Did you missed the Pillar ICO and want to purchase PLR before it heads to the moon? The Pillar Project is a collaboration of the blockchain innovation community. While most people are busy building decentralized apps, Pillar Team questioned the idea of apps in general and decided it was time to go in a new direction.
History of EtherDelta
You can skip this section if you're only interested in the guide:
EtherDelta was a big thing in late 2017: a decentralized open-source exchange for etherum tokens, where anyone could trade tokens before they were listed on "real" exchanges. However EtherDelta is more complicated to use than mainstream exchanges and has not been updated to automatically adjust gas prices, leading to laggy transactions during times of etherum main network congestion. These problems combined with an EtherDelta DNS server being hacked in December 2017 lead many users to not touch the exchange again, switching over to exhanges like Binance, Kucoin or coinexchange.io for their altcoin trading.
Forkdelta is a new fork of the original EtherDelta. You can find more info on ForkDelta on Reddit or join the project on GitHub. I could write a full article on ForkDelta, but this time I'll focus on using it to purchase a new, highly hyped coin. An outstanding advantage of ForkDelta is the ability to trade a token without any reviewing or approval process. Anyone can send any etherum token on ForkDelta and start trading right away, ForkDelta providing the interface automatically. When developers notice a new token has begun trading, they can trim the trading pair URL shorter and provide a small writeup on the coin in question. ForkDelta is currently a new frontend for EtherDelta exchange smart contract plus orderbook and will later become independent.
How to purchase Pillar token (PLR) on ForkDelta? (FAQ)
1. What is a decentralized exchange?
A decentralized exchange is an exchange that doesn't rely on a centralized party to store user's funds and facilitate trades. In ForkDelta's case, funds are stored in a smart contract hosted on the Ethereum network. Trades also occur directly between users using the same smart contract.
2. How is ForkDelta different from EtherDelta?
ForkDelta started as a fork of EtherDelta when EtherDelta was sold to new owners who introduced questionable development decisions. Considerable development time has been put towards a new token listing system, order book, API, and front-end UI all of which are at different stages of development and can be tracked on GitHub.
ForkDelta prides itself on being an open, fair community with developers who are easily accessed and an open source codebase.
3. How do I create an account?
If you have an Ethereum wallet, you already have an account! Simply link your Ethereum wallet using either MetaMask, Ledger, or importing your account directly using the dropdown in the top right of the trading view.
4. How do I deposit funds?
After you've selected an account, depositing funds is easy! In the Deposit/Withdraw/Transfer window in the top left, select Deposit, then select the amount of either Ethereum or tokens you would like to deposit. You will then be asked to sign or accept the transaction. Once the transaction has been sent, your funds are deposited securely into the smart contract on the Ethereum network. Then, you'll be able to trade on ForkDelta with those funds!
5. How long does it take to withdraw or deposit funds?
As ForkDelta depends on a smart contract hosted on the Ethereum network, the speed of transactions depends entirely on the speed of the Ethereum network. If you would like deposits, withdrawals, trades, or orders to be processed faster, you can increase the gas price for your transactions. Under normal loads, with a normal gas price, deposits and withdrawals shouldn't take longer than 5 minutes. However, when the Ethereum network is clogged, transactions could be delayed.
For information on the current state of the Ethereum network, please go to EthGasStation.
6. How do I select a token?
In ForkDelta, you can trade any ERC20 token that is available on the Ethereum network. We do our best to list as many tokens as possible. The listed tokens can be found in a dropdown near the upper left section of ForkDelta.
However, there is another way to select which token to trade that works even if we haven't listed the token yet!
Take a look at this URL: https://forkdelta.github.io/#!/trade/PLR-ETH
If you would like to trade a token that is not listed on ForkDelta, simply replace PLR with that tokens contract address.
Like so: https://forkdelta.github.io/#!/trade/0x12b306fa98f4cbb8d4457fdff3a0a0a56f07ccdf-ETH
7. How do I place an order?
After funds have been placed in the smart contract, you are ready to place or take an order. If you would like to create a buy or sell order instead of taking an order that already exists, first, find the New Order section. Then, select either buy or sell and enter in the token amount you would like to buy or sell, the price, the expiration time, and hit Buy/Sell. You will then be prompted to sign the transaction, so that it can be sent to the order book. Once a taker for your order has been found, ForkDelta will use that signed order to execute a trade using the smart contract on the Ethereum network.
8. What fees are associated?
There are two trading fees while using the ForkDelta platform. The first is the small Ethereum fee for signing transactions to the Ethereum network. The second is a 0.3% fee on execution of orders.
9. How do I change the default gas price?
To change the default gas price, simply click the drop down in the top right of ForkDelta (where you previously set up your account), and click "Gas Price" at the bottom of that menu. Then, you can set your gas price using the Gwei denomination.
10. How do I use a Ledger directly with ForkDelta?
First, you need to make sure that browser support and contract support are enabled on your Ledger. To do so, navigate to the Ethereum app on your Ledger, go into settings, and enable both browser support and contract support. Then, make sure your Ledger is connected to your computer and navigate to ForkDelta. Your Ledger address will appear in the account dropdown automatically, with a green "Ledger" box next to it. When you deposit, withdraw, place an order, or trade, you will have to approve the transaction on your Ledger.
I hope all is clear now. If you have other questions about ForkDelta please comment below.
Pillar tokens (PLR) listed on ForkDelta Exchange | Ecency
