To successfully purchase XRES tokens during the XResearch crowdsale, one option you have is to transfer funds from an ERC20 compatible wallet.
Since XRES is an ERC-20 token, you’ll need an ERC-20 wallet to add the token, even if you use Bitcoin, ZCash, or fiat currency to invest in the project during the STO.
One of the most common ERC-20 compatible wallets is MyEtherWallet, which is a web-based wallet that requires no download.
The website is https://www.myetherwallet.com/ (always double check the web address because phishing sites are common).
To ensure you can transfer funds to us during the crowdsale, and manage your XRES tokens effectively, read over this tutorial.
WARNING: Take time to understand how MyEtherWallet works. The site has tutorials on how to use their application. Don’t skip over these! Also, keep your private key stored in a safe place, such as in a document saved to a USB drive or on a piece of printed-out paper (and store such materials in a safe place, too). Beware of phishing sites, as they will mimic these wallets and try to steal your private key. We are not responsible if you lose your private key or fall victim to phishing or another scam.
How to safely use MyEtherWallet (MEW)
There are numerous other quality ERC-20 wallets, such as Parity. If you have questions about how to use those for transferring funds or adding the XRES token, contact us on Telegram or email us at info@XRES.io.
However, MEW is user-friendly and most likely what the majority of XResearch investors will use during the sale to send us funds in Ethereum.
Here’s how you can send ETH safely and add our token to your wallet.
1. Go to the website
As the site notes, “MyEtherWallet is a free, open-source, client-side interface” that allows you to interact with the blockchain directly. You fully control your keys and funds, and that means you — and only you — are responsible for your security. MEW isn’t a bank.
To create a MEW account, first go to the website: https://www.myetherwallet.com/. Bookmark this site because there are many phishing scams.
2. Generate your wallet and password
To generate a wallet, you’ll need to create a password.
As you can see, you need to write down your password and keep it in a safe place (store offline on a USB drive and/or paper). Also, make sure to use a unique and random password — not the same one you use to log in to your email, Twitter account, etc (those passwords are vulnerable!).
For example, your password could be:
MrBobJumpedOverTwoRabbitsandAteThreeCarrots
It sounds silly and strange, but it’s quite impossible to guess such a random password. Who could possibly guess that? You’ll need that password and your private key to access your account later.
3. Save your Keystore file
After writing in your unique password (and storing it safely in another place), click “Create New Wallet”. After clicking, the following screen will appear:
Click “Download Keystore File”. As MEW advises, don’t lose this file. Back it up. You can’t recover or restore your account without it. It can also be used to access your MEW password and private key. So, don’t share it.
After downloading and saving your Keystore File, click “I understand. Continue.” This will take you to the next page:
4. Save your private key
Save this private key by printing a paper wallet and/or keep it in a folder along with your Keystore File (save that folder to an external USB drive or other hardware).
Take good care of this information. Consider encrypting the private key if you fear someone could access that information.
5. Install MetaMask
After you’ve stored your private key securely, click “Save Your Address”. You’ll then see a screen asking you how you wish to unlock your wallet.
Note: Selecting the Keystore/JSON file to view access your wallet isn’t desired, as entering your private key on a website is dangerous. MyEtherWallet recommends that you use MetaMask or a hardware wallet like Ledger or Trezor. For transferring ETH funds during the XRES token sale or adding the token to your wallet, we recommend MetaMask because of its simplicity, efficiency, and security.
MetaMask enables you to “run Ethereum dApps right in your browser without running a full Ethereum node.” It’s an add-on that provides a layer of security between your wallet and the site you’re using (which is susceptible to hackers).
To install MetaMask, go to https://metamask.io/ and click to install on Chrome or Firefox.
The following screen will appear (pictures are for Firefox):
Click “Add to Firefox”. Once added, you’ll see a fox icon to the right of the web address box.
6. Create a MetaMask password and seed phrase
Click on the fox icon and you’ll be asked to create a password. When creating a MetaMask password, not only make it different from your MEW password, but also make it unique and random. Write this password on paper and secure it in a safe place.
After creating a password, you’ll be asked to agree to certain terms and conditions and then asked to create a secret backup phrase. You want to do this, as it provides another layer of security.
What you’ll get is a random combination of 12 words. Copy this and store it in a safe place, along with your password.
7. Import your MEW account
MetaMask will create an Ethereum wallet for you. You can also import your MyEtherWallet account by clicking on the icon in the top right.
Click on “Import Account”. On the next screen, you’ll be asked to enter in your private key address, so retrieve it from your offline storage location. Enter that private key address. Your account should appear and show your account balance in ETH and tokens.
8. How to deposit into your MEW using MetaMask
First, click deposit. To deposit funds in your account, you can transfer from another wallet using the “Directly Deposit Ether” function.
MetaMask also enables you to buy funds from Coinbase with relative ease. Just click on “Buy on Coinbase” and then use your email address to buy/transfer funds from Coinbase to your MyEtherWallet.
Note: You need a Coinbase account to do this. Also, you cannot use an exchange or centralized wallet for the STO; your money will be lost and we will not be responsible. Again, don’t transfer funds from an exchange like Coinbase, Binance, Bittrex, etc. Read this guide on how to send us Ethereum and other crypto during the XResearch STO. First, transfer funds to your MEW using the MetaMask browser add-on for extra security.
MetaMask is also linked with ShapeShift, a cryptocurrency exchange known for allowing quick coin conversions. For instance, you can use ShapeShift to convert Dash to ETH and deposit that ETH in your MyEtherWallet. Just have your refund address ready.
9. How to send into your MEW using MetaMask
For the XResearch token sale, if you’re contributing using ETH, you’ll be sending the funds to our smart contract address. To do that, click send on your wallet.
Enter the XRES token address in the “To” box. If you’re sending ETH to a friend, client, employee, or someone else, you would enter in their public ETH address (ask them to provide that to you). After doing that, type in the amount you want to send.
Next, enter the gas fee. For the XRES token sale, we’re setting X Gas Limit and X Gwei so that we don’t have a gas war.
As MyEtherWallet states, the total cost of the transaction is the Gas Limit, which is essentially you paying for the computation (miners validating and executing the transaction).
The gas price is expressed in Gwei, which is a denomination of ETH. One Ethereum equals 1,000,000,000 Gwei.
As MyEtherWallet notes, 21000 gas is standard for all transactions. What you put for Gwei largely depends on how fast you want to execute the transaction, as most miners prioritize and handle transactions from highest Gas price to lowest. The faster the transaction, the more Gwei you’ll typically need to give (and therefore the more expensive the transaction will be).
Based on the transaction you’re doing, we advise using the following gwei:
- A gas price of 40 Gwei will generally get your transaction done in the next block.
- A gas price of 20 Gwei will generally get your transaction done within the next few blocks.
- A gas price of 2 Gwei will generally get your transaction done within the next few minutes.
You can always just default Gas and Gwei to what MetaMask decides for the transaction as well. Once you’ve entered in all details, click “Next” and then click “Confirm” to begin the transaction.
10. Check and verify the transaction on Etherscan.io
One of the great things about cryptocurrencies is that you can easily track transactions on the blockchain. Always check your transactions just to be sure everything’s correct.
When you send or receive funds to your MyEtherWallet, track the transaction using https://etherscan.io/. Simply search the Txhash, a long string of letters and numbers that represents the transaction ID, or search your address to see the list of transactions. You’ll see it marked as either in progress or complete.
Final words
Now you know how to use MyEtherWallet for the XResearch token sale and for depositing, sending, and receiving ETH and other ERC-20 tokens.
Just remember to always exercise caution and double check sites, addresses, and other information before doing a transaction. With MEW, you’ve been given the tools to be your own bank. It’s a liberating feeling, but it comes with responsibility.
If you have any questions about using MyEtherWallet for the XRES presale or public sale, connect with our team on Telegram or email us at info@XRES.io.
