Using MetaMask to participate in an ICO or IDO
With circa 5,000 altcoins available and another couple of hundred ICOs planned for the next few months, custom tokens are by no means rare. So assuming you have a MetaMask wallet, how do you add custom tokens to MetaMask?
How to use MetaMask
First thing’s first. If you are active in the ICO & IDO space, you will likely speculate on altcoins and tokens for new crypto projects before their IDO date. This way, you can take advantage of the meager presale prices designed to incentivize early adoption.
Using Ethereum and other blockchains is not always straightforward, so we, like many new tokenized ecosystems, encourage STUD Token network members to use MetaMask.
With this in mind, we’ve created a tutorial to help you add a custom token to your MetaMask and participate painlessly in any new coin’s presale & IDO, or ICO.
So what is MetaMask?
Simply put, MetaMask is a crypto wallet that also provides you access to blockchain apps. Available as a mobile app or trusted browser extension (currently supported by Chrome, Opera, Firefox, and Brave), MetaMask arms users with a token wallet, key vault, secure login, and token exchange, allowing you to buy, store, send and swap tokens.
It’s essentially a one-stop-shop to manage your digital assets — and your future STUD Tokens, of course…
For starters, watch this cheeky MetaMask explainer video.
How to get started with MetaMask
To save you time, rather than writing an exhaustive set of instructions, the strat, we figured it would be a lot easier to share a quick video tutorial directly from the people at MetaMask. If you already know how to use MetaMask, but you need to know how to add a custom token to your MetaMask wallet, you can skip this tutorial video and move onto the last section of the article.
Get started with MetaMask here.
Adding a custom token to your MetaMask wallet
Okay, so assuming you’re still with us, then you are ready to add a custom token to your MetaMask wallet.
In any case, adding a custom token to your wallet is pretty simple. For a live example, we’ll use the STUD Token and the STUD custom token address. However, assuming you’ve been provided with these details by your altcoin provider, you may easily add them in the same way.
Here’s a quick animated tutorial we created to make it easy for you.
So to recap: Follow the steps below:
- Click Add Token
- Select the Custom Token tab
- Add Token Contract Address (see below for Studyum’s address):
- Add Token Symbol: STUD
- Add Decimals of Precision: 18
- Click Next
Finally, click Review Custom Token account
Congratulations! You just created a Custom account for your altcoin within MetaMask.
Perhaps the token is already available to transfer, or you may have to wait until the IDO or ICO. For example, in some cases (as with STUD Token purchases), you will have to wait until the end of your three-month vesting period before receiving your tokens.
In such situations, you can always confirm the existence of your Smart Contract by using EtherScan, to trace and validate your transaction.
Hopefully, from here, it’s plain-sailing. If your yacht doesn’t reach the harbor for some reason, you can contact firstname.lastname@example.org, and our team will switch on the lighthouse to guide you safely ashore.
Thanks for reading.
Written by Martin O'Toole