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Sending Humaniq tokens with MyEtherWallet


#1

In this guide I will demonstrate how easy it is to store and transfer Humaniq tokens you bought in the ICO or from an exchange.
MyEtherWallet is a client-side browser wallet. This is not the same as a web-wallet since it doesn’t hold your keys or forces you to create an account. It is simply an interface for communicating with a remote node, built in JavaScript to work on browsers.
It is extremely simple and quick to use, which makes it perfect even for crypto newbies in general.

Step 1:

Go to www.myetherwallet.com

You will be greeted with a sleek interface with several tabs. The default one is “Generate Wallet”, but if you have already created a wallet you’d like to use, switch to the second tab “Send Ether & Tokens” and skip to Step 5

Step 2:

If you do need to create a new wallet, then insert a password for it. It will be the decryption key for the file that contains your Ethereum private key. Obviosly the password can’t be “password”. You want to make it complex, but not too much that you forget it the minute you type it.

Step 3:

Download the keystore file that contains your private key. You should make several copies of it and store them in safe places like flash drives.

Click “I understand. Continue” on the disclaimer.

Step 4:

You will now see the plaintext private key, which you can write down somewhere. Alternatively you can choose the “Print Paper Wallet” option to have a cool looking piece of paper with all the information for your wallet, including address, QR code and the aforementioned key.
It’s generally a good idea to do this step. With a paper backup, if all else fails, you can still recover your money.

Click on “Next: Save your Address" to continue.

Step 5:

You will be prompted to import the wallet file you created earlier, or import from any other source including hardware wallets (Ledger and Trezor) and other software wallets (Jaxx, Mist).

If you import the keystore file, you will need to insert the password you set earlier, and press “Unlock”

Step 6:

At this point you will find the main interface with all of your balances and the option to send a transaction. You don’t need to do anything else to see your HMQ balance, it’s already one of the default tokens. Simply press “Show all Tokens” under “Token Balances” on the right.

Step 7:

To send HMQ, obviously you need to already have some on balance, otherwise you won’t even be able to choose it in the dropdown. You also need to have a positive balance of ETH, as you will need to pay the “gas” or transaction fee.

Gas has two components: gas spent and gas price, and the resulting transaction fee (in ETH) is simply gas spent * gas price.

The gas price is usually expressed in Gwei (10^-9 ETH) and it influences how quickly the transaction will be included in a block and thus validated. On MEW you can change it with a slider at the bottom of the page.
You can go to www.ethgasstation.info to check the amount of time you’ll need to wait at a given rate. Currently, at 20 Gwei (the default in MEW) your transaction will be confirmed in a minute or so. However you can get away with setting the price to 2 Gwei and still see your transaction confirmed in less than 20 minutes.

Gas spent is equal to the amount of computational power your transaction requires. This changes every time, and sometimes buggy contracts can create a loop and keep chugging more and more gas. To solve this problem, the gas limit was created, which you can manually set. This is a double-edged sword however, because if you set a limit that is too low, the transaction will fail and you will not be refunded the gas!

With Humaniq, you should set your limit to 100000. Generally transactions require somewhere between 30000 and 60000 gas, so 100000 provides good enough padding. You will only be charged for the gas you effectively used, so setting it higher doesn’t cost you money.
So for example, if you send some tokens with a transaction that consumes 50000 gas, at a price of 20Gwei, with the current Ethereum price of 340$, you will pay 0.34$.
This doesn’t depend on the amount that you send, so with large sums this fee essentially amounts to 0, and obviously if you don’t need blazing fast transactions, you can simply lower the gas price.

If you have questions don’t hesitate to ask, here or on your own thread!


#2

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