The Iron Helmet has been transformed into an Iron Pauldron with update R31 in May 2016.
It's to be expected that helmets will be implemented anew as a fifth piece of armor in future updates.
Currently (R25 in November 2015) armor merely protects your player-character from the impact of physical hits from creatures, reducing the damage inflicted on the character.
Each hit of a creature will reduce the durability of one piece of armor that has been hit. When a piece of armor has lost all durability, it will fall apart and leave the respective body-part unprotected, which will be indicated by the armor doll in the bottom left corner of the screen, where body parts without armor will appear in black color.
Iron armor is the third (tier) armor-type that you can craft in Creativerse. Iron armor can also be found occasionally in Diamond Treasure Chests on the Corruption layer underground in deep caves, spawning only in complete darkness, mainly on Corrupted Stone, Corrupted Leaves or Corrupted Dirt.
To craft an Iron Helmet, you needed (as of R25 in November 2015):
- 2 Warmworm Teeth obtained by either killing or taming and then harvesting from Warmworms that can be found on the Stalactite layer and the Lava layer underground, spawning on Siltstone, Hardened Lava, Igneous Rock, Tourmaline, Sulfur and/or Diamond nodes
- 2 Feral Pigsy Furs obtained by either killing or taming and then harvesting from Feral Pigsies found in Jungle-biomes, spawning on Detritus
- 2 Twines, made from Vines in a Processor
- 2 Iron Bar made in a Forge from Iron Ore found in the Stalactite layer and also in upper parts of the Lava layer
- 2 Obsidian Rods made of Obsidian (bars) in a Processor or found in Iron Treasure Chests or Diamond Treasure Chests
Crafting or taking an Iron Helmet automatically unlocked the recipe for Diamond Helmets.
To equip armor and/or replace older armor with a newer piece, simply use right-click on the armor-piece you wish to equip in your inventory, and it will automatically go into the according armor-slot next to your character's model, while the formerly worn armor-piece will be put into your inventory.