Using a Web3 Supported Wallet
Bancor Network is a truly on-chain, decentralized liquidity network which allows users to convert between any two tokens on the Bancor Network using their own blockchain wallet. We use a standard protocol called Web3 to enable this service.
In order to be able to use your blockchain wallet (some refer to this as a MyEtherWallet account), you will need to use the MetaMask browser add-on.
This post will help you navigate through the process of installing the MetaMask browser add-on. For a step-by-step guide to converting tokens on the Bancor Network, using your ERC20 supported wallet, go here.
Step 1: Download the Appropriate Browser
MetaMask currently only supports Chrome and Firefox and does not operate on mobile or tablets. You will need to have one of these browsers before we proceed.
We will be using Chrome in the following examples, yet the process is identical on Firefox.
Step 2: Install MetaMask
Click on the link below in order to download the MetaMask addon directly from their website.
Click on the “Get Chrome Extension” link (as shown in the image above). This will open a new tab with the MetaMask add-on on the Chrome Web Store.
Click on the “Add to Chrome” button on the top right corner. This will trigger another popup screen. Click “Add Extension”
Immediately after clicking the button, a new tab will open and you will see a fox icon on your browser (on the right side). The new tab will show you a short video on how to use MetaMask.
You now have MetaMask on your browser.
Step 3: Create/Import Wallet
The last step before you are able to use the MetaMask service to sign conversion transactions initiated on the Bancor Network is to create/import your wallet.
If you already have a wallet and wish to import it to MetaMask and use it with their service, please follow the steps outlined in our blog post covering this process “Connecting MyEtherWallet to MetaMask”.
For those of you who do not have a wallet, here is the process of creating a new wallet on MetaMask:
- Go to the newly added MetaMask icon and click on it. you will see the following screen:
2. Click the “Accept” button to see the next screen in the process:
Once you read through the Terms, the “Accept” button will turn orange and allow you to click on it and move to the next step:
4. Create your wallet’s password. As this will hold your tokens, we encourage using a strong password that will be difficult to breach.
5. Click the “Create” button to move to the next step, the recovery phrase.
You can save your seed words manually or download them as a file. We advise you to save your seed words in a secure location as they are the only way to unlock your account in case of a lost password. Keep them safe and secure!
6. Click the “I’ve copied it somewhere safe” when you are done to complete the process and access your new blockchain wallet:
Thats it! You will now be able to convert between any token on the Bancor Network on-chain and directly from your own wallet!