.

For novice users, they may be more concerned about how to keep their assets in value and stably increase in value. Here’s how to use the “commercial bank” in DeFi-Compound, to preserve and increase the value of your assets.

Open https://app.compound.finance and you can see that there are many tokens listed. These tokens are the financial projects accepted by the “bank”. If you have any of these tokens, you can deposit them, so that you can get a higher interest rate than the deposit provided by traditional banks with extremely low risk.

Click the “Connect Wallet” button in the upper right corner:

Choose “Wallet Connect”：

At this point, a QR code popped up on the web page. Back to the main interface of Wallet 3, click the “Connect DApp” button, Wallet 3 will scan the QR code on the screen.

When macOS users use it for the first time, they need to be authorized to scan the screen. Open “System Preferences”-”Security and Privacy”-”Privacy”-”Screen Recording”, check Wallet 3, and restart Wallet 3, you will have permission to access the user’s screen. (Windows users do not need additional settings)

Wallet 3 is a completely open source wallet. The source code can withstand anyone’s review. Users don’t need to worry that Wallet 3 will leak any privacy.

After scanning the QR code, Wallet 3 will pop up a dialog box to connect to DApp. Just click Authorize.

At this point, Wallet 3 has established a connection with Compound. Go back to the Compound website, select the stable coin Dai, and you will see basic financial information：

This picture means that Dai’s annualized deposit interest is 2.58%, and can get an additional 1.58% annualized COMP token. The COMP token is a decentralized governance token issued by Compound. With COMP, you can participate in Compound’s decentralized governance (not introduced here).

Click “Enable” and the user will be asked to authorize Compound to use Dai. Wallet 3 will also pop up the following dialog box:

New users generally don’t understand what this means. Here’s the thing: Every time we use a new DApp, we must authorize it to have access to our assets. The authorization process is done by sending a transaction, so this transaction is critical. If you authorize a malicious DApp, your funds will be stolen directly. Even if the DApp is not malicious, but later a hacker discovered that the DApp has serious vulnerabilities, then your own assets may be stolen.

Therefore, pay special attention to the “capital usage limit” when authorizing. This upper limit determines the maximum amount of assets that this DApp can use. If you are not sure whether the DApp you are using has a security risk, then authorize the amount of funds you need to use this time. For example, change the upper limit of capital use to 10000 Dai:

In this way, Compound can only use your assets of 10,000 Dai at most. Compound is a veteran DeFi application that has stood the test of time, and it is no problem to authorize it for unlimited use. Click Continue and wait for transaction confirmation after Touch ID authentication. After the transaction is confirmed, you can use Compound for financial management.

Deposit 500 Dai, click Supply, and the contract interaction dialog box will pop up.

Again, after proceeding and identifying, the transaction will be sent out and your assets will begin to accrue interest. If you want to withdraw cash, follow the same method as above, and then you can take it out after confirming the transaction.

This is the most basic DeFi application. DeFi allows anyone to participate in financial activities without a bank account. And all transactions are stored on the blockchain, which is open and transparent to anyone. At the same time, it eliminates the third party (intermediary) from earning the difference.

A more advanced way to use it is to combine different DeFi applications. It will not be discussed here. The DApps page of Wallet 3 provides safe DeFi application navigation, you can experience more DeFi applications here, and at the same time increase your financial income, please continue to explore!

Wallet 3 unbinds users and browsers. It also uses the security features provided by the operating system to provide users with a solid security environment and protect user assets from theft. It is a very trustworthy and easy-to-use desktop-level wallet.

Download and Install Wallet 3 NOW from https://wallet3.io