OmniDex: Getting Started

Adam

With the recent announcement of Omni’s Distributed Meta Token Exchange (OmniDex v2) we have noticed an increase in requests for a ‘Getting Started’ guide.  So without further ado we present: OmniDex v2, Getting Started Step-by-Step. Note: v2 of the OmniDex adds support for trading Omni smart property tokens for Omni tokens.

Requirements and Software:

  • At the moment the new OmniDex is only available in the Omnicore client, so if you haven’t yet downloaded/installed it head over to the download page (http://www.omnilayer.org/download.html) and grab your copy.
    • Note: Omnicore is a drop in replacement for BitcoinCore. So if you already have BitcoinCore downloaded/installed then once you install Omnicore you should make sure BitcoinCore is stopped before starting OmniCore.
  • If you have any special startup commands/flags for BitcoinCore, configure your Omnicore startup link/script with the same commands/flags.

Launching and Syncing the client

  1.   Upon first launch of the client you’ll see several loading messages as the client starts to parse the existing data and startuploading.pngverifying.pngloading wallet.png
  2. Once completed you’ll be greeted with the main client window.  The current blockchain state/network status will be displayed in the bottom bar.Main Page.png
  3. Wait for your client to sync to the blockchain. Once it is up to date and current you can move on to checking/importing your addresses.
    1. If you’ve never run BitcoinCore or OmniCore before the initial sync/download of the blockchain will take approx 50-70Gb of hardrive space and several hours – days to complete the initial sync

 

Checking/Importing your addresses

  1.  Once your client is synced,  if you had a BitcoinCore wallet on your system you will see your balances displayed. You can also check the addresses the wallet knows about by going to ‘File -> Receiving Addresses’ addresses.png
  2. If you did not have a BitcoinCore wallet already you will need to either import the addresses that contains your Omni Tokens/BTC  or alternatively you can send Omni Tokens/BTC to the address displayed in your wallet.

    • Sending Funds to your wallet

      1. If your Omni tokens and BTC are on a different address that you do not want to import you can simply send them to one of the addresses listed in your wallet above

    • Importing an Address

      1. To import an address into OmniCore go to the ‘Help -> Debug’ menu and then click on ‘Console’ console.png
      2. Next you’re going to need the private key for the address you want to import. Once you have the private key run the following command:
        importprivkey “bitcoinprivkey” “optional label”

        • Note: If you are planning to import more than 1 address run the command as:   importprivkey “bitcoinprivkey” “optional label”  false  for each address you want to import except the last one. For the last one run the original command above (without the false)
        • If importing multiple addresses the label can be a pair of empty quotes “” if you do not wish to label the addresses.
      3. Once you start the importprivkey command,  walk away. Go get a drink, go change the laundry, unpack the dishwasher even. Whatever it is just go do something else.
      4. I’m not kidding. The import process will take a good 5-30 minutes as it rescans the entire blockchain data on your computer looking for information about the address.  During this time it will look like it’s frozen. It’s not, just let it do it’s thing.
      5. Once the address import finishes you should get a response from the console indicating the import result/status. If it went well you should be good to go and actually start trading.

Your first trade on the OmniDex

  1. Now that everything is up and running and you are ready to make a trade let’s head over to the ‘Exchange’ tab on OmniCore and check it out.Exchange.png
  2. The first page you’ll come to will be the Exchange page for MaidSafeCoin (Prop ID 3)
    • You’ll notice in this example that right now there is 1 buy offer to purchase 100 Maid’s for 2.5 Omni’s
  3. If you wish to trade / view a different currency simply enter the currency ID in the top right corner and click ‘Switch’.  Popular currencies and their propertyid include:
    • Maidsafe – 3
    • TetherUSD – 31
    • Agoras Tokens – 35
    • Synereo AMP – 39
    • SafeExchangeCoin – 56
    • SAFE App Store Coin – 57
    • For more info about a property id you can use
  4. To trade, simply select the address you wish to use and either click an existing open trade to automatically populate the amount & price fields or enter your chosen values manually. Finally click the Buy or Sell buttons accordingly.
  5. Your trade will be broadcast to the network. Once your transaction confirms it will either match an existing order and immediately credit your account the matched amount or it will sit on the network waiting for a match. (Any unmatched portion of your trade will wait for a match until it is filled or canceled by you)
    1. You can check your trade history to see any matches/existing trade information on the ‘Trade History’ tab under the Exchange menu

Cancelling Existing Orders

  1. You can cancel any existing trades still on the market by going to the ‘Cancel Order’ tab of the Exchange menu and selecting the address for which you have open orders you want to cancel. Each cancel transaction will affect only the orders from the address you have chosen and your cancel options are:
    • Cancel by Pair: Cancels all orders that match the Buying/Selling Pair
    • Cancel by Price: Cancels all order that match the specific price
    • Cancel by Ecosystem: Cancels all orders in the Production or Test ecosystem.
OmniDex: Getting Started