Frequently Asked Questions
1. What is ethereum blockchain?
Ethereum is platform to that is build to run smart contracts. These are used to build application which are run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
2. What is ethereum currency (Ether)?
Ether is cryptocurrency used as a fuel for transaction done on ethereum blockchain. Ether powers smart contracts and that in turn are powering hundreds of decentralized Apps (dApps).
3. Where can I store ether?
Ether is stored in public/ private address generated specifically for this purpose. There are multiple wallets which can help you do that. It is very important to keep your private address safe with out of reach from hackers as that is the way to your to funds.
4. How can I generate my ethereum address?
If you are a developer you can use ethereumjs-util library to do that. Otherwise there are multiple service which help you do that.
- MyEtherWallet - Desktop Wallet
- Jaxx - Mobile wallet
- Metamask - Browser Plugin
5. What is ethereum Smart Contracts?
Ethereum smart contracts are contracts(code) which runs on ethereum blockchain making them censorship and fraud resistant. These contracts would run the same way as defined. Even the developer would not be able to change them until unless defined in the contracts beforehand.
1. What is findether?
Findether is p2p ether exchange with 100% decentralized trades. The escrow is run on ethereum smart contracts, such that your funds never touches in hands.
2. How does findether works?
When you enter in trade, ether is/are sent to ethereum smart contract. Once the buyer makes the payment in desired way the payment is ether is/are sent to buyer. The smart contract is designed in such a way that the amount sent in ether can not go to any other address apart from seller’s or buyer’s address not even to ours.
Findether charges 1% of the ether amount as fees for enabling this.
3. How does findether different from other exchanges?
- Most of exchanges which helps you buy cryptocurrency, works on centralized servers. That makes your cryptocurrency at the risk of hacks and frauds. In the short time span of 7-8 years of exchange existence there has been numerous hacks amounting to millions of dollars. FIndether on the other hand works on ethereum blockchain helping saving users from hacks. Apart from these we have devised a mechanism where your funds/ private address/ or the way private address are generated never hits our servers, making you the owner of your funds at all the times.
- The other decentralized exchanged which are running are working on solving exchanging crypto-currency with crypto-currency, leaving buying of ethereum with fiat currencies for centralized exchanges. We would like to solve that and help the ecosystem expand.
4. Why should I trade on findether?
- findether is 100% decentralized p2p exchange.
- Works on ethereum smart contracts, making it safe from hacks.
- As never in the process your funds/ private addresses/ way of generating addresses to our address. Making users free of any custodian risk. Decentralized Exchange
1. What is decentralized exchange?
Majority of current exchanges are run in run client-server model. All the digital assets (cryptocurrecies), including users’ digital assets can be accessed by these. They try to avoid major fraud with well-defined code of conduct and third party audits. But even then they remain point of failures, and very prone to hacks. In the short span of less than a decade we have seen frauds done by exchanges as well as major hacks of exchanges. Decentralized exchange is exchange where the trade is completed over blockchain making it fraud and hack resistant. To achieve this the decentralized exchange should never have access to your funds or private keys in any way possible. At current state keeping all activity of exchange on blockchain is un-effiecient and costly, so the critical part is kept over exchange.
2. How does findether achieve decentralization?
A p2p exchange activity can be divided can be divided in following way:
- History and review mechanism
- Listings: Since a p2p exchange works directly between two peers, it does not have to maintain order-book. So achieving a decentralized listing over blockchain is good to have but necessary feature. But at the same achieving this adds costs, and we would have to make many sacrifices on the UI/UX of the product.
- Trade: This is most critical part of entire trade on a p2p exchange. @Findether we have made this part fully decentralized. The escrow is created over ethereum smart contract, the ethereum transferred to this can never go to any other address apart from buyer or sellers.
- History and reviews: We had to add an extra layer of account creation with findether. The reason for that is that although buyer or seller can not defraud the other but can create un-necessary delays or failed trades. And that has a cost involved with it. To avoid that keeping history and reviews becomes important. The data is right now kept on our servers. We have been working on to keep that over swarm, but recently announced (devcon3) major changes in swarm (not backward compatible) made bringing that part to completion impossible as of now. We would again start working as soon as these changes are clear.
1. What is Metamask?
Metamask is third part plugin, on their website they say ‘MetaMask is a bridge that allows you to visit the distributed web of tomorrow in your browser today’. Pretty cool right!! Basically metamask stays in your browser and manages your ethereum transactions for you (doesn’t involve your ether going any other servers).
2. Why do I need Metamask?
Metamask helps us achieve 100% decentralization. It helps us create escrow for you, or sign transaction for you without giving any one else apart from you the access of your funds/ private addresses. (Not even Metamask team itself.)
3. How can I install Metamask?
Metamask has chrome and firefox plugin. You can install them as any other browser plugin.
4. How can I import my ethereum on Metamask?
Either you can create new address on metamask and transfer your ethereum to that address or you can import the address with the help of your private key.
Buying or Selling on findether?
1. How to buy ethereum on findether?
There are two way you can do that
- Buy directly from already listed offers, you can choose from fiat currency (USD, EUR etc.) you would like to trade and then choose from best offers available for you according to per ether price/ payment methods etc. If you would like to do instant buy this is best way.
- You can also create an offer yourself to buy ether, it is generally recommended if you trade high volumes. This would have high turn around time as someone would have agree for same to trade to complete.
2. How to sell ethereum on findether?
If you are selling ethereum there are two ways to do that. But first and foremost you would need metamask installed on your browser so that you can send ether to escrow.
- Sell directly to already listed offers. you can choose from fiat currency (USD, EUR etc.) you would like to trade and then choose from best offers available for you according to per ether price/ payment methods etc. If you would like to do instant sell this is best way.
- You can also create an offer yourself to sell ether, it is generally recommended if you trade high volumes. This would have high turn around time as someone would have agree for same to trade to complete.
3. How much time does it take to complete the trade?
Once users agree on terms and conditions, it on an average takes 28 minutes complete the trade.
4.What are the fees charged by findether?
Findether charges a flat 1% fee on all completed trades.
5. How to create my own trades on findether?
Click on create offer button and fill the required details and you are ready with your own trade.
6. How do I choose price at which I want to sell or buy ethereum in my offers?
You can either choose fixed price of your wish or you can set margins over the market price. We fetch market price from different exchanges for your convenience.
7. What is margin while choosing my sell or buy price?
Margin is basically how much more or less do you want your offer price should be then market price.
8. What does range mean when creating my trade?
The range is how much ether can you sell in single trade.
9. Why are some payment methods expensive compare to others?
These are chosen by users themselves depending how easily accesible the payment method is.