Polkadots Parachains have been announced, and will start in early November.
The Polkadot Parachains, officially brings other projects onto the Polkadot Ecosystem, with candlestick auctions. To officially be part of the Polkadot Ecosystem, a project must win a Polkadot Parachain Auction, where the community invests their own Polkadot tokens, with the highest bidders winning.
Almost everyone is confused on how to participate. The instructions are not very clear, and it looks pretty technical.
In this article, I explain how to create a wallet on Polkadot.js.org, which must be created in order to participate in these Parachains.
Polkadot.js.org - Getting Started
I will make this process very simple, follow these step-by-step instructions to create your wallet on Polkadot.js.org today.
- Visit https://polkadot.js.org
- Click on the top-left option, ‘apps wallet’
- Make sure you are on Polkadot Network – if not, drop down left column and choose it – *It does not matter which avenue you choose, just pick one of them.
- Once on the Polkadot Network, go to Accounts in the top Navbar, and select ‘Accounts’.
- Click ‘Add Account’
- The popup box will show you a series of words. You MUST COPY THESE DOWN. Do not lose them! If you lose them, you will not be able to restore your wallet when/if something happens. Copy and paste somewhere safe.
- Then click box that says you have copied
- This is where you will name your account.
- You need 2 accounts total; 1 is the Stash Account, name this “Polkadot Stash”, this is where you send all your Polkadot, and will use for the parachains. The 2nd one is the Controller account – name this ‘Polkadot Controller’ – this will pay all the fees, and you will need to transfer only 0.5 DOT into it.
- Enter PW – Make sure it is a solid pw, I recommend using strong random password generator. Do not lose! Do not store on your phone in a picture, this is easiest way to get hacked.
- When finished, repeat one more time for your Controller Account, to pay the fees out of. The reason you do this, is so when you post payments/fees to the network, if your wallet gets hacked, they will only have access to your Controller wallet, not your Stash!
- Last step – make sure you have copied down; 1) Address, 2) PW & keep safe, 3) Seed Phrase (most important).
