Sia-UI: Create a new wallet

Objective

Learn how to make a new wallet in Sia-UI

Time Required

5-10 minutes

Things You'll Need

A desktop or notebook computer with Sia-UI installed. Don't have Sia-UI yet?

A physical and digital way to safely store a string of 29 words.

Create a new wallet

After you first install Sia-UI, you need to create a wallet to store Siacoin, upload files to the decentralized network, or rent out your storage space and earn Siacoin. This set of instructions assume that you are setting up a new wallet in Sia-UI for the first time.

In these steps, you will:

  • decide wether or not to use a custom password
  • generate and safely store the key to your wallet, also known as the wallet seed
  • unlock your wallet for the first time

You'll see a few tabs across the left of the app – Files, Hosting, Wallet, Terminal, and About. Click on Wallet.

Choosing your security

Once in the Wallet tab, you'll see two options. Create a new wallet, and Load a wallet from a seed. Under those options is a check box – Use custom passphrase.

You're going to be clicking "Create a new wallet", but you first need to decide what type of security you'll use – your wallet seed, or a custom passphrase (password).

If you don't check this box, your seed will be used to unlock your wallet. Your seed is 29 words, which has pros and cons.

Pro: Longer passwords are generally considered safer, and trying to hack a 29 word password from scratch with a brute force method is currently impossible. It would take trillions and trillions of years with modern technology.

Con: Constantly typing your wallet seed makes you susceptible to keylogging. Keylogging is when someone uses software or a physical device to read your keyboard input. If someone gets your seed, they can easily steal your Siacoin. If someone gets part of your seed, the amount of time it might take them to hack your seed could decrease.

Con: Typing in 29 words when you want to unlock your wallet might not be tolerable for you.

If you decide to use your seed as your wallet password, leave this box unchecked and jump ahead to generating your seed. You can always set a custom password later.

If you'd like to use a custom password now (password and passphrase are interchangeable here), click this checkbox. 

If you decided to use a custom password, you'll then be asked to enter it. There are no restrictions here, so enter anything you want.

Leaving this empty defaults to using your 29 word seed as your wallet password in the next step.

Generating your seed

You will then be shown your seed! If you elected to not use a custom password, you'll see your seed twice because your seed is also your password.

If you decided to use a custom password, you'll see your seed and the password you set.

Move your mouse cursor over the black box to temporarily see your password.


Safely storing your seed

You need to keep your seed safe. Safe means a lot of things to different people – but because your entire Siacoin balance is controlled by your seed, keep both digital and physical copies. Everyone does different things, and everyone has a different risk tolerance. Knowing this, our recommendations are as follows.

Digitally: Use a password or biometric (e.g. fingerprint) secured app like 1Password or LastPass.

Physically: Keep a laminated paper copy stored in a locked safe.

Loss: If you lose your seed, your Siacoin balance will be unrecoverable.
Theft: If someone steals your seed, they can easily steal your Siacoin balance.

Ready for a deep dive? Learn more about the importance of your seed.


Confirming your seed and password

Once you've safely stored your seed, click "I have written these down in a safe place". You must then enter your seed twice if you set no custom password, or your seed once and your custom password once to confirm that you can retrieve them and input them correctly.


Unlocking your wallet

You're almost there! Now you can unlock your wallet by entering your wallet password a final time. This is either your seed if you set no custom password, or the custom password that you set.

That's it! You're Siacoin wallet is set up and unlocked. You may see a message that the wallet is scanning the blockchain. This is normal – just wait for it to complete.

You can now use all the features of Sia-UI.


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