Hello again,
This article will briefly outline how to trust the Isaac Token by utilizing the Stellar Laboratory. This article is a little bit on the long side and shows some problems with utilizing the Stellar Laboratory.
Basically, if you would like to utilize the Isaac Token the first step you need to do is, to trust the issuing account.
Once you trust an asset, you can receive it and transfer it to other people. Like paying for your Isaac Membership, which will we announce in detail over the next couple of weeks.
Why is this so complicated?
We decided to demonstrate trusting the Isaac, with the Stellar Laboratory since this is the most trusted resource in regards to signing transactions on the Stellar network. We will most certainly provide you with an easy tool on the Isaac Homepage, where you just have to copy your secret key in a field and press a button,
but
the issue with this approach is, once somebody has your secret key, he has potentially full access to your account. That's why we chose to provide you with an example how it could be done without us ever seeing your secret key.
Let's get started and for this you will require a Stellar account because without it, nothing is possible.
Setting up a Stellar account
Please open the following location and press the generate key pair button
The generated public key, is you account number, while the secret key is required to sign any transaction, you are executing on the Stellar network.
Your screen should now look something like this
You now have an unfunded Stellar account. The next step will be to fund this account.
Funding a Stellar account
To make your Stellar account a funded account, you will have to acquire some Stellar Lumens (XLM) and send it to your public key.
Acquiring XLM on the public network
We would recommend to use one of the common crypto-currency exchanges and buy the required XLM there. Don't worry they are really cheap and you only need about 25 for this exercise.
Acquiring XLM on the test network
If you want to just investigate the Stellar network and Isaac Token, without spending any real money, we would recommend that you are using the Stellar test network for this.
switch the network from public to test. This can be done, by just clicking on the 'test' button
click on the Fund this account Link
click the 'Get test network lumens' button
You should now 10000 XLM on the network!
Configuring the Trust
Now that we successfully created our Stellar account, the next step is to trust the Isaac Asset.
This link will take you to the Stellar Laboratory website and configure the form accordingly to the Isaac requirements.
The form contains the following information for you:
- We define the issuing account, which is GD5SQKW4MDDAQDUSW7CVJJCMF5JWBXBY5RN7XYHDR4L6FF2NAU4I7GOQ
- We define the name of the asset we want to trust, ISAAC in this case
- We say we trust the issuer to issue up to 1 Billion Isaac
Please make sure you enter your public account Id, as well as click on: 'Fetch next sequence number'
After we filled out the form accordingly, we will require to sign it, with our secret key
After which, we can submit the transaction to the network
Congratulations, you are now trusting the Isaac, in the most complicated way by utilizing the Stellar Laboratory!