What is ERC-20 Wallet Address and How to Get it?

If you want to store ERC-20 tokens, you will definitely need an ERC-20 Wallet.

The process of creating ERC-20 Wallet, getting your ERC-20 Wallet Address, and receiving the tokens in it is pretty straightforward. In this small guide on ERC-20 Wallet, we will help you understand what is it, how to find the ERC-20 wallet address, and also recommend a few wallets that you can use.

What is ERC-20 Wallet?

ERC-20 terminology is used to define the technical standard on how tokens function on Ethereum blockchain. This allows ERC-20 tokens to be exchanged or traded (interchangable) and easy to use for developers, investors, and traders.

An ERC-20 wallet is an app very close to bank accounts where you hold money. The digital crypto wallets are used to hold cryptocurrency tokens and digital assets like NFTs. The wallet is used for storing ERC-20 tokens, transferring tokens, and interacting with Dapps on Ethereum blockchian.

Unlike traditional bank accounts, the wallet hold private keys that provide you access to your crypto tokens. These keys are used to confirm any transaction with the tokens, so you must store them safely and offline. This blog explains ERC-20 tokens in details and help you understand how to get the ERC-20 wallet address in a step-by-step guide.

What is ERC-20 Wallet Address?

An ERC20 wallet address is a unique string of characters that is used to identify and interact with an Ethereum-based ERC20 token. It is a 42-character long alphanumeric address that starts with the prefix “0x”, just like the 0xmetashool handles! 😬

Here’s a sample ERC-20 wallet address: 0x1437bEbAa45MfA88Dc9C6CFeB6e0bAAeDCD6eCdb (This is a sample address and doesn’t belong to know wallet address to us).

A wallet address is different from a contract address and you shouldn’t confuse between the two. Whenever you are sending cryptocurrency (tokens) to another wallet address, it is very crucial that you re-verify before hitting the send button. Recovering funds is close to impossible if you send it to a wrong address my mistake.

The address is generated by a compatible wallet and it is used to receive, store and send ERC20 tokens. When you create a new wallet, you will be given an address, unique and publicly available, which you can then share with others so they can send tokens to you.

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How to Get an ERC-20 Wallet Address? (Step-by-Step Guide)

Now that you understand the fundaments of crypto wallets and address, let’s get into how to get an ERC-20 wallet address of your own to buy and sell Ethereum.

1. Pick a compatible crypto wallet of your choice: There are many wallet options available, MetaMask being the most popular one for ERC-20 token. Later in this blog, we’ve shared a list of more wallets that you can try out.
2. Create a new account on the wallet: The signup process on each wallet is slightly different but involves the common steps of creating a strong password, passing the KYC requirements, storing the key phrase or keys in your local computer for password recovery, etc.
3. Secure your wallet: You’ll get an auto generated recovery phrase that is useful for recovering your password in case you forget it in the future. It is important to download it or write it down and keep it secure offline. It is essential to keep your key phrase safe and accessible in case your forget your password and need to recover the account in the future.
4. Find your wallet address: Go to the wallet or click on receive button and the alphanumeric wallet address will be revealed there.
5. Copy the address to share it with others: Copy and paste the address to share it with others. Always copy and share your address to ensure that you do not make a mistake. If funds get send to a wrong wallet address, it is close to impossible to recover it.

Crypto wallets Supporting ERC-20 Tokens

An ERC20 wallet is a digital wallet that is used to store and manage ERC20 tokens. These wallets are typically software-based and can be used on a variety of devices, including smartphones, laptops, and desktops. Wallets provide a user-friendly interface to manage your tokens.

Each wallet have their own unique features but are all ERC20 compatible and can be used to manage ERC20 tokens. Some of the most popular ERC20 wallets are:

• MyEtherWallet
• MetaMask
• Coinbase
• Cryptomus
• Exodus
• Zengo
• Coinomi
• Atomic Wallet
• TREZOR
• KeepKey

Ethereum wallet address

An Ethereum wallet address is made up of a series of 40 hexadecimal characters, which can be a combination of numbers (0-9) and letters (A-F). These characters are generated using a set of algorithms based on public key cryptography.

The ERC20 token is an Etheruem-based token hence compatible with the Ethereum wallet address.

The structure of an Ethereum wallet address

• The first two characters represent the network on which the address is being used (e.g. “0x” for Ethereum).
• The next 20 characters represent the public key hash of the address, which is generated using a one-way hashing algorithm. This is the unique identifier of the address, and is what is used to receive and send transactions.
• The final 8 characters are a checksum, which is generated using a second one-way hashing algorithm. This is used to ensure that the address has been entered correctly, and to protect against typos and errors

How to use an ERC-20 token wallet address

The ERC20 standard defines a set of functions and properties that must be implemented by any Ethereum-based token that wants to be considered an ERC20 token.

✅ This might interest you: Create an ERC-20 token on Avalanche

These include the ability to transfer tokens, check the balance of an account, and approve other contracts to transfer tokens on the account’s behalf. This standardization ensures that all ERC20 tokens are compatible with the same set of wallets, exchanges, and smart contract platforms, making it easy for anyone to send and receive ERC20 tokens.

For example, let’s say you have an ERC20 token called “ABC” and you have an ERC20 compatible wallet called MyEtherWallet.

Now that you have received some “ABC” tokens to your wallet address, you can access your tokens by connecting your wallet to the Ethereum network and accessing your account balance. You can now use the tokens to make transactions with other users or smart contracts on the Ethereum network.

In conclusion, ERC20 wallets addresses play a crucial role in the Ethereum ecosystem by providing a secure and standardized way to store and manage ERC20 tokens.