Mainnet Step by Step Guide
- 2.Click 'Log In' to create your account using either:
- any email account (@gmail.com, @outlook.com, etc.) with a password
- your Google account linked to your browser or mobile device
- 3.Next, setup two factor authentication (2FA). The default (preferred) method uses the Google Authenticator app. If you don't have the Google Authenticator app, follow the steps below
- Install the Google Authenticator app on your phone
- Click + in the app to bring up the QR scanner to read the displayed QR code on Algomint's website
- Enter the timed code into the screen prompt
In order to use the Algomint services, you must first complete the KYC and email verification. These ensure protection against money laundering.
- 1.Perform KYC by clicking 'Complete KYC' or clicking the 'KYC' tab on the right.
- 2.Select method of KYC (Passport, Driver's License etc.)
- 3.Upload the requested images and complete facial image collection. You will need to enable camera access via your computer or your phone.
- 1.Click on 'Account Details'
- 2.Click 'Verify Email'. You will receive an email to your login email address. This can end up in the "Spam" folder, so be sure to check that folder if you do not see the verification email in your inbox.
- 3.In the email, click your verifiation link
Now in your 'Account Details' tab it will say "Verification Successful"
At this stage you should ensure you've performed the following tasks:
- Ensure your Algorand wallet has opted into the following assets:
- goETH on the Algorand Mainnet
- goBTC on the Algorand Mainnet
- Review this guide on Mainnet Wallet Preparation if you haven't already done so.
- Add Assets| Name | Asset IDs || -------- | ----- || goBTC | (https://algoexplorer.io/asset/386192725) || goETH | (https://algoexplorer.io/asset/386195940) |
- If you would like to mint goETH:
- Have an ETH wallet with some additional ETH to cover the sweeping fee* in addition to the asset you wish to mint
- If you would like to mint goBTC:
- Have a BTC wallet with some additional BTC to cover the sweeping fee* in addition to what you want to mint.
- Recommended Ethereum Wallets: Metamask
- Recommended BTC Wallets: BitPay, BRD
- Connect your Algorand wallet as well as a BTC and/or ETH wallet. It should look similar to this on the 'Wallets' tab:
Wallet after Opt-in Mainnet
Go to the 'Bridge' tab and ensure that the 'Mint' tab is selected. The minting process converts your existing BTC or ETH into the respective ASA version goBTC or goETH.
Select BTC or ETH by clicking on the icon left of the quantity box.
Input a quantity of BTC or ETH that you want to convert. This value must exceed .005 BTC or 0.05 ETH and must not exceed 1 BTC or 10 ETH per transaction.
Select the Algorand wallet you want goBTC/goETH deposited into. If you have just one wallet, it will be auto-selected.
Drag the mint slider from left to right to initiate the minting process.
A transaction details screen will display with the steps required to complete your transaction. For example: during ETH to goETH process it will display the following: - How much ETH to deposit into the 0xb97...6074 account (receiving escrow wallet) - How much time you have to deposit into the escrow account before the transaction times out - How much goETH you will receive in exchange for depositing the ETH quantity you entered earlier
While transaction status is PENDING, click on the escrow address (eg 0xb97..6074) to copy it to your clipboard. You can always find this minting order and its information in the 'History' tab.
Go into your BTC or ETH wallet interface and hit 'SEND'. Please do NOT use slow mode transaction on Ethereum, as the delay in transaction may result in the minting process time out and your transaction won't go through.
Paste in the escrow address and then enter the exact amount you entered for quantity in the beginning for minting and also shown in the above example, in this case it is 0.01 ETH. If your wallet has multiple options, select the one that makes sure the amount received by the escrow wallet is after gas fees and is the exact amount you entered.
Once you send BTC or ETH to the escrow account, the transaction status will change from PENDING to CONFIRMING. At this point, you can sit back and relax while waiting for the Bitcoin or Ethereum blockchains to finalize the transaction (zZzz….). This can take 1 hour for BTC or 5 min for ETH.
With the funds confirmed and finalized in the escrow account, you will receive the listed goBTC/goETH and the transaction status will change from CONFIRMING to COMPLETE.
Congrats!!! You now have some wrapped BTC/ETH goodies: goBTC/goETH !
Now you can move the wrapped BTC/ETH assets around with .001 Algo transaction fees! This unlocks wrapped pair swapping on a LP/Dex or whatever else you want to do with it .
Want to switch back to BTC or ETH and transact within their blockchains and pay on average $20++ again to do a transaction? We don't! But if you do, no problem (zzZzZ…), just follow the next steps.
- 1.Head back to app.algomint.io to the Bridge tab.
- 2.This time select the 'Unlock' tab and select BTC or ETH from the dropdown left of the quantity field.
- 3.Input how much goBTC or goETH you want converted back into ETH or BTC (are you sure you want to do this???).
- 4.Select your BTC or ETH wallet. If you only have one wallet, it will be auto-selected.
- 5.Drag the slider to “Unlock”.
A transaction details screen will display with the steps required to complete your transaction. For example: during goETH to ETH process it will display the following: - How much goETH to deposit into the OYUR2...AXU4 account (receiving escrow wallet) - How much time you have to deposit into the escrow account before the transaction times out - How much ETH you will receive in exchange for depositing the goETH quantity you entered earlier
While transaction status is PENDING, click on the escrow address (eg OYUR2..AXU4) to copy it to your clipboard. You can always find this Unlock order and its information in the 'History' tab.
Go into your Algorand wallet that you added to Algomint and hit SEND.
Select goETH/goBTC from the list of assets.
Paste in the escrow address and then enter the exact amount of goETH you entered for quantity in the beginning.
Sign your transacation.
Once you send goBTC or goETH to the escrow account, you must wait for the Bitcoin or Ethereum blockchains to finalize the transaction (zZzz….). This can take 1 hour for BTC or 5 min for ETH.
With the funds confirmed and finalized in the escrow account, you will receive the listed BTC/ETH and the transaction status will change to COMPLETED.
Congratulations! You are now back to BTC/ETH