Tech Aide: Crypterium (CRPT) Conversion ERC-20 <=> BEP-2

in cryptocurrency •  last month  (edited)

Impressed by and excited about the potential of the digital asset Crypterium (CRPT), I decided to "jump in" to investing in a significant amount of them.

Crypterium is one of the new DEFI (decentralized finance) digital assets holding a lot of potential in the months and years to come, in the opinion of many whose input I respect.

Source: Crypterium's Media Kit

In deciding to invest in some, I found reference to the primary exchange being the KuCoin exchange. I was pleased to find, however, that it was also available for exchange on the new Binance DEX (decentralized exchange)!

At least, that was my initial reaction ...

After successfully exchanging for the desired CRPT tokens, upon attempting to move them to my new Android-based Crypterium wallet, I was confronted with an "invalid address" error. 😧 Ohhh wonderful ... 😞

The ensuing research 🤔 to get over this technical hurdle led to my writing of this post ...

Crypterium Swap ERC-20 <=> BEP-2

As with many cryptos, CRPT "started life" as an ERC-20 token on the Ethereum blockchain. On July 30th, it was announced that CRPT would be listed on the Binance DEX! So ... As a result, there would be both ERC-20 and BEP-2 versions of the CRPT token.

To facilitate the necessary back-and-forth conversions between these two blockchains, the Crypterium team built their Crypterium Swap website. The only tutorial I could find on using this tool, however, illustrated converting the ERC-20 token to the BEP-2 version. I needed the reverse conversion!

It took me way too long to ask for help, get none in a timely manner, and elect to go ahead on my own. Part of the "new world" related to these digital assets, there is still a lot of "fill in the blanks" work to be done. It leaves the typical investor in a quandry, as a lot of money is at stake, if you inadvertently take a misstep. From which you are not likely to recover ...

Moving right along, then, the point of this post is the following details. Note, as illustrated below, the all-important icon to click.

Source: Crypterium Token Swap Website

This is not illustrated adequately anywhere, at least from my experience in Sept 2019, as the default is as shown - converting ERC-20 to BEP-2. As stated above, I wanted to perform the opposite conversion and the tutorials did not illustrate this anywhere I could find!

So ... I was down to what I have experienced over a long professional life - trial and error! Which I think we can agree, dear reader, is far from optimum when you are working with digital assets containing considerable potential value.

Once you've completed the 1st step shown above, you are next presented with this screen:

Source: Crypterium Token Swap Website

Here you are entering the address where you want your converted BEP-2 tokens to be sent. In my case, this was my MyEtherWallet address.

Once you've completed the 1st step shown above, you are next presented with this screen:

Source: Crypterium Token Swap Website

Here you see the BEP-2 token conversion address (on the Binance DEX blockchain) to which I was directed to send my CRPT-8C9 tokens to be converted to ERC-20 tokens.

  • "Gotcha" note: I almost made a serious mistake to which I want to draw your attention. At first, I assumed the BEP-2 address shown above was a "universal" address to which I would always send any future BEP-2 CRPT tokens to convert. Saving myself some time ...

    Not so! Note the highlighted message in the earlier image. You must create a new swap order each time. And each time you are then presented with a different address! I proved this out, as I always send a small amount first, then more later ...

From here, with the address provided to you, you go to where your CRPT tokens are currently stored and send them to this address. In my case, I opened my Ledger-backed Binance DEX account and transferred my CRPT-8C9 tokens to this address. Worked great!

In the event you are converting in the opposite direction, here is an example of the screen providing you the needed ERC-20 token conversion address (on the Ethereum blockchain):

Source: Crypterium Token Swap Website

To finish up, the Swap tool dialog screens have you click a checkbox signifying you agree that it may take up to 24 hours to get the requested conversion made. In my case, it was a little over an hour. At which point, my converted tokens were in MyEtherWallet.

Victory!

________________________

Okay, so I finally got my BEP-2 tokens successfully converted to ERC-20 tokens. Then, and only then, was I able to successfully transfer these tokens to my shiny new Crypterium wallet. Piece of cake ... 😉

  • Tech note 1: I did read, somewhere "along the trail," that the Crypterium wallet will be handle either the ERC-20 or BEP-2 token. In the future! Of course it will. When I don't need it anymore ...

  • Tech note 2: The primary listed exchanges for CRPT, e.g. KuCoin, convert your exchange into the ERC-20 version of the token. In these cases, you can send your CRPT directly to the Crypterium wallet, without the need for conversion.

Crypterium Wallet Impressions

So ... Having finally reached my objective, what are my first impressions of this new wallet? Right off the top, it just has a "fancier finish" feel to it, than most any other wallet I have used.

In checking into some of its features, there can be no doubt that the Crypterium team has big plans for the future of Crypterium (CRPT). And while I have only recently been researching it, I learned they have been steadily "chipping away" on their vision since 2013 ("dinosaur years" in the Cryptosphere ...)!

Some brief examples of what they cite as benefits of using Crypterium:

  • Get their Crypterium card and use it to make purchases anywhere in the world (which accepts credit cards). Using whatever you have in your wallet as the capital to be spent - BTC, ETH, LTC, etc. They claim they'll get the funds to the merchant in their local currency! Wow ...

  • Instantly (within 3 seconds) transfer money to anyone in the world, with a phone number. The party doesn't have Crypterium? Not a problem! They claim they'll get the funds to them anyway! Wow ...

  • You can borrow and loan crypto assets, with a 0.5% monthly interest!

  • You can execute exchanges amongst the different support cryptos directly from your wallet. AI-driven technology ensures you get the best possible rates and performance. Here is what they have to say about their current list of supported cryptos:

    "The current version of the App allows you to store your funds in BTC, ETH, LTC, USDC and CRPT. New currencies will be added regularly. At the beginning, we will be focused on the most popular coins and tokens. You can also suggest your favorite currencies in our Telegram Chat, and we shall be happy to review.."

    Source: CRPT FAQ

  • My favorite part: Crypterium is the "fuel" which drives all of the financial transactions. Therefore, a bit of it is "burned" with each and every transaction - as a 0.5% fee. No more CRPT is being created. Day-by-day these transactions are simply reducing the overall quantity of CRPT tokens. Here is what they have to say about that:

    "... increasing demand for tokens will increase the price of the tokens thereby reducing the amount that are going to be burned for each transaction."

    Source: CRPT Token

There are a lot of other interesting aspects to this token and its fancy wallet. I will leave that to others (see below) to review them in more detail. There is certainly a lot to like! 👍

Source: Crypterium's Media Kit

________________________

Is blockchain technology tied to digital assets like CRPT the future of finance? A lot is being steadily written about the future of decentralized finance. And a lot of money, time, and brainpower is being invested into this vision to "bring it to life."

We'll all find out soon enough!

  • Usual caveat: This post is not to be taken as financial advice. Please perform your own due diligence and research, before ever investing into anything. It is solely your responsibility. Not mine ...

  • If interested in learning more, here is a link to a PDF brochure about CRPT, supplied as part of Crypterium's Media Kit.

Closing

In closing, for a great review of why you might wish to consider owning some CRPT yourself and utilizing the Crypterium wallet, here is an excellent review post written by our fellow Steemian, @revisesociology.

If you do, I trust you will find this post helpful. If you decide, as I did, that the Binance DEX is where you'd like to handle the details of your exchange to get some CRPT. I’d love to hear any feedback you may be inspired to provide.

Until "next time," all the best to you for a better tomorrow, as we all work together to build up our Steem Communities and increase the value of the Steem blockchain! 👍 😊

Respectfully,
Steemian @roleerob

Posted using SteemPeak and “immutably enshrined in the blockchain” on Saturday, 21 September 2019!

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Here I can say that your writing is so good that you can imagine someone talking to you in a relaxing coffee chat. Even when I know very little from ethereum and its ERC-20 tokens I learn a lot about a this cryptocurrency which seems will be perfectly working with fiat in every part of the world! I'm sure you are making a good investment!!
Great post, @Roleerob, I send the best wishes for projects and life!!

Coming from an accomplished writer @leveuf ...

"Here I can say that your writing is so good that you can imagine someone talking to you in a relaxing coffee chat."

... I certainly appreciate the words of encouragement. The whole "brave new" world of digital assets is fascinating to me. I am an engineer by education and "wiring," so the technical details are not too intimidating. But ... They can sure be annoying. I try to keep an overall positive outlook and consider the challenge to just be a routine part of what is still a quite immature new technology. It will presumably improve with time ...

"I'm sure you are making a good investment!!"

Yes, well that would be nice, but we'll have to see. Investing in these highly volatile digital assets takes a certain mindset. I just try to "screen out" the day-to-day market "noise" and remain focused on the long-term potential ...

Thanks for stopping by sir and the well wishes. All the best to you for a great new day!

I think that is an issue every blockchain and cryptocurrency is taking in consideration, the difficulty at the moment to use that technology for the everyday person ("mass adoption" I think it's called). Even where you are used to it as you say, any wrong pressed button may result in big loss. Platforms like Steemit have eased this adoption by educating people in the technology while providing a more welcoming social platform.

I wish you success in this new adventure, @Roleerob, and looking forward to learn more with you about this "Brave New World"!! :)

Have a beautiful and full of light sunday!!

Yes sir! We ...

"... and looking forward to learn more with you about this "Brave New World"!! :)"

... will "walk this road" together @leveuf and see where it takes us! 😊

Amongst your many skills, I see that you are also a prophet @leveuf ...

"... and full of light sunday!!"

... as our sermon yesterday in church was titled, "Walking in the Light!" - I John 1:5-10! 🌄 👍

You've honored me a lot, @Roleerob!! 🤗
I've understand the sermon in this way: we have to walk in the light of a rightful consciousness. Even when we often try to fool ourselves we always recognize the truth of our feelings and thoughts and even our wrongdoings, and try to find justifications, preferring darkness. But when we accept the light we can improve, to correct the path and take the one we know is good. If we insist in darkness we'll can't never get out of that place that certainly make us suffer.
Thanks a lot for share with me part of your sunday's light, @Roleerob, it's much appreciated!!!

Well @leveuf, I appreciate your thoughts on what these verses mean. I don't know how much information you want in a response. 😉 This book of the Bible was written by the last Apostle alive at that time, John. And he was writing it to address the heresies which were causing a great deal of problems in the church in Ephesus at that time ...


P.S. We have had family visiting, so my time "in here" has been even less than normal. First opportunity to catch up ...

I can see that you have a vast culture, @Roleerob!! We'll have the opportunity to talk and share more!
For now you have to enjoy your family visiting you! :)

Thanks for this writeup brother. I haven’t really looked into Crypterium before, but it sounds very interesting. I’m definitely going to check it out. From reading your post, it sounds like they offer similar services to crypto.com. Do you know how they differ? Thanks

Posted using Partiko iOS

Good morning 🌄 (here) brother! Nice to "see" you this morning. There is a lot being written about these DeFi apps / cryptos and this one stood out to me. As we both know, they are highly volatile, so we'll see. The Crypterium organization certainly has lofty goals!

As for crypto.com, I am not familiar with that website, so I don't have any idea how they differ. I can say many of these cryptos have similar objectives (think Steem and EOS ...), so I'm sure there will be a lot of competition to see who prevails.

The best analogy I have heard @nextgen622 is to the U.S. auto industry in the very early days. Seeing the remarkable potential of the new technology, there were reportedly hundreds of "automakers" for a brief period. Over time, these were winnowed down to only a small handful of survivors. Which then proceeded to change the world ...

Thank you kindly for stopping by. All the best to you and yours for a great day "over there!" 👍

Psalm 118:24

An excellent write-up @roleerob!

I have no experience here but appreciate the exploration effort and the detailing of some of the potential pitfalls.

Enjoy your weekend 😊

Thank you sir! Glad you enjoyed it @abh12345.

The whole world of these DeFi apps / cryptos seems "all the rage" at the moment. And this particularly one stood out to me. But ... Like any of them, they are highly volatile. We'll see!

Thanks for stopping by! 👍

Greetings dear friend, I like how detailed you make the explanation.

Thank you @blessed-girl. Glad you liked it!

Interesting times we live in and it is fascinating to me to watch them unfold. The claims of Crypterium are pretty impressive. When I have time, I hope to slowly but surely put them to the test ... 😉

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