Algorand Opt-In Guide by TrustSwap

The token from Buying.com is called $BUY and resides on the Algorand Blockchain. Algorand works with a mandatory Opt-In principle so there are some important steps needed to ensure that your wallet can receive your new tokens. This guide describes the steps to prepare your wallet to receive the $BUY tokens.

What do you need?

• An Algorand Wallet.
  Our recommendation is MyAlgo Wallet. (Steps: Click “Access Now”, Review T&C, Create Password, Click “New Wallet”, Review & store your Mnemonic Phrase in a save place (never share!), Verify Phrase, Give a name to your wallet, Click “Create Wallet”, Enter your Password, and you’re done!
• A small balance in ALGO tokens.
  The gas token from Algorand is called ALGO. Make sure you have ALGO in your wallet to pay for opt-in gas fees and token reservation. You can find the ALGO trading pairs on the CoinGecko Markets page. The Opt-In gas fee will be low (approximately 0.001 ALGO) but you also need a minimum amount of ALGO’s in your wallet to keep it active. Which is 0.1 ALGO per token, including for the ALGO token itself. If you only have ALGO tokens in your wallet and want to receive $BUY we suggest a minimum balance of 0.3 ALGO.

Opt-In?

This manual action is required for your wallet to receive and interact with the $BUY tokens and is done through the ‘Algorand MyAlgo Connect’ service.

MyAlgo Connect is a service that enables you to securely review and sign Algorand transactions. It enables Algorand applications and tokens to use your MyAlgo Wallet and interact with the Algorand blockchain in a secure environment.

Follow the 3 steps below to prepare your wallet to receive the $BUY token.

Prerequisite: A MyAlgo Wallet account and a balance in ALGO tokens.

What is TrustSwap?

TrustSwap is a full service digital asset ecosystem focused on smart contract applications.

What is Buying.com?

Buying.com Prime’s blockchain protocol brings delivery standards to a new height by applying tried and true P2P models, like Uber or Airbnb, to supply and logistics.

What is Algorand?

Algorand builds technology that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next generation financial products, protocols and exchange of value.

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