Store your Factoids securely with the Factom Enterprise Wallet
Securing your cryptocurrency is perhaps the most important thing you can do in today’s environment. With news of major exchange hacks, and uncertain regulatory environments, storing your investment with proper safe guards can bring peace of mind. Luckily, Factom has created an enterprise wallet that can help you keep your Factoids safe. This is designed to be a concise guide on how to set up your enterprise wallet.
1. Navigate to the Github page, scroll down and download the installer for your operating system, in this case we will be using a Mac.
2. After you double click on the enterprise-wallet-setup, you will be prompted to drag the enterprise wallet icon into the applications folder, go ahead and do this.
3. Navigate to your applications folder and double click on the Enterprise wallet icon. You may have to adjust your security preferences. The application will open and prompt you to agree to the terms.
4. Users have options to choose between the secure and unsecure wallet. The secure encrypted wallet is recommended for maximum security, which allows you to create a password.
5. You will be prompted to create a password. It is highly recommended to immediately back up your seed, which allows you to regenerate your wallet if you lose the password or the database gets corrupted. Keep in mind, if you forget your password and seed, there is no recovery option.
6. The wallet will have to sync with the blockchain, which can take a few hours. Until the sync is complete, transactions will look incomplete and balances may be incorrect.
7. Select “Address Book” option and click on the + sign on the bottom right hand side to generate a Factoid address. This is the address that will store your factoids in the enterprise wallet, you will be able to send and receive factoids from here. Go ahead and give it a nickname., selected the “Random new factoid address option” and select “Add to Address Book”.
8. Now that your address is generated select the “Transactions” tab on the left hand side, and click on the + sign on the bottom righthand side. This gives you an option of sending or receiving factoids.
9. To receive Factoids, select “receive Factoids” make sure the receiving address is set to what you generated. Select the copy clipboard option and input this address as you move your Factoids from whichever exchange you are using. Make sure to test this with a small Factoid amount, to ensure everything is working in order.
10. To send Factoids, select the transactions tab and the + sign again, selecting the “send Factoids” option. Input the Factoid address you want your Factoids to be sent to. Test this with a small amount first, to ensure everything is working properly.
11.Now it’s time to backup your wallet. Select the “Backup” option on the left-hand side. Note that this only backs up address’s that you generated from this wallet’s seed, meaning imported addresses are not backed up. Be sure no one is looking as you create your 12 word seed.
12. After you select continue, you will be prompted to write down 12 words in a particular order. It is recommended that you hand write this seed, and make multiple copies. The next screen will prompt you to input the 12 word seed as a verification.
13. You have successfully backed up your seed and are ready to send and receive Factoids!
More documentation is available here.