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Getting On-Chain

Step by step instuctions to get set up on the Cardano blockchain.

Whitepaper

Background

Supporting ...

Blockchain

We are using the Cardano blockchain, so you will need some ADA (the currency of Cardano) to pay for the usage of the Cardano blockchain as we work through the tasks below.

Web-browser

We recommend using the Brave browser (a version of Chrome with better privacy), but you can use Chrome or Edge if you choose.

Disclaimer;

Some of the tasks require setting up an exchange account and using cryptocurrency.

In no way is this to be considered financial advice.

You need to consider all the risks on your own account and do your own research - always!

Being safe;

! Important; Never give your wallet passwords or crypto seed-phrase (the list of words) to anyone - no matter how much they appear to want to help you!

We will never ask you for them, so if someone from selfdriven asks for them - it is not us!

More safety tips, including how to avoid scams @ cardano.ninja

What

We are delivering on the following three key outcomes.

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Overview

Setting up a Wallet

Set up a wallet to hold your Cardano assets, starting with ADA.

Getting ADA

Buy ADA using centralised exchange.

Sending ADA to Wallet

Send your wallet from the centralised exchange to your wallet.

Receiving ADA

Receive ADA or tokens to your wallet.

Working with dApps

Setting up collateral as required by decentralised apps.

Staking your ADA

Delegate your ADA to earn rewards and be help the Cardano blockchain.

Putting your ADA to work

Providing liquidity on a decentralised exchange.

Protecting Your Assets

Including restoring a wallet.

In the guides below, click the icon to see screenshots.

Setting up a Wallet

! Important;
  • Make sure you store your seed phrase (12 or 24 words) and the spending password in a safe place i.e. not in a file on your computer! See Protecting Your Blockchain Assets.
  • It is recommended that you set up a new person in the Brave browser (or whichever browser you are using) e.g. Using Brave, click People, Add Person... and give it name like "Crypto". You can then keep it seperate from the other websites that you use, which helps with keeping your digital assets safe.
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You can use any Cardano wallet you prefer.
In this guide we are using the Lace.io wallet, but you can use any of the other Cardano wallets .
For these tasks we are using the Brave browser (a privacy-first version of Chrome), but you can use Chrome or Edge if you prefer to.
Go to lace.io, click "Add to browser" and follow the instructions to install the wallet.
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As part of the installation it will step you through creating your wallet.
3
Once complete, click on the Tokens tab and copy the wallet address - it starts with "addr1". This address is your public address and can be shared.
4
If you are using the selfdriven App and want to link your wallet;
Then using the selfdriven App, logon, click My Profile and click My On-Chain Profile (top right corner) and paste in your Cardano public address, and click Save.
5
Done!
Following are optional tasks that you work through to generally understand the blockchain, and specifically the Cardano blockchain.
If you are under the age of 18, you should consider seeking advice before buying ADA.
The following educational content is not to be considered as financial advice, or an endorsement of any particular service.
Always do your own research!

Getting ADA

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Task
1
For the following tasks you will need at least 10 ADA, but 25 ADA is best.
Create an account using a global exchange like Coinbase, Binance, KuCoin, Kraken or your preferred exchange.
You can also use a local service, e.g if in Australia you could use CoinSpot or swyftx.
You can also use in-wallet ADA buying if the wallet supports it, e.g. Vespr or Eternl.
Going forward we will refer to this type of exchange as the Central Exchange (CEX).
The main thing is that you can buy ADA, and that you do your own research.
Instructions below that involve a CEX, are based on CoinSpot.
2
Now that you have set up you account.
Log on to the CEX (i.e. CoinSpot).
Follow the instructions to deposit your local currency.
3
Once the deposited funds can be seen in your account on the CEX.
Go to Buy and search for ADA and click Buy and enter 10 ADA, or whatever you prefer.
4
You now own ADA!
Now you can work through the steps to move your ADA from the CEX to your own wallet, starting with setting up a wallet.

Sending ADA to a Wallet

1
Logon to your CEX and click on the ADA wallet.
Click Send and follow the instructions using the address as the one you copied about when setting up your wallet (it starts with "addr1"), or as per instructions below in the Receiving ADA section.
2
Once you have sent and confirmed the withdrawal from the CEX, you will see the ADA in your Cardano wallet, e.g. Lace wallet.
It can take from 30sec to 10min for the ADA to appear, based on the usage of the Cardano blockchain at that moment and the CEX processing rules.
3
You can now interact with Cardano based dApps (Decentralised Apps)!
e.g.

Receiving ADA

1
Using Lace, click on Tokens tab.
2
Then click "Copy address".
You can then use this address to send ADA between your accounts.
Or share with someone else to send you ADA, or a native-token, to you.
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If you're not using Lace, then use the wallet help to figure out how to find the Receiving Address.
! Important;
  • Only share this public address or your staking address.
  • Remember that if someone has this address they can also see what else is in the wallet.
  • You should consider setting up a second wallet that can be used to receive ADA or tokens, and then you send the ADA and tokens to your main wallet.
  • !! Never share your wallet passwords or crypto seed-phrase (the list of words) to anyone - no matter how much they appear to want to help you!
  • More safety tips and alerts at cardano.ninja

Working with dApps

1
Decentralised Apps (dApps) are apps that have on-chain functionality e.g. decentralised exchanges, marketplaces.
2
Some dApps require you to setup collateral within your wallet - typically about 5ADA.
This ADA is reserved so that if there is an issue with any transactions orginated by the dApp, Cardano fees can be covered out of this collateral.
3
To setup with Lace, click on your icon in the top right hand corner and click Settings.
Then click on the Collateral option, and follow the instructions.

Staking your ADA

Cardano uses native liquid staking, so you remain in full control of your ADA i.e. it stays in your wallet.

1
Open Lace, click on Staking menu option.
2
Search for a pool to delegate to and follow the prompts.

Putting your ADA to Work

You can provide liquidity to a Decentralised Exchange (DEX) in the form of ADA and another token traded on the DEX.

In this example we are using the Minswap DEX, but you can use any Cardano based DEX .

! important; Before providing liquidity you should familarise yourself with the concept of Impermanent Loss.

1
Your Lace wallet is automatically enabled for use with dApps (like a DEX).
2
Go to the Minswap DEX.
Double check that the URL is https://app.minswap.org/.
3
First thing you need to do is swap some of your ADA for another tradeable token - in this example we will use WMTX.
Minswap offers a "zap" function that will swap 50% of the ADA you provide for the other token (i.e. WMTX), but in this example we will do the swap manually as part of this learning exercise.
You may need more than 10ADA to cover fees etc - say 25ADA, see the Getting ADA section.
4
Using Minswap, click the "Trade" menu item.
Swap 10 ADA for WMTX.
5
Once swap complete; click "Liquidity" > "Add Liquidity" and select WMTX as the Second Token.
Click on the Balance: link for the Second Token, i.e. WMTX.
This will set the amount WMTX as this balance and automatically set the ADA amount.
Click on the Add Liquidity.
Follow the prompts to sign (approve) the transacation using your Eternl wallet.
Remember nothing happens on the Cardano blockchain until you sign the transaction within your wallet!
6
You are now a DEX Liquidity Provider!
Helping other people swap ADA for WMTX tokens, and collecting a percentage of the fee.

Protecting Your Blockchain Assets

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Never give your wallet passwords or crypto seed-phrase (the list of words) to anyone, including us (we will never ask, but someone pretending to be us might) - no matter how much they appear to want to help you.
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Consider getting a Hardware Wallet to store and protect your secret keys.
Two widely used hardware wallets are Ledger & Trezor | More
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Store your wallet seed-phrase using a device like the Billfodl or Trezor Keep.
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Generally apply the rule "if it looks to good to be true, it probably isn't true".
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Watch out for "we can help you" scams, they are very sophisticated.
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More safety tips @ cardano.ninja

Restoring a Wallet

If you should lose your computer or want to set up an existing wallet on a new computer/device, you can do so using the 12 or 24 word seed phrase* that you recorded when originally creating the wallet. * the one you should never share with anyone!

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If you have lost your spending password and you have your 12 or 24 word seed phrase.
After confirming you have the 12 or 24 word secret phrase, then uninstall the extension or if using Brave browser click the People menu item and then Add Person... (in Chrome click Profiles menu and then Add Profile...).
Once person added then install the Lace wallet, select "Restore wallet" and follow the instructions.
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Lost computer or want to install wallet on new computer/device.
Install Lace, as per Setting up a Wallet, and then select "Restore Wallet" and follow the instructions.