Introduction
- A brief overview of what tokens are and their importance to crypto users.
- Highlight the security advantages of managing tokens with a cold wallet like ELLIPAL.
1. Understanding Tokens
1.1 What Are Tokens?
- Tokens are digital assets created using blockchain technology. They can represent value, ownership, or access rights and are widely used for accessing specific goods, services, or participating in project governance. Unlike cryptocurrencies, tokens rely on existing blockchain platforms (such as Ethereum or Binance Smart Chain) instead of operating as standalone native currencies.1.2 Custom Tokens vs. Native Tokens
- Native Tokens are the inherent digital currencies of a blockchain network, like Bitcoin on the Bitcoin blockchain or Ether on the Ethereum blockchain. Native tokens are typically used to pay transaction fees, reward miners or validators, and serve as the base currency for other applications.- Custom Tokens are created through smart contracts on existing blockchain platforms, such as ERC-20 tokens on Ethereum. Custom tokens can represent any form of value, like assets, governance rights, or access privileges, without needing their own blockchain network.
2. Storing Tokens on ELLIPAL
2.1 Set Up Your ELLIPAL Cold Wallet and Connect to the ELLIPAL App
- Ensure you have set up and activated your ELLIPAL cold wallet. If you need assistance, refer to this [YouTube video] for detailed steps.
2.2 Add Tokens to Your Wallet
3. Managing Your Tokens
- Once the tokens are successfully added, you can view, manage, and securely store them in your ELLIPAL cold wallet.
- Sign transactions using the ELLIPAL cold wallet, ensuring every operation is done in an offline environment, protecting your assets from hacks.
- YouTube video on how to make transactions: