Melonport is a system of tools that enables trustless & decentralized management and investment in digital assets.
Melon tokens give protocol design rights to participants and acts as an incentive mechanism for those participants to continue engagement.
DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS SITE. The author is not registered as an investment adviser either with the U.S. Securities and Exchange Commission (the "SEC") or with the U.K. Financial Conduct Authority (FCA). The author is neither licensed nor qualified to provide investment advice. This guide is not and should not be interpreted as investment advice, a recommendation regarding a course of action or as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative and complex, and they involve significant risks—they are highly volatile and sensitive to secondary activity. Performance is unpredictable, and past performance is no guarantee of future performance. Consider your own circumstances and obtain your own advice before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators' websites before making any decision. The author may have holdings in the cryptocurrencies discussed. All product names, trademarks, brands, photographs and logos are the property of their respective owners.
Notes: Images can be clicked to see a larger version.
If you're confused by any terms used, a glossary can be found here.
This guide is kept up-to-date as much as possible, but websites & software are being constantly updated- your experience may differ from what is documented.
For this guide we'll be using the easiest & most convenient wallet option for storing your Melon coins- provided by MyEtherWallet (which can store any coin on the Ethereum blockchain, including Melon).
Go to myetherwallet.com and enter a password that would be hard to guess (but which you won't forget!).
Note: if you forget this password you might lose access to your coins.
Press 'Create New Wallet'.
Click 'Download Keystore File'. Be sure to read and understand the warnings.
It's very important that you back this file up somewhere safe (think multiple external hard drives and/or USB drives that you put somewhere safe).
Once you've done that, click 'I understand. Continue.'
Now you will be given a powerful unencrypted private key to your wallet.
Note: Never give your private key to anyone. If you do, they can open your wallet and take your coins.
Consider printing out your private key and storing it somewhere safe- then deleting all references to it from your computer. Why? Because sometime in the future you might get a virus, or malware, or visit a website with an advert that has malicious code.
These things will target a private key, as it's an easy way to open your wallet and steal your coins.
So why print out your private key at all, if it's so insecure? Because it's your last resort. If you lose your keystore file (e.g. your computer gets wiped or damaged), or if you forget your password, with your unencrypted private key you can still access your account as a last resort.
There is also an option to print a paper wallet (which displays everything you'd need to access your wallet).
If you choose to print this, treat it just like the Keystore file you just downloaded- keep it hidden and keep it safe.
Next, click 'Save your address'.
Now we're going to open your new wallet.
Select the 'Keystore File' option, then upload the keystore file you saved in step 2, then enter your password.
Once you're done, scroll down the page to see your opened wallet.
You will see a long string of letters and numbers labelled 'Your Address'.
This is your personal wallet address, and it's where we're going to be sending your Melon coins.
Copy this address and keep it somewhere safe as we're going to need it soon.
Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Melon (if you already own Ethereum you can skip ahead).
Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:
If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).
Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email and a password.
Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.
To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).
Once your payment details are verified, click 'buy/sell' on the top menu.
Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.
Once you're happy with the amount, click the big 'Buy' button.
You'll be asked to confirm your purchase.
Press the 'Confirm Buy' button.
Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.
Click here to go to Coinmama.
In the sign up form, enter your email address and first and last name (make sure these are exactly the same as on your photo ID).
Enter a strong password (that you won't forget!).
Select your country, tick the box to show you understand their terms and conditions and press 'Register'.
You will be sent an email to confirm your email address.
Go find that email and click the link in it.
You will be informed that your email is now confirmed. Press 'Continue'.
You will be prompted to log in. Enter your email and password and press 'Login'.
You won't be able to buy any Ethereum until you verify your account.
In the left-hand menu, click 'Verify your account'.
You will be asked to fill in your personal details. Once you have, press 'Next'.
Here you need to upload some pictures of your ID.
You're also asked to take a selfie of yourself holding your ID, as well as writing 'Coinmama' on a piece of paper with today's date.
Make sure none of these pictures are blurry, or they will be rejected.
Once you've uploaded the files you'll be informed your documents are under review- unfortunately you'll have to wait until you're verified to continue your purchase.
Click here to go to Cex.io
Click the 'Register' button along the top menu.
Enter your email address and a secure password. Click the checkbox to agree to the terms.
You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.
We recommend using the 'Smartphone App' option.
Once your security has been set up, you'll be taken to your account dashboard.
Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.
You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.
Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.
Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.
Complete the Cex.io verification process by supplying your personal information and uploading your ID.
Once you're verified, click the 'Deposit' button along the top menu.
You now get to choose how you'd like to deposit money:
Via credit/debit card
If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.
Via bank transfer
This option takes a few days for the transfer to arrive but has no commission fees.
Choose the method you prefer and follow the instructions to deposit your money.
Once your money is in your account, click 'BUY/SELL' on the top menu.
Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).
You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.
Once you've decided, click 'Buy'.
You'll be asked to confirm your buy.
Check everything looks correct and click 'Confirm the order'.
Congratulations- you now own some Ethereum!
Read the pop-up that explains what the exchange is and does.
On the top right menu bar, click 'New wallet'.
Enter a secure password (that you won't forget!).
Note: If you forget this password you can lose access to your coins.
Read the warning.
Click 'I understand, create new wallet'.
Note: This new wallet is for use with Idex only. Don't store anything in it permanently.
Press 'Download keystore file'. This will download a wallet file to your computer. You should keep this file somewhere safe and private.
Read the warnings the page gives you. Understand them.
Once you do press 'Got it. Get my private key.'
You will be presented with the private key to your wallet.
It's very important to save this somewhere safe and private. Anyone with access to it can open your wallet and take your coins.
Once you've done so click 'Return to exchange'.
Click 'Unlock wallet' in the top right menu.
Make sure 'Keystore file' is selected, then press the 'Select wallet file' button.
Find the Keystore file you saved two steps ago. Upload it.
Enter the password.
Click the small 'person' icon in the top right menu.
In the drop down menu, click 'Wallet'.
This will copy a wallet address to your computer's clipboard. This is the wallet we'll be sending your Ethereum to so that we can trade it for Melon.
Paste this wallet address somewhere safe as we'll need it soon.
Now, return to Coinbase.
Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.
In the 'Recipient' box, paste the Ethereum wallet address we just copied from Idex.
In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).
Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.
Go back to Cex.io
Press 'Withdraw' on the top menu.
Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.
Input the amount of Ethereum you're sending.
In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Idex.
Once you've looked everything over, click the check box to confirm you've double checked everything is correct.
You will be asked for a 2-factor authentication number.
Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.
You will be sent an email to confirm the withdrawal.
Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.
Go back to LocalBitcoins.
You should still be in your wallet page.
In the box labelled 'Receiving Bitcoin address' paste the Ethereum wallet address we just copied from Idex.
Enter the amount of Bitcoin you're sending.
You will be asked to enter your password to confirm the send.
Once entered, press 'Send from wallet'.
You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.
Hopefully you're now verified on Coinmama, so log into your account and press 'Buy Ethereum'.
You will be presented with some buying options- you can either choose to purchase a preset amount, or at the bottom of the page enter the amount of Ethereum you want, or currency you want to convert to Ethereum.
Once you're satisfied with the amount, press the 'Buy Ethereum' button.
You will be asked to supply your Ethereum wallet address. Input the wallet address that you copied from Idex.
Press 'Go to payment'.
You will be asked for your credit/debit card details. Input them and press 'Pay Now'.
You may be informed that Coinmama has received your order but 'are reviewing the order and making sure you're really you.' This just means they're double checking your credit/debit card information to your personal information to be sure this is a legitimate purchase.
Once they've confirmed everything, you will be sent an email to confirm the purchase. Go to your inbox, find the email and double check it shows your correct Ethereum wallet address you copied from Idex. When you're happy, click the confirmation link in it.
Coinmama will now send your coins to your wallet address.
Now we've got to wait a few minutes for the coins to move across the network.
Unless there's an unusually large network backlog, the coins will take between 1 and 20 minutes to appear in your Idex wallet.
Hover over 'Balances' in the top menu and then click 'Full balances'.
Click 'Hide zero balances'.
Once the Ethereum is in your wallet it will show under 'My wallet balance'.
Once it has, press 'Deposit'.
Note: The minimum withdrawal from Idex is currently $40. So be aware, if in the future you try to withdraw less then $40 of any coin from Idex it will not work.
Press 'Send entire balance'.
Note: Some of your Ethereum will be automatically kept in 'My wallet balance' to pay gas costs for your transactions.
You will be asked to confirm the deposit. Press 'Confirm'.
It may take upwards of ten minutes for the transaction to confirm, and once it has the Ethereum will show in 'My IDEX balance'.
Click here to jump straight to the MLN/ETH exchange market on Idex.
Scroll down the page until you see 'BUY MLN'.
There are two options for buying Melon:
OPTION ONE (easy but you can get less for your money)
Next to 'Type' is a drop-down box. Click that and select 'Market'.
The maximum number of coins you can buy using all of your Ethereum will appear in the box beside it.
However, you may end up with less coins than this, as buying at market price can be unpredictable.
If you're ready to purchase using this method, click 'BUY'.
OPTION TWO (more complicated but you can get more for your money)
Make sure 'Type' is set to 'Limit'.
Click 'Price'. This will load the best available price (at this moment) to buy one MLN at. You can use this online calculator to see how much this works out in dollars.
Click 'Amount'. This will show you the number of Melon your Ethereum will get you.
If you're happy with this, press 'BUY'.
Your order will be placed. Check to see if it appears in the box marked 'MY OPEN ORDERS'. If it does, it means your order was not completely filled, as not enough coins are available at your chosen price.
You can choose to wait and see if the order is filled over time, or cancel your order and place another one at a higher price.
If you're comfortable with it, you could just leave your coins on Idex and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here's how:
Note: You CANNOT store Ethereum tokens, such as Melon, on Coinbase. If you send your Melon to Coinbase you will lose them.
Hover over 'Balances' on the top menu and select 'Full balances'.
Click 'Hide zero balances'.
Your Melon will show under 'My IDEX balance'.
In the pop-up that appears click 'Withdraw entire balance'.
Your Melon will begin moving to your temporary wallet. This can take some time so be patient.
When the transaction has completed your coins will be credited under 'My wallet balance'.
Once it has, press 'Transfer'.
In 'To Address' enter the personal wallet address that you saved from MyEtherWallet (in step 5).
Click 'transfer entire balance'.
When it asks you to confirm the transaction, double check that the address you're sending it to is correct. If it's not you'll lose your coins!
Once you're satisfied it is correct, press 'CONFIRM'.
You will be given a link to view the transaction on the blockchain.
Go back to MyEtherWallet.
You should now see the Melon (abbreviated to MLN) in your wallet under 'Token Balances'.
One note of importance is that the example wallet in this guide has no Eth in it. Why is that important?
Melon coins exist as a token on the Ethereum network. To move Melon coins across that network costs 'gas', which are in the form of Ether coins. If in the future you want to move your Melon coins to another address, you're going to need some of those Ether coins to power the transaction.
You already know how to buy Ether, but you can use this guide if you're still unsure how to move them to your personal wallet.
What about when you're ready to sell your Melon?
You simply reverse the order of tasks you performed in this guide.For example, you send your Melon to Idex, exchange it for Ethereum, send that Ethereum to Coinbase Cex.io Coinmama Local Bitcoins and sell it for your preferred currency.