What is Ethereum?

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Instead of using the computer system of a big company like Google (a centralized system), Ethereum lets software applications run on a network of many private computers (a decentralized system).

Company computers and cloud servers are replaced with a large, decentralized network of many small nodes that are run by volunteers from all around the world.

The big idea behind Ethereum is that anybody can use this new, decentralized network to create and run decentralized applications. No permission is needed because third parties are no longer required.

Wallets

A wallet is your gateway to interacting with the Ethereum blockchain.

Before we start, let’s clear out few terminologies revolving around this topic:

• Ethereum Account — an entity that can send and store Ether (ETH) ;
• Ethereum Address — every account has an address. You’ll need an address for sending and receiving funds;
• Ethereum Wallet — a program where you can manage your account: view balance, send transactions, connect to decentralized apps, and more.

There are 2 main types of Ethereum wallets, hardware and software wallets:

1. Software wallets are wallets in the form of programs or apps. This is the easiest way to start your Ethereum blockchain journey. ◦ Web-based wallets live in your browser like Chrome, Firefox, or Brave as extensions; ◦ Desktop wallets have a form of desktop programs/apps; ◦ Mobile wallets are made to use on cellphones.
2. Hardware wallets are physical devices that hold the public and private keys for your cryptocurrency. They are essentially “offline” and generally more secure. These are the best for large accounts and long-term ETH holders. Two of the most popular ones are made by Trezor and Ledger.

Creating MetaMask Ethereum Wallet

MetaMask is the most popular Ethereum wallet for interacting with decentralized apps.

Downloading MetaMask

Step 1: Go to metamask.io.

Step 2: Click download.

Step 3: Choose your platform (I am using Brave. Other supported browsers are Chrome, Firefox and Edge).