Wallet address for storagenode

First we will add a STORJ ERC20 payout address. STORJ is the name of the token which is used to pay the farmers for renting out their storage space. STORJ has a monetary value and divisibility which makes it suitable as a means of payment. To create a new payout address, you can use any compatible ethereum wallet; we use https://www.myetherwallet.com/ (MEW) here as example. There are many other options available; Storj Labs does not endorse any particular wallet, please choose the one you are most comfortable with.

You have three options how to create a new wallet on MEW site

• mobile application
  
• keystore file
  
• mnemonic phrase
  

Create wallet using keystore file

On the MEW website, enter a strong password of your liking into the "Enter a password" field and then click on "Create New Wallet", see Figure 3.1.

Now download the Keystore File and save it to a safe location (e.g. a USB flash drive) and be sure to make multiple backups of your passphrase and Keystore file in different locations to assure that you will not accidentally lose it.. Also do not forget to write down the password for the Keystore file you entered in the previous step. Next click on “Download Keystore file"

Create wallet using mnemonic phrase

Figure 3.3. Creating wallet using mnemonic phrase

Write down your mnemonic phrase or print it. Then click on "I Wrote Down My Mnemonic Phrase" to continue. Then wallet will do a little exam for you. You need to fill missed words from your mnemonic phrase. See Figure 3.4

Figure 3.4. Verification

Figure 3.5. Verification was successful

Please Note:

Do NOT use an exchange wallet address, the micropayments wont work with an exchanges' deposit addresses.

You will lose your payments, if you would use an exchanges' deposit address instead of your wallet.