A Guide to MAJI Transfer Mechanism

The following article focuses on transferring MAJI tokens to other accounts using my ethereum wallet (MEW) :

  1. The very first step should be to add MAJI as your custom token.
  2. Make sure you are able to view your token balance in My Ether wallet. Inorder to view your account balance, visit www.myetherwallet.com and select “Send Ether and tokens”
  3. After this, you will be asked “How will you like to access your wallet?” with a lot of possible options to choose from including metamask/mist , ledgerwallet, secalot, digital bitbox etc. Incase you chose “Keystore/JSON file” method, click on “Select wallet file” and upload the file from keystore. Following figures will give you a clearer picture of the  aforementioned steps.
  4. You will now asked to enter the password which shall be in an encrypted format. After entering the password, choose the option unlock.
  5. You will now see “Token Balances” at the bottom right of the screen. In this window, there will be 2 options, “show all tokens” and “Add custom Tokens”. Click on the latter option.
  6. Now all you have to do this, add token contract address, token symbol: MAJI and Decimals.
  7. You can finally view your MAJI token balance.
  8. After viewing your account balance, Make sure token transfer is allowed and unlocked in the contract. If not allowed, the transaction shall automatically fail.
  9. After opening your My ether wallet account and getting it confirmed, a screen will pop up where you need to fill in the recipient address, amount to transfer and the gas limit.
  10. While filling in the amount to transfer, choose MAJI from the dropdown list. Amount needs to be filled in numeric forms and not more than 8 decimal places are supported on myetherwallet.
  11. Gas limit can be set high and the gas needed for the transaction shall remain independent from the gas limit set.
  12. There is a need to visit various websites which provide accurate information about the gas price that can be used.
  13. As mentioned in the introduction, the cost will be calculated as : (actual gas consumed) x (gas price in GWei)/1,000,000,000
  14. After having filled all the relevant details, you need to click on ‘Generate Transaction’ and then ‘Send Transaction’
  15. After clicking on ‘Send Transaction’ , a box will pop up asking for your confirmation “ You are about to send ABC MAJI tokens to XYZ Address” asking if you are sure you want to do this. To this, you have to click on “yes, I am sure, Make Transaction!”
  16. After having done this, a green pop-up will appear stating that your transaction has been broadcasted on the network. It will also tell you that this does not mean that the transaction has been mined and sent and might take 3+ hours to send along with a couple of advices you might need to know. At this stage, all you need to do is “Verify Transaction”
  17. Finally,you see the transaction showing you all the relevant details like hash, receipt status, from ,to , timestamp, gas information, token transfer etc


Precautions Required

While adding the recipient address, make sure that you reassure yourself about the accuracy of the address. Once sent, the transaction is irreversible and you cannot undo the done. Same goes with adding the amount to be paid!

Gas limit is advised to be set high. In general, at the time when ICO is not in process , 21,000 gas limit is used for standard transactions. However, 2,00,000 is the limit used in times of ICO. you are advised to take these factors into consideration while setting the Gas limit.

Incase the gas needed is more than the limit set, the transaction shall fail automatically. Incase of transaction failure, the gas burns and imposes an additional transaction fee.

Although the time taken for the transaction to complete decreases with the increase in gas price, it is important not to forget that the cost in ethers increases as well.

Make sure that you have enough ether balance in your account so as to cover the transaction cost. Also, another precaution needed is to save the transaction hash if in case you need it later.


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Majime : Future of Work