We’ve gotten so many requests for a step by step guide on how to use EtherDelta and Forkdelta and how to use it to by Network tokens. Decentralized exchanges are great but usually they are not so user friendly and easy to use, we’re here to help.
There are multiple ways to get NTWK tokens, creating content, completing courses and in the open markets. This guide is being created for the individuals who want to obtain NTWK in the open markets but do not know how to use Etherdelta & Forkdelta.
What is EtherDelta/Forkdelta?
EtherDelta is a decentralized trading platform for Ether and Ethereum-based tokens. In 2017 a fork of Etherdelta was created: Forkdelta. Forkdelta currently uses Etherdelta’s smart contract and offers an offchain orderbook at this time, functionality between the two are identical. With Forkdelta and Etherdelta using the same process we are able to have one guide for both exchanges. As development is still ongoing with Forkdelta and they plan to switch to their own contract and upgrade their interface this guide may change in the future.
Currently NTWK can be traded on Three decentralized exchanges. A Decentralized exchange means that funds are help in a smart contract and you are the only one with access to deposit, trade and withdraw. No person, administrator or service provider has access to your funds and doesn’t require trusting an organization with your funds. The one downside of this is that if you make a mistake it falls on no one but you, there is no support to contact, no “password” reset button and definitely no undo button.
There are also a ton of different ways to interact with the smart contract but for this Quick-Start guide we’ll be showing you how to set up a new account, transfer ethereum and how to buy and sell NTWK tokens!
Creating an Account
To use either ED/FD you are going to need to set up a new account, It’s so easy my dog’s could probably figure it out. Don’t believe me?
On the right hand side of the browser you’ll see a drop down for “Select Account” on the drop down click “New Account”
You should get a pop-up confirming that your account has been created. See! I told you that was easy!
Don’t just ignore the pop-up! you need to save your private key! Ideally you should be saving this offline, you know… Like on a piece of paper because you know, this is “Innovative Technology”?
Go ahead and take a five minute break from this tutorial to search your house for a pen and a piece of paper. I know it took me at least 20 minutes to find a pen, it was in my junk draw I haven’t opened in 6 years.
On a serious note, please don’t keep your private key online or easily accessible on an online computer. Almost every cryptocurrency theft occurs due to improper storage of private keys and no one wants to be the guy who loses $25K because he didn’t listen to everyone.
Next you’ll go to your private wallet that you use to store your Ethereum (You should be using a secure wallet such as MyEtherWallet or a Ledger Device) and you’ll send over how ever much Ethereum you plan on using to buy Network Tokens (We hope it’s a lot! Our tokens unlock our premium content which is going to be UH-MAZ-ING)
Next you’ll select NTWK from the dropdown:
Make sure you have selected “NTWK” and not any other token. THIS IS THE MOST IMPORTANT STEP! Otherwise you’ll end up with some other tokens and let’s be honest, you don’t want those.
Now we’ll send our Ethereum from your Etherdelta wallet into the EtherDelta Smart Contract.
Go to the upper left hand side of the browser and you’ll see the section above, This is where you will specify the exact amount of Eth you want to purchase with, be sure to leave a little bit in the original wallet as you will need it to send transactions. Then click deposit.
Ready? It’s time to actually buy the Tokens!
Now that you have your Ethereum ready, the last thing that you need to do is actually buy NTWK. The easiest way to do this on a decentralized exchange is to look at the order book section in the center of your screen and try to find the best deal. These are all of the NTWK tokens currently listed for sale by sellers.
Understanding the order book look’s a lot more overwhelming than it really is. Each row is a listing, and each column gives you information about that listing.
The column all the way on the left show’s you the current price of 1 NTWK token, The middle shows the amount of NTWK token’s that person has listed for sale, and on the right is the total price in Etheruem to buy all those tokens listed in the middle column.
As you scroll down you might notice that there are red listing’s and green listings. The red listings are someone selling tokens (if you are looking to buy, this is where you should be looking) and there are orders listed in green that indicate people who are looking to buy tokens (this is where you’ll look if you want to sell)
The best price will always be at the bottom of the red, right before it switches over to green.
From here you’ll click the lowest possible priced item in the order book, or if there are not enough tokens in that order you can either complete multiple transactions or just buy the next one up
The amount you are buying will be shown, along with the amount of ETH it will cost you to purchase the tokens, Underneath will be the total fee you will need to pay in ETH to execute the transaction.
Once you press buy there is no turning back! You are now the proud owner of NTWK Tokens!