Ethereum Mist Wallet
Now, it makes sense for users to download and use the Mist Wallet since it is the “official” Ethereum wallet client. It is not a third-party wallet and the user is always in full control of his or her funds at all times. That said, users need to properly secure their digital tokens.
The Mist wallet offers two types of solutions: simple wallet and multi-signature wallet. With a simple wallet, Ethereum users are able to transfer their tokens. While the multi-signature wallet offers an extra layer of security at any given time.
Although the Mist wallet may be convenient, there is one major drawback. Users are “forced” to download the entire Ethereum blockchain before you can use the wallet. Now, as there are more digital tokens and transactions, you may need extra space. That said, you may need to upgrade your hard drive space in order to synchronize with the Ethereum blockchain.
Let’s take a look at how users could set up the Ethereum Mist Wallet.
If you are considering using the Ethereum Mist wallet to store and transfer Ether, you would need to download the latest release of the wallet. Here’s a look at the Github page for the Mist Wallet :
If you’re using Linux, Windows or macOS, Mist has got you covered. You will need to download the installation file. For example, if you are using macOS, you would select the “Ethereum-Wallet-macosx-0–9–3.dmg” file. Once the file is finished downloading, you would launch the application. Thereafter, you should see something like this:
Once the application is finished installing and the Ethereum node is synced, you would create a password to secure your account.
Keep in mind, whenever you are creating a password for your Ethereum wallet, it should be strong. Additionally, you want to guard your password just as you would guard your password to your bank account. The more alphanumeric characters, the better. This should help decrease the risk of someone cracking your password and stealing your tokens. Moreover, you cannot change the password for the account once it’s created. Therefore, you do not want to make a weak password and then realize someone could crack your password easily.
According to Ethereum Homestead , “ Remember your passwords and :ref:`backup your keyfiles <backup-and-restore-accounts>`. In order to send transactions from an account, including sending ether, you must have BOTH the keyfile and the password. Be absolutely sure to have a copy of your keyfile AND remember the password for that keyfile, and store them both as securely as possible. There are no escape routes here; lose the keyfile or forget your password and all your ether is gone. It is NOT possible to access your account without a password and there is no forgot my password option here. Do not forget it.”
Once you launch the Ethereum Mist wallet for the first time, you should see something like this:
Moving on, you could easily create additional accounts. All you need to do is click on the “ADD ACCOUNT” button in the application’s main screen and enter a password.
You can also create a multi-signature wallet in Mist. With a multi-signature wallet, there needs to be required authorization from more than one account in order to withdraw “larger” amounts from your account balance. To create a multi-signature wallet, you would need to create more than one account.
Theoretically, you would want to create your secondary accounts on separate computers running the Mist application. This would further increase security. Now, you would only need the public keys/deposit addresses/the secondary accounts when you are creating multi-signature wallets. You would also need your primary account to create the multi-signature wallet. Therefore, it must be on the computer you are creating the multi-signature wallet on.
You should now have a good understanding of how Mist works. However, this is not the only Ethereum wallet for users. There are some alternatives to the Ethereum Mist wallet, let’s take a look at some of these wallets and see whether they fit your needs.