First, we’re going to set-up a new Ethereum wallet using MyEtherWallet.com, which is capable of storing both Ether (ETH) and any ERC20 tokens running on its network (PRL is one such token).

You may have clicked the link to reach the website, please make sure the address really is https://www.myetherwallet.com/ and that there is a green lock on the left side of the address. To be completely safe, I recommend bookmarking the site and to only access it using this bookmark, this way you can avoid phishing scams.

For those of you paranoid about trusting an online site, you may download the entire wallet here and run it on your own computer (even offline!). There are multiples guides on how to run the software offline, so this guide is written under the hypotheses that you’re using the online version.

When you open the website you’ll find this:

Now you should choose a password which is hard to guess but that you’ll remember. I recommend using a random password generator with a minimum password length of 25 characters for maximum security, but something long and that you’ve NEVER used before will also work.

Remember to write down this password on a piece of paper as if you lose it you may lose access to your money. You can also keep it in a digital format somewhere you think safe, but I’d recommend at least one physical backup.

Remember the two key-words: Long and Random

Next you’ll find this:

MEW (MyEtherWallet) says it better than I could. Download this file, make at least two backups — for example, one in another computer and one in a USB flash drive you don’t use normally — and never upload it anywhere. This file, combined with the password you introduced earlier, allows anyone who has both unlimited access to your funds. Don’t lose it.

Next, you’ll see a screen with your private seed. This string of letters and numbers is the key to your wallet. If you use the method of the key file and password explained previously you won’t need to use it, which is good because anyone who knows this has full access to your wallet. Just write this down on a piece of paper somewhere for if you lose the key file.

You can also print the “Paper Wallet” offered by MEW to get a physical backup. If you do, make sure your printer is not wireless (as the file could get intercepted on the way to the printer) and that it doesn’t have an internal storage where all files printed are saved. If you aren’t sure about this you should just write the private key down on a piece of paper.

Now your wallet should be all set-up, but we’ll do the next step to make sure we don’t have anything wrong. This is general advice for anything involving backups or recovery methods: try to get access to your wallet using the backup files, that way if anything’s wrong you’ll catch it now when nothing of value will be lost.

As a method of accessing your wallet, choose the Keystore/JSON file option and select your file on your computer. Next, you’ll have to enter the password you chose at the start of this guide. If everything is correct, you should see something like this:

If you see something similar to this, congratulations! Your Ethereum wallet is fully operational. Copy the string on the “Your Address” field and save it somewhere accessible, this is where you’ll send the PRL at the end of this guide.