Getting your Wallet Ready for OTO tokens

If you’re reading this article, I assume you are familiar with the On Time Foundation and their ICO (Initial Coin Offering) of OTO Tokens, and are interested in acquiring some for your own investment or for re-selling.

Read my previous article on OTO to learn more.

In this post, I will outline the steps needed to get ready to be a token holder or private seller of the OTO tokens from the new ICO of the On Time Foundation.

Table of Contents

  1. Install an Ethereum Wallet (Trust Wallet)
  2. Set up Trust Wallet
  3. Acquire Ether
  4. Acquire OTO tokens
  5. Transferring tokens to another wallet

01 | Install Trust Wallet

First and most importantly, you need an Ethereum Wallet. Wallets are apps that allow users to store Ether and other Ethereum tokens (such as OTO tokens). There are many wallets available for your desktop PC, Android or iOS devices. Currently, the only wallet that has complete support of OTO tokens is Trust Wallet.

Trust Wall is available for Android 5.0+ (Lollipop) and iOS 13+ devices:

  • Get it on Google Play
  • Download on the App Store

02 | Set Up Trust Wallet

Next, you need to set up your Trust Wallet to receive OTO tokens. This part has 2 steps, the first step is to create your wallet, the second is to add OTO tokens to the list of managed tokens.

Create your Wallet

The first time you open Trust Wallet, the app will prompt you to create a wallet. Tap “CREATE A WALLET”. Read the instructions in the next screen, check “I understand… ” and tap “CONTINUE”.

Write down your Recovery Phrase (KEEP THIS SAFE)

In the next screen, you will be prompted a list of 12 words called a “Recovery Phrase”. This is the key to your wallet, keep it in a safe place and never share it with anyone.

Once you have written down the phrase, tap “CONTINUE”. The next screen will ask you to pick the words in the correct order, this is to confirm you have written it down.

Once complete, your wallet screen should look like below:

Add OTO to list of managed tokens

As you can see from the image above, your wallet lists 3 coins by default: Ethereum, Bitcoin and BNB. We’re interested in Ethereum and OTO.

So the last step is to add OTO tokens to this list:

03 | Acquire Ether

If you plan on re-selling your OTO tokens privately, you need to acquire a small amount of Ether. Ether (also goes by its symbol, ETH) is the digital currency used by the Ethereum network to pay as transaction fees. Each transaction you make (like sending any amount of tokens to another wallet) requires a very small amount of ETH (usually around 0.00006 ETH per transaction, which is around 0.01 USD).

There are many exchanges and peer-to-peer marketplaces that sell Ether in Malaysia, here are two options (among many others):

Luno (https://luno.com)

Luno is a private wallet and exchange service that allows you to trade traditional currencies with Ether. You do that by maintaining an amount of MYR in their traditional currency wallet (their “fiat wallet”). You top-up this fiat wallet by doing an Interbank or GIRO transfer to their bank account. You can then buy Ether using that money, and they will deposit that Ether in your own wallet that is hosted by them. Once Ether is bought, you then transfer that Ether to your Trust Wallet.

Remitano (https://remitano.com)

Remitano is a peer-to-peer marketplace where you buy or sell Ether directly from other people. They use an escrow service where the person you’re buying Ether from deposits the Ether in an escrow wallet. You then transfer the equivalent MYR to that person’s bank account, once they confirm receipt, that Ether is then released into your Trust Wallet.

Which source you buy from is up to you. Here are some things to consider:

  1. With Luno, you deal with them directly. They are a private company that is approved by the Securities Commission to operate as a digital asset exchange. Source: https://www.soyacincau.com/2019/10/22/luno-malaysia-full-approval-securities-commission/
  2. With Remitano, you deal directly with individual people. Remitano is simply a middleman or escrow service. While Remitano is not recognised by the Securities Commission, they are a reputable business with excellent reviews among customers. Source: https://www.cryptocompare.com/exchanges/remitano/overview

04 | Acquire OTO Tokens

I assume you are already a holder of OTO tokens, acquired locally from in-person private selling events. However, if you’re interested in acquiring more, feel free to contact whomever the private-seller you interacted with at the event and ask for a meet-up or information on any more upcoming events.

05 | Transferring Tokens to another Wallet

Each Ethereum wallet has an address. These are 42-character long string of letters and numbers that start with “0x”. To transfer Ether or tokens to another wallet you need the recipient's wallet address. Or alternatively, if you are with that recipient in-person, you can scan their wallet’s QR code through your phone’s camera.

Here are the simple steps needed:

  1. Tap on InTime (or OnTime) on your wallet’s main tokens list.
  2. Tap on the “Send” button. (or the “Receive” button for the recipient’s side, this will display a QR code image)
  3. In the “Recipient Address” field, enter the recipient address. Or tap on the “[-]” icon on the right of the field to scan the QR code.
  4. In the “Amount …” field, enter the amount of tokens to transfer.
  5. Tap “NEXT” on the top right side of the screen.
  6. Tap “Confirm” or “Send” to complete the transfer.
  7. A transfer usually takes 2–5 minutes to complete. The amount transferred will appear on the recipient’s wallet then.

You’re all set.

Good luck!