In order to create a Stellarport (i.e. Stellar) wallet, we will need to generate a set of keys which govern the wallet. Then, we will need to activate the wallet. Wallet activation is done by essentially funding the wallet with some XLM. This activation is mandated by the Stellar network to prevent spammers from spamming the network with new accounts. Let's jump in:
- First, we need to choose which method we are going to use to create our Stellar wallet. There are three methods to choose from:
- Generate Keystore File - This method is the easiest and is the best method for inexperienced users or for wallets without large sums of money. It is a moderately safe way to store you funds. Essentially, in this method, we will download a file that stores our secret key in encrypted form. We get to choose a password to encrypt the file with. This way, if a hacker gets your file, they would still need the password that you chose in order to access your wallet. This means, that if you choose a strong password, you can safely back the file up in the cloud without worrying about hacks. When you login to Stellarport, you will be asked for your keystore file AND your password. You should back up both of these pieces of information (as Stellarport does NOT store your keystore wallet file or your password). If you are worried about accessing your private key if you use this method, don't worry. You can see your private key once you log in at Wallet > Profile > Advanced.
- Generate New Key Pair - This is the least secure method and should only be used by very experienced users. In this method, we will generate a keypair (public and secret keys). The secret key is EXTREMELY sensitive information (encrypted in previous method). In this method it is YOUR responsibility to store the secret key in a secure manner so that hackers can't get to it. If a hacker does get to your secret key, they can empty your wallet.
- Use My Ledger hw wallet - This is the safest option. However, you will need a Ledger HW wallet. A hardware wallet is a device that will store your secret key for you. If you have a hardware wallet, you will be able to use Stellarport without ever exposing your secret key.
- After generating our wallet, we need to ACTIVATE the wallet. In order to activate the wallet, we need to fund it with some initial XLM. There are two ways of doing that:
- Send some XLM to the wallet. If we use this method, we just need to send a payment to our wallet's public address. Once the payment is received, the wallet will be activated and we will be able to use it to interact with Stellar. If using this method, it is recommended to deposit at least 10 XLM.
- Deposit BTC, ETH, XRP or LTC. If we use this method, a small amount of the BTC, ETH, XRP or LTC that we deposit will be converted to XLM first to activate the wallet (after which the rest of the deposited BTC, ETH, XRP or LTC is sent to the wallet).