Divi — How To Contribute: The Foolproof Guide
First of all, we want to apologize for how long and complicated this process is. We know this is painful for many people, but we hope it also shows you how important The Divi Project’s mission is, to make using cryptocurrencies far easier than today.
In this guide I will take you through every step of the contribution process from acquiring your first ETH to “Congratulations, you’ve just joined the Divi Project Token Sale!” Additionally, I will include tidbits of information that will be useful in gaining a full understanding of not only Divi, but also cryptocurrency as a whole. Let’s get started…
Step 1: Acquire some Ether
Ether is the currency used on the Ethereum Network. There are many ways to acquire Ether, but the easiest way is to use a service called Coinbase.
Wait a minute… Why are we using Ether, and how does it relate to DIVX?
Great question! DIVX is what is referred to as an ERC20 Token. An ERC20 Token, in layman’s terms, is a brand new currency that anyone can create, which exists on Ethereum’s Blockchain. We have developed what is called a Smart Contract in order to raise funds and generate new ERC20 Tokens specific to the Divi Project. The tokens that are generated when a new user contributes are called Divi Exchange Tokens (DIVX for short).
Smart Contracts are programmatic contracts that allow for parties to transact without the need for trust. How is this possible? Well, because the contract is immutable, it cannot be changed or modified once it is deployed. The code is also public, so anyone can review it for security flaws or misrepresentations by the contract owner. Think of it like an escrow company that’s run by a robot. These Smart Contracts offer a really efficient method of crowdfunding, because the terms of the contract cannot be reneged upon by either party.
For the first part of this guide, you can also watch Divi team member Kelsey Matheson do this on Youtube:
How to acquire your first Ether:
1. Access Coinbase from your computer
2. Sign up for a new account
You will find the Sign Up button in the top, right hand corner of the screen. It is a square button. You will see this screen:
Enter your details, and when you’re done click Create Account
On the next screen you will be prompted to verify your email address. Leave this tab open, and find the email Coinbase just sent you.
Be sure to check your spam folder if you don’t see the email right away. The email will look like this in your inbox:
Click on Verify Email Address and you will be sent to a this page:
Select Individual or Business (likely individual unless you are a financial institution of some sort) and click Next.
Once you’re on the screen above, you will be prompted to enter your phone number. Make sure it’s a phone number you can receive text messages through as you will need to receive messages to verify your account.
Once you’ve entered your phone number, click Next
Check your phone for the 2-Step Verification Code you just received and enter it into the designated field, then click Verify Phone Number.
Once you’ve verified your phone number, you will be prompted to add a payment method.
There are two options.
Option 1: Bank Account
This option allows for higher limits, but does increase the amount of time between your deposit of Fiat Currency, which is your home country’s preferred, real world currency, and your receipt of the digital currency you have purchased (in this case Ether).
Option 2: Credit / Debit Card
Credit card transfers are instantaneous, however the limits start much lower (usually around $500 USD).
Once you choose an option you will be prompted to upload a photo ID or Driver’s License.
Select an option and you will be prompted with three upload options:
If you select the Webcam option, you may be prompted by your browser to Allow Coinbase to use your camera.
It will ask you for a picture of the front of your driver’s license first.
Hold your ID’s front facing information in front of your webcam and click Take Photo.
Coinbase will then prompt you to take a picture of the back of your ID.
Hold your ID’s back facing information in front of your webcam and click Take Photo
Once you complete this, Coinbase will verify your ID. This can take up to 3 minutes.
Once verified, you will see this screen:
You will then be prompted to enter your payment information. In this case we will be entering credit card information, but if you chose Bank Account in the previous steps, you will see a different form. At any rate, enter your information and press Next.
Now, you will be required to confirm two “Verification Charges” that Coinbase will make to the bank account linked to your credit / debit card. NOTE: These charges are temporary, and will be refunded once they are confirmed.
Leave this tab open, and go to your bank’s website to find the charges.
Once you find the charges, go back to your still-open Coinbase tab and click Start Charge Verification.
IMPORTANT: Some banks will reverse these charges, you may need to contact your bank or card issuer to let them know you approve the charges.
Step 3: Purchase some ETH
Once you have verified the charges, you are ready to buy your first ETH!
Be sure that you have selected the Ethereum option on the Buy tab just as displayed in the screenshot above.
Enter how much Ether you would like to purchase (Pro Tip: you can select “Buy Max” to quickly and easily buy as much as your limits will allow).
Click Buy Ethereum.
Click Confirm Buy. You will see the following screen upon a successful transaction:
CONGRATULATIONS! You’re the proud owner of some Ether.
Step 2: Send Ether from Coinbase to MyEtherWallet
Once you have some ETH in your account, you can send it to a service called MyEtherWallet, which is a virtual wallet for storing and sending Ether and ERC20 Tokens.
Wait… why can’t I just keep it on Coinbase?
You don’t want to keep your ETH on Coinbase for a number of reasons:
1. Coinbase operates on credit. Meaning they display the amount of ETH you are owed, not the amount you own. It is best practice to never keep your digital currency on an exchange.
2. In order to contribute to the Divi Token Sale, you need to utilize a wallet that allows for ERC20 Tokens to be stored. Coinbase does not have this feature.
Click on Accounts in the navigation bar on the top of the screen on Coinbase and it will lead you to this page:
Make sure you have your ETH Wallet selected, then click Send
Once you’re on this screen, it’s time to open a new tab and head over to MyEtherWallet.com to create a free secure wallet.
VERY IMPORTANT: Make sure you see MYETHERWALLET LLC [US] in the address bar (highlighted below). If you do not see this you may be on the wrong website. Never click links from Slack DMs, Emails, or Forums that lead to MyEtherWallet or you may be subject to a phishing scam.
Once on this page, enter a password that you can remember and press Create New Wallet.
Download the Keystore File (UTC / JSON) and save it in a safe place on your computer. This file can be used to recover your account and login, if you lose it you may lose your account so it is of the utmost importance that you do not lose this file.
Click I understand. Continue.
After clicking continue, you will see this page, where you will be given a Private Key.
IMPORTANT: A Private Key is just like a password. Again, hold onto this. Save it in a Word Document, write it down and stick it in a fire safe, do whatever you have to do to save this information. And DO NOT SHARE IT with anyone.
Once your Private Key is saved, click Save Your Address to continue.
Once on this screen, you have a variety of login options. You can ignore a majority of them for now. Right now, focus on the Private Key or Keystore File (UTC / JSON) options.
For this example I will be using the Keystore File (UTC / JSON)
Select the radio button that says Keystore File (UTC / JSON) and you will be prompted to upload the file you just downloaded moments ago. Click Select Wallet File…
Find the file you just downloaded and select it. Once you do you will be prompted to enter the Password you created at the beginning of this step.
An Unlock button will pop up. Click it to continue to your wallet.
Scroll down to see your brand new Ether Wallet!
Copy the string of numbers and letters in the Your Address field.
Go back to Coinbase now and paste the copied address into the Recipient field.
Enter the amount you would like to send…
You do not need to write anything in the optional message field.
It may take some time for the transaction to go through, so be patient. Go make a sandwich, and come back in a few minutes.
Step 3: Purchase DIVX
Now that you have some ETH in your wallet, you are ready to purchase some DIVX!
Click the Send Ether & Tokens button in the navigation bar at the top of the screen.
Upload your Keystore File (UTC / JSON) or Enter your Private Key
Once on the above screen, open a new tab in your browser and go to the live sale link.
Read the terms. Check the relevant boxes. In this case I will be selecting Check here to confirm that you are NOT a U.S. citizen, resident or entity nor are you purchasing DIVX Tokens or signing on behalf of a U.S. Person. and Check below to verify that you have read and agree to the terms.
Click Agree and you will see the contribution details.
Copy the Contract Address from step 3 of the “How to Participate” instructions.
Keep this tab open, and go back to the MyEtherWallet tab you left open before.
Paste the Address you just copied into the To Address field.
Enter the amount you’d like to contribute in the Amount to Send field
Change the Gas Limit to 300000
Wait… what the heck is Gas and why do I need it?
Gas is the small fractions of ETH that are required to send transactions through the network. Smart Contracts require more Gas than typical peer-to-peer transactions because of their varying levels of complexity. The more variables within the contract, the more Gas it will take to execute various functions. The more Gas you are willing to spend, the more attractive the transaction becomes to the miners. Basically what that means is that your transaction will go through more quickly. If you don’t have enough Gas, your transaction may fail. You can read a more technical analysis of Gas here.
BUT WAIT! THERE’S MORE!
Before you click to generate the transaction, you must click Advanced: Add Data
Copy the shorter string of numbers and letters from step 7 of “How to Participate” on the live sale page.
Paste the copied string it into the Data field
Click Generate Transaction
Click Send Transaction
Click Yes, I am sure! Make Transaction.
Click Check TX Status
Click the string of numbers and letters associated with TX Hash.
This will open a new tab and show you your transaction details.
Step 4: View your newly acquired DIVX
Now that you have made your contribution, it is time to reap the rewards!
Back on MyEtherWallet, click View Wallet Info from the navigation bar at the top of the screen.
Enter your Private Key or upload your Keystore File (UTC / JSON) and enter your password
On this screen, you will see a section called Token Balances (highlighted in green for this example)
Don’t worry if you don’t see your DIVX yet. We’ll be adding the token in the next step.
Click the Add Custom Token button and you will see a new form pop down.
Leave this tab open, and go back to your still-open live sale page on our website:
Copy the Contract Address from step 3 of “How to view your newly acquired DIVX in your wallet”
Now head back to MyEtherWallet
Paste the Contract Address you just copied into the Address field.
In the Token Symbol field enter DIVX
In the Decimals field enter 18
If your screen looks like the screenshot above, you’re good to go.
VOILA! You are now the proud owner of some shiny new DIVX!