How To

How to Buy and Trade NVST (NVO Tokens) on Counterparty Decentralized Exchange

Until NVO’s DEX is launched, here is one of the methods to exchange NVST.

Visit in a modern browser. If the service is up, you will see a green “System currently appears UP” notice. For purposes of this demo, we will be creating a new wallet using the Counterparty testnet, but the process is identical for the production network. If you already have a wallet, you may skip to Step 11. Otherwise, click the “Counterparty: Official Counterparty Counterwallet Server” button.

Click create new wallet

Write down the generated passphrase. It will only be shown once, and if you lose this key, you will permanently lose access to the contents of your wallet. Read the instructions carefully. After writing down the passphrase or copying it into a secure file on your computer, click the check box to indicate you wrote it down and understand the risks of losing the passphrase. Click continue

Optional: Generate a Quick URL. This URL is not password protected. Anyone who has this URL will be able to spend everything in the wallet. Do not save this URL to your browser favorites, but store it in a secure location. You can safely skip this step if you have properly saved your passphrase. If you do wish to create a quick URL, type in your own random password (this will be added as a salt to the deterministic phrase to generate the unique URL)

After you create the wallet, click OK

After the wallet is created, you are returned to Type your saved passphrase into the passphrase field and click “open wallet” (or, optionally, visit your secret Quick URL)

Read and accept the terms of the license agreement

After logging in, you will see the first generated wallet address and existing zero balances for BTC and XCP, but in this example the wallet already has a balance on each. Note that Bitcoin as a trading currency is not currently well supported at, and all trades should be made with XCP unless you know what you are doing with the counterparty protocol and can manually create the necessary raw signed counterparty transaction. Liquidity using BTC is practically non-existent. Our recommendation is that you use only XCP for trading on the Counterparty DEX. XCP can be purchased at various centralized exchanges, and while we do not endorse any centralized exchanges, Bittrex appears to be a reliable and liquid market for XCP as of the time of publication of this document. Purchasing and transferring XCP from an exchange is beyond the scope of these instructions, but you should use the address created in the wallet as your withdrawal address for both BTC and XCP.

Click “Exchange” at upper left, then “Markets” to open the trading interface

Find “NVST/XCP” in the list of “top pairs” (the order of this list can change); or, in the “select another pair” section, type “NVST” and click “XCP” to see the NVST/XCP market

Scroll down to see the current market bids and asks, and to see a history of the most recent trades. Note: to place a token purchase order, you need XCP and a small amount of BTC in the address you created. To make a sell order for tokens you own, you need NVST tokens and some BTC in the address you created, but you do not need XCP. All counterparty transactions on the DEX are bitcoin transactions, and therefore all require enough bitcoin to pay the bitcoin transaction fees at the current market fee level. Be aware that paying too low a bitcoin fee may cause your order to be delayed for up to several days, and the market price may change, preventing your order from executing before it expires. The default expiration for orders on the Counterwallet exchange interface is 1,000 bitcoin blocks, which is appoximately 1,667 hours, or 6.9 days.

In this testnet example, we demonstrate purchasing NVST with XCP. There is already 500 XCP and a sufficient amount of bitcoin to cover several transaction fees at the address we will be trading with. In this example, someone else has already placed an order to sell a quantity of 1,000 NVST for .05 XCP each, at a total of 50 XCP. On the Exchange page when the NVST/XCP pair is selected, find the “Buy” section. Your balances of XCP and NVST will be shown for your convenience. The example demonstrates what the interface looks like when placing an order to purchase 1,000 NVST for .05 XCP each, and calculates the total for us. Note the “Bitcoin fee” drop down. You may choose the priority at which you wish to place your order; the “normal” bitcoin transaction fee will cost more but will confirm faster. A low priority fee can take considerably longer, and if you set a custom fee too low, it may even take days to enter the order book. Unconfirmed orders are visible to other traders, who can then enter a competing order at a better price and pay a higher fee, effectively stepping in front of your order, so be judicious about the fees you are willing to pay. “Normal priority” is appropriate in most instances. When you have completed the “Buy NVST” order form, click the “Buy NVST” button.

The order confirmation screen will appear. Note that the fees are not visible using the exchange — you will be advised if your bitcoin balance is insufficient to cover the calculated fee. Click the Close button to cancel the order, or Confirm to place the order.

You will be notified immediately if the order is accepted. Click OK to return to the Counterwallet DEX screen

Note the Pending Transaction notification, and click the icon to see the pending order waiting to be confirmed on the bitcoin blockchain.

Once the transaction has been included in a bitcoin block, the order will be considered active. A chime will play if your sound is enabled, and a notification will briefly appear at the upper right.

Also note the Notification checkbox at the top of the screen. Click it to see your active order notifications.

Click the My Balances menu item to see the new balances. For this example trade, XCP has decreased by 50 and NVST has increased by 1,000 as a result of the matched order. A bitcoin fee has also been deducted from the available BTC.

Selling follows the same general process.

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