Avalanche is different from other blockchain networks as it has three separate chains: X-Chain, C-Chain, and P-Chain.
Each of these chains has separate roles and stores tokens separately. Therefore, you need to understand them to avoid sending the wrong coin to a given chain.
X-Chain (Exchange chain) deals with Avalanche virtual machines such as DEXes for creating and exchanging assets. The transactions in X-chain are in AVAX.
P-Chain (Platform chain) helps in coordinating validators and tracking active subnets. Most probably, you may not use P-Chain unless you delegate, but you need to understand its role.
C-Chain (Contract Chain) is typical of Avalanche-powered Virtual Ethereum, enabling users to create smart contracts using C-Chain’s API. You need C-Chain to interact with Avalanche Decentralized Applications (DApps).
An Avalanche wallet has three important components: Wallet address, Passphrase, and Private Key. A wallet address is a public address for sending coins to the Avalanche wallet. It is what you share with someone who wants to send you tokens. Passphrase and Private Key are security keys that you use to access your wallet or recover it and should never be shared.
Follow the steps below to create your Avalanche Wallet:
- Navigate to wallet.avax.network
- Select CREATE NEW WALLET
- Click on GENERATE KEY PHRASE
- You will see a 24-word keyphrase. Write down this phrase in sequential order (ensure you get all the spellings right), and store it very safely. You will use this phrase to restore your wallet anytime.
- Once you are done, check the box “I wrote down my key phrase in a secure location” and click on ACCESS WALLET.
- Now, it is time to verify the Mnemonic. Fill in the missing words in the phrase. Ensure you enter the correct word at its appropriate number. Once you are done, click on VERIFY.
Congratulations! Your account is ready for use.
Avalanche has also partnered with hardware wallets that help users manage their AVAX tokens, including Ledger. Physical wallets are definitely the safest way to protect your cryptocurrency.
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