This article will walk you through the steps you need to take in order to participate in the Fabric Token launch. There are a few ways to do so and they will all be listed below. Keep in mind that you first need to be whitelisted (follow this guide) in order to participate in the Fabric Token ICO.
1. Using MyEtherWallet
Probably the most popular method for participating in an Ethereum-based token launch is by using MyEtherWallet – a free, open source interface, which allows people to generate Ethereum wallets and interact with the ETH blockchain:
In order to create a wallet you will need to enter a password for it. Make sure to remember and preferably write this one down, because there is no “forgot your password?” option in MyEtherWallet.
Once you have entered your password and created your new wallet, you will be asked to save your keystore file. Again, this data is very sensitive so make sure you do not lose it. Click the “Download Keystore File (UTC / JSON)” button and save the file somewhere secure on your computer. Next, click “I understand. Continue”.
The last thing you need to do in order to create your wallet is to save the private key of your brand new Ethereum wallet. Just like the password, there’s no way to recover this once you lose it. So, either write it down, or print it in order to make sure you don’t lose it.
On the next screen, you will be asked to unlock your wallet. As you can see, there are many ways of doing so (detailed guides can be found here), though the private key is the most straightforward route. Simply paste it in the text area and click “Unlock”.
And there you have it – you have full access to your Ethereum wallet. Now, in order to participate in the FT launch, you need to have some Ethereum in it. In order to get some, you can use one of the many cryptocurrency exchanges out there, such as Kraken, Coinbase, etc.
Some of them will allow you to trade fiat currency, such as EUR or USD, in order to purchase Ethereum or, if you already own cryptocurrencies such as Bitcoin, you can exchange them for ETH. An important thing to note here is that exchanges offer different exchange rates, so make sure to visit a few before deciding which one you should use.
Once you have purchased ETH, you can simply send it to your wallet at MyEtherWallet. Keep in mind that sending Ethereum from your exchange address directly to the FT smart contract address is not recommended as you might end up losing your tokens. That is why you need to send the Ethereum you purchased at the exchange to your wallet in MyEtherWallet first.
Next, all you need to do is wait for the Fabric Token smart contract address to be announced and for the FT launch to commence by following the Token Sale page. Once it starts, you need to go back to MyEtherWallet, click on the “Send Ether & Tokens” menu, and unlock your wallet:
Paste the FT smart contract address in the “To Address” field, type in the amount of ETH you would like to send, and set the “Gas Limit” to 210,000. Then simply click the “Generate Transaction” and “Send Transaction” buttons.
Finally, you need to add the Fabric Token smart contract address as a custom token to MyEtherWallet in order to see how many FT you own. You do that by going to the “View Wallet Info” page and then clicking on the “Add Custom Token” button in the “Token Balances” window on the right-hand side.
In the “Token Contract Address” field, enter the FT smart contract address. For “Token Symbol” enter “FT” and for “Decimals” enter 18. Then click “Save” and you are pretty much done. You should now be able to see how many FT you own in your wallet.
2. Using Mist Wallet
This way goes through Mist Wallet (found on the official Ethereum website), which is fully synced with the Ethereum blockchain at the time of the fundraiser’s start.
What you need to do is watch the countdown on the Token Sale page as well as save the Fabric Token smart contract address (also found on the same page) once it is announced, which will happen exactly 48 hours before the fundraiser starts.
You also need to make sure, right before the fundraiser begins, that your wallet is fully synced with the Ethereum blockchain, or you won’t be able to use it right away to purchase Fabric Tokens and may miss your chance to participate in the event as a whole.
Once the FT launch starts, all you need to do is go to your wallet and send ETH to the Fabric Token smart contract address. You will automatically receive the appropriate amount of FT according to the number of ETH you sent.
Finally, what you need to do is add the Fabric Token smart contract to the contracts you watch in your Mist wallet:
The way you do that is by going to the “CONTRACTS” tab and then clicking the “WATCH CONTRACT” button:
Simply enter the FT smart contract address in the first field (the rest of the inputs should be filled in automatically after that) and click “OK”. That’s it. You should now be able to see how much FT you own.
3. Using MetaMask
This method is more suitable for people who, for whatever reason, don’t have time to install Mist wallet (or any other ERC20-compatible wallet) and sync it with the Ethereum blockchain as it does take some time to do that.
Luckily, there are ways, in which you can participate in the FT launch without having a wallet fully synced with the ETH blockchain and one of them is by using the MetaMask Chrome extension. MetaMask (official website) allows people to run DApps straight in their browser without running a full Ethereum node locally.
Currently, MetaMask runs only on Google Chrome, but the project plans on expanding to “Firefox and beyond”. Once you install MetaMask and click on the extension button in Chrome, you will be greeted by the following window:
One important thing to note here is that, at the top left corner, you need to make sure that you are using the “Main Ethereum Network”, rather than a testnet or a custom RPC. Then, simply enter a password of your choice:
After that, you will see 12 words on the screen, which you can use to restore your MetaMask vault in case you forget your password. Make sure to save these somewhere secure. Once you have done that, click on the “I’VE COPIED IT SOMEWHERE SAFE” button and you will be logged into your MetaMask vault:
From this menu, once the FT launch begins, you can simply click on the “SEND” button, enter the Fabric Token smart contract address as the “Recipient Address”, enter the amount of ETH you would like to send, and click “NEXT”:
You will be asked to confirm the transaction and, once you’ve done so, you will automatically receive the appropriate number of Fabric Tokens in your address from MetaMask. For a video fully depicting the process, you can refer to the “HOW IT WORKS” section of the official MetaMask website.
In a nutshell, these are the three easiest ways in which you can participate in the Fabric Token launch. If you already have a wallet installed locally and it’s fully synced with the Ethereum blockchain, then perhaps the Mist wallet is what you want to use. However, if you have just found out about the FT launch, or you just don’t have a fully synced wallet at hand, then you should go with the MyEtherWallet or MetaMask approach, as both only takes a few minutes to set up, after which you will be ready to participate in the FT fundraiser.