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Please am totally a novice in eth and web3 stuff

I managed to know how to create wallets in web3 but the part am totally not getting is.. I don't know if this wallets can be used to receive/store other tokens other than ethereum like safemoon, feg, shib ETC and if so, please is there any additional step to take to get it working.

Please someone should help me with this.. Thanks guys

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A normal wallet is able to hold standard tokens (like the ones you mentioned) naturally, as any address actually can.

Standard tokens are not distributed the same way as native ether. the wallet you are creating can have ether transferred to it directly. but or the tokens, the token contract is the one that holds the number of tokens you have as balance in a simple table-like structure where the key is your address and the value is how many tokens you have.

wallets like Metamask will query those tokens for your balance of that token, by sending in your address. that's why you have to manually add the tokens you think you have balance in as assets.

hope this clarifies.

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  • Thanks for your response sir but am kind of not very much clear yet... just want to know like if i just create a wallet address right now which obviously is gonna have a key as well, How am I going to know which token or coin it can accept or hold? (Don't be offended) Aug 14, 2021 at 10:05
  • all addresses can accept any token by default. the tokens themselves don't have a special code built into the ethereum. your balance is just a variable that holds your address and your balance. that is it. so there is not limitation to what token you can have. unless the token itself has explicitly blacklisted your address or doesn't accept new holders. you will be able to see it better if you try and read the ERC20 token contract. Aug 14, 2021 at 10:10
  • ok sir thanks a lot, I just sent you a mail right now Aug 14, 2021 at 10:30

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