Alt Coins Parachains Polkadot

Create a Polkadot.JS Wallet for the Polkadot Parachains

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.  

Polkadot.js.org is a little confusing, follow these step-by-step instructions to create a wallet there and participate in the Parachains

  • 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.

To start a Polkadot wallet for the Parachains, switch to the polkadot network in polkadot.js.org

  • Once on the Polkadot Network, go to Accounts in the top Navbar, and select ‘Accounts’.

to open a new wallet for Polkadot Parachains, go to Accounts, Accounts

  • Click ‘Add Account’

Create a wallet in Polkadot.js.org for the Parachains

  • 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

Polkadot Parachains - create a new wallet and make sure you copy your seed phrase, the group of 12 words that are displayed, this is how to restore your wallet

  • 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.

Polkadot parachains wallet - do not pick a weak password or you can 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!

Get your polkadot wallets ready to make money for you with the approach of the Polkadot Parachains!

  • Last step – make sure you have copied down; 1) Address, 2) PW & keep safe, 3) Seed Phrase (most important).
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