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Getting On-Chain

Get set up on the Cardano blockchain by example.

Whitepaper

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Background

Supporting ...

Blockchain

We are using the Cardano blockchain, so you will need some ADA (the currency of Cardano) to pay for the usage of the Cardano blockchain as we work through the tasks below.

Web-browser

We recommend using the Brave browser (a version of Chrome with better privacy), but you can use Chrome or Edge if you choose.

Disclaimer;

Some of the tasks require setting up an exchange account and using cryptocurrency.

In no way is this to be considered financial advice.

You need to consider all the risks on your own account and do your own research - always!

Being safe;

! Important; Never give your wallet passwords or crypto seed-phrase (the list of words) to anyone - no matter how much they appear to want to help you!

We will never ask you for them, so if someone from selfdriven asks for them - it is not us!

What

We are delivering on the following three key outcomes.

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Tasks Overview

Getting ADA

Buy ADA using centralised exchange.

Setting up a Wallet

Set up a wallet to hold your Cardano assets, starting with ADA.

Sending ADA to Wallet

Send your wallet from the centralised exchange to your wallet.

Receiving ADA

Receive ADA or tokens to your wallet.

Working with dApps

Setting up collateral as required by decentralised apps.

Staking your ADA

Delegate your ADA to earn rewards and be help the Cardano blockchain.

Putting your ADA to work

Providing liquidity on a decentralised exchange.

Protecting Your Blockchain Assets

Including restoring a wallet.

Getting ADA

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Task
1
If in Australia, create a CoinSpot account or use an exchange you prefer, e.g. CoinJar.
You can use a global exchange like Coinbase.
The main thing is that you can buy ADA, and you do your own research.
Going forward we will be refer to this type of exchange as the Central Exchange (CEX).
Instructions below that involve a CEX, are based on CoinSpot.
For the following tasks you will need at least 10 ADA, but 25 ADA is best.
2
Now that you have set up you account.
Log on to the CEX (i.e. CoinSpot).
Follow the instructions to deposit $AU dollar.
3
Once the deposited funds can be seen in CoinSpot.
Go to Buy and search for ADA and click Buy and enter 10 ADA, or whatever you prefer.
4
You now own ADA!
Now you can work through the steps to move your ADA from the CEX to your own wallet, starting with setting up a wallet.

Setting up a Wallet

! Important;
  • You must install the browser-extension version of Eternl for the following tasks to work.
  • Make sure you store your seed phrase (24 words) and the spending password in a safe place i.e. not in a file on your computer! See Protecting Your Blockchain Assets.
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Task
1
You can use any cardano wallet you prefer.
For these tasks we are using Brave.
Go to eternl.io and follow the instructions to install the extension.
You will need the spending password every time you do a blockchain transaction.
2
Create wallet by clicking on the extension and then clicking Add Wallet, Create Wallet.
3
Once complete click on the Wallet and then the Receive tab and copy the wallet address - it starts with "addr1".

Sending ADA to a Wallet

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Task
1
Logon to your CEX (eg Coinspot) and click on the ADA wallet.
Click Send and follow the instructions using the address as the one you copied about when setting up your wallet (it starts with addr1), or as per instructions below in the Receiving ADA section.
2
Once you have sent and confirmed the withdrawal from the CEX, you will see the ADA in your Eternl wallet.
It can take from 30sec to 10min for the ADA to appear, based on the usage of the Cardano blockchain at that moment.
3
You can now interact with Cardano based dApps (Decentralised Apps)!
e.g. Buy the Cardano For The Masses book @ booktoken.io.

Receiving ADA

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Task
1
Open Eternl, click on your wallet and click on the Receive tab.
2
Then copy the address under "Share this wallet address to receive payments".
You can then use this address to send ADA between your accounts.
Or to someone else to send ADA or a native-token to you.
! Important;
  • Only share this public address or your staking address.
  • Remember that if someone has this address they can also see what else is in the wallet.
  • You should consider setting up a second wallet that can be used to receive ADA or tokens, and then you send the ADA and tokens to your main wallet.
  • !! Never share your wallet passwords or crypto seed-phrase (the list of words) to anyone - no matter how much they appear to want to help you!

Working with dApps

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Task
1
Decentralised Apps (dApps) are apps that have on-chain functionality e.g. decentralised exchanges, marketplaces.
2
Some dApps require you to setup collateral within your wallet - typically about 5ADA.
This ADA is reserved so that if there is an issue with any transactions orginated by the dApp, Cardano fees can be covered out of this collateral.
3
To setup with Eternl, click on your wallet and click on the Settings tab.
Then click on the On/Off icon next to Collateral option, and follow the instructions.

Staking your ADA

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Task
1
Open Eternl, click on your wallet and click on the Staking tab
2
Select a pool to delegate to and follow the prompts
Cardano uses liquid staking, so you remain in full control of your ADA i.e. it stays in your wallet.

Putting your ADA to Work

You can provide liquidity to a Decentralised Exchange (DEX) in the form of ADA and another token traded on the DEX.

In this example we are using the Minswap DEX, but you can use any Cardano based DEX - e.g. WingRiders, SundaeSwap.

! important; Before providing liquidity you should familarise yourself with the concept of Impermanent Loss.

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Task
1
You will need to enable your wallet for use with dApps (like a DEX).
To do this, open your Eternl wallet and click the power-lead icon to connect it together - it will go green.
2
Go to the Minswap DEX.
Double check that the URL is https://app.minswap.org/.
3
First thing you need to do is swap some of your ADA for another tradeable token - in this example we will use MELD.
Minswap offers a "zap" function that will swap 50% of the ADA you provide for the other token (i.e. MELD), but in this example we will do the swap manually as part of this learning exercise.
You may need more than 10ADA to cover fees etc - say 25ADA, see the Getting ADA section.
4
Using Minswap, click the "Trade" menu item.
Swap 10 ADA for MELD.
5
Once swap complete; click "Liquidity" > "Add Liquidity" and select MELD as the Second Token.
Click on the Balance: link for the Second Token, i.e. MELD.
This will set the amount MELD as this balance and automatically set the ADA amount.
Click on the Add Liquidity.
Follow the prompts to sign (approve) the transacation using your Eternl wallet.
Remember nothing happens on the Cardano blockchain until you sign the transaction within your wallet!
6
You are now a DEX Liquidity Provider!
Helping other people swap ADA for MELD tokens, and collecting a percentage of the fee.

Protecting Your Blockchain Assets

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Tip
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Never give your wallet passwords or crypto seed-phrase (the list of words) to anyone, including us (we will never ask, but someone pretending to be us might) - no matter how much they appear to want to help you.
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Consider getting a Hardware Wallet to store and protect your secret keys.
Two widely used hardware wallets are Ledger & Trezor.
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Store your wallet seed-phrase using a device like the Billfodl.
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Generally apply the rule "if it looks to good to be true, it probably isn't true".
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Watch out for "we can help you" scams, they are very sophisticated.

Restoring a Wallet

If you should lose your computer or want to set up an existing wallet on a new computer/device, you can do so using the 24 word seed phrase* that you recorded when originally creating the wallet. * the one you should never share with anyone!

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Note
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If you have lost your spending password and you have your 24 word seed phrase.
After confirming you have the 24 word secret phrase, then uninstall the extension else using Chrome/Brave click the People menu item and then Add Person\u0085 - once person added then install the Eternl extension, and once installed, click Add Wallet and then select Restore Wallet, Select 24 Word and follow the instructions.
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Lost computer or want to install on new computer/device.
Install Eternal, as per Setting up a Wallet, and then click Add Wallet and then select Restore Wallet, Select 24 Word and follow the instructions.

How It All Fits Together

Some of the technical details about wallets, addresses, accounts have been simplified to help communicate the core concepts.
If you interested in getting a deeper technical understanding of Cardano then head to essentialcardano.io.
For a more general understanding of Cardano, we recommend the book Cardano For The Masses @ booktoken.io.

Help

Talk to us about any help you may need.

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