Wallet Upgrade and Bithumb Instructions [Updated]
There is a lot happening with Stegos lately, and it’s just the beginning! A new wallet is out, and Bithumb Global is ready for trading. Follow the steps below to open an account and keep your funds secure.
The news is out: Stegos is officially trading on Bithumb Global. With the new wallet upgrade, you’ll be able to seamlessly send STG to the exchange in order to trade freely. This is the first of a lot of exciting things to come — look out for more contests, developments, and announcements in the next few weeks!
Wallet Upgrade
First and foremost, a mandatory wallet upgrade has been released. Head to GitHub and look under assets. Pick the right package for your platform to install the most recent version, v1.2. This latest version gives you the ability to send public transactions.
IMPORTANT: Public transactions are fully visible on the blockchain and can be viewed freely by third parties. Your regular transactions will always remain private!
So why would you want to send a public STG transaction? This function is for sending deposits to exchanges. It’s not possible to spend tokens received publicly until they are cloaked, that is converted to regular private tokens. Cloaking is another payment option added in this release.
Why use public payments for exchange deposits? Stegos is a super-private blockchain and your private key is needed to identify tokens belonging to you while scanning the blockchain. Good exchanges look out for their users and make sure their funds are secure from hackers. This is usually done by keeping private keys to the users’ wallets in cold storage, e.g. on a machine not connected to the internet.
Sending private payments to an exchange would require the exchange to keep the server with private keys connected to the internet to identify and credit incoming deposits. This is not secure as a hacker can gain access to this server over the internet and use the private keys to steal all the funds.
Public payments are visible on the blockchain and the exchange can process deposits without touching private keys, keeping private keys disconnected from the internet and secure. When the time comes to withdraw the funds, the exchange can process the withdrawal on the cold storage server by signing the outgoing payment offline and then submitting it to the network.
There is no way to spend publicly received tokens so you should immediately convert them to private tokens using cloaking, the second payment type added in this release. You can once again spend your tokens privately and securely once they are cloaked.
Please note that we work closely with exchanges on technical integration to ensure the security of your funds. Once we are satisfied that an exchange is keeping your keys in cold storage and using offline signing of transactions, we add the exchange to our list of official and recommended exchanges. Bithumb Global is the only official exchange at the moment.
Trading on Bithumb Global
First and foremost, to trade on Bithumb, you’ll need an account. If you haven’t already done so, sign up here. Make sure to sign up with a secure email address and a strong, unique password that you can remember. You’ll also be prompted to enable Two-Factor Authentication; we highly recommend that you do this as well.
You’ll be emailed an access code to verify your account and sign in for the first time. If you hover over your account name, a drop down menu will give you a list of links to follow. Click on deposits, and you’ll be taken to the designated deposits tab.
If you’re looking to deposit Bitcoin or some other asset to purchase STG, click through to that asset and follow the corresponding instructions.
When depositing STG, you must send your funds to the specified address as a public transaction!
Bithumb Global will also process a regular private payment, although this may take longer, but only if you send the payment with a payment certificate and provide the details of the certificate to the exchange.
Do not despair if you sent a private payment and forgot to enable the payment certificate. Your funds are not lost, your deposit will just take a lot longer to process. Bithumb Global customer support will be able to find your payment you provide them with the UTXO id of your transaction. You will need to use the command-line interface and the show history command to find your payment and its UTXO id.
Deposits require some number of network confirmations to be credited to your account. Be patient, and don’t be too concerned if your deposits aren’t credited instantaneously.
When everything is ready to go, click on the “Spot” tab in the top left corner to get to altcoin markets. Type STG in the search box, and you’re ready to go!
Happy trading!
