How to buy SOLO (Sologenic)
DISCLAIMER!
It should be obvious but this is not financial advice.
You are responsible for your own actions. Use common sense and THINK before you do anything. dyor
| Project Name | Token | Website | TradingView | CoinGecko |
|---|---|---|---|---|
| Sologenic | SOLO | https://www.sologenic.com/ | SOLO/USDT | CG |
Get SOLO DEX Wallet
One of the Sologenic ecosystem parts is the SOLO DEX wallet. It allows you to hold certain tokens, exchange them, and soon (!!!) buy tokenized assets (like ETFs, stocks, and commodities). This project is going to explode soon! dyor
Of course, there are other wallets supporting SOLO, but for this article, I’m going to use SOLO DEX Wallet.
Before we can do anything, you need to have SOLO DEX on your mobile. There’s an iOS and Android version: App Store or Google Play
Once SOLO DEX is installed, start the app, and let’s get those shiny SOLOs!
Create XRP Wallet Address
Yes, it’s not a mistake. SOLO is built on the XRP blockchain, and you need some XRP for your SOLO wallet to work. I know it sounds complicated, but I will give you a step-by-step tutorial that you can follow without wasting your precious time on learning how the XRP protocol works 😉
Create New XRP Wallet Address
You can import (if you already own an XRP wallet) or generate a new one.
I’m going with a new one here: click on Create new wallet
If you need help…
We all started at some point. Remember – it’s better to ask than screw something up!
Join the Telegram community HERE and I’ll try to help you.
On the next screen, you will be asked to name your wallet. It doesn’t matter how you name it, but use something meaningful.
Keep in mind that you can have multiple wallets in SOLO DEX! It would be a shame if you have a bunch of wallets named like “dewqfdswq” and use the wrong one in the future (we learn from our own mistakes…) 😉
By the way, naming your wallet CryptoPensioner is highly recommended!
The next step is SUPER IMPORTANT and I can’t stress this enough. Don’t be lazy, don’t think “I’ll do it later” or ignore what I say here. You will thank me for this.
What you see here is a seed phrase 😉. It’s like your backup and password at the same time. REMEMBER: While you can get the wallet’s seed phrase from the SOLO DEX app at any time, there’s no recovery option. If you lose your seed phrase and something happens to your wallet (for example you lose your phone), all your tokens are gone forever. Seed phrase allows you to import your wallet and all tokens (and assets in the near future) to a new device.
TIP:
You can import the same wallet on multiple devices at the same time. The process of “importing” doesn’t move any digital assets to your device. Those always sit on the blockchain. What you do here is prove the ownership of a specific wallet address.
The wallet application is only for your convenience. You can perform the same actions using a terminal and simple text commands.
Now…
Do not use the Copy button to save the words on your phone!
Do not take screenshots of this screen to save the words on your phone!
- “backing up” your wallet on the same device you have the wallet app just makes no logical sense. If you lose your phone, your app and your backup are gone.
- If someone steals your phone, you give them free access to your crypto wallet as a bonus. Don’t be an idiot!
Go old school and write it down! Make sure it’s in a place (or better: “places”) that you will not forget about and that you are not carrying with you! Again, carrying it in your pocket is not very safe! Remember – you only need your seed phrase when importing a wallet. If you want to go digital and save it on your laptop, I suggest using encryption – this way if your computer gets hacked or stolen, your wallet is still safe. It can be a password-protected zip file or a password manager like KeePass.
Don’t make it obvious by naming the file “my-xrp-wallet-seed-phrase.txt” and keeping it on your desktop 😉 A file named “sp233x.dll” and saved inside the Windows directory will be much harder to find.
Bonus tip: Seems obvious, but… Don’t forget where your backup file is!
You also have a cool option of saving the QR code. Just click on the Show QR button and you should see something like this:
Again – don’t save it on your phone! The best option would be to print and store it in a safe place.
When you have your backup safely stored, click Next. Surprise! You are now asked to prove you have your recovery words written down. If you ignored my advice, you are now screwed! You will never get access to this wallet again!
OK, I’m joking… Just press little white < in the top-left corner and go back to the previous screen. But seriously, write this shit down!!!
You don’t need to type those words, just select them from the list in the correct order and click Next.
On the next screen, you will be asked to choose how you want to secure your wallet on this phone. It’s a local safety feature(it means it only applies to this device) that prevents someone who gets access to your phone from accessing this wallet. It’s up to you if you prefer biometrics or a password. I don’t like my fingerprints being scanned so I’m going to stick to passwords.
Save it and your wallet should be created. You should see a WALLET IMPORT SUCCESSFUL message.
If everything went well, you should see the main screen with XRP and SOLO wallets.
You are almost there…
Network Reserve
XRP requires some tokens reserved before you can use it. You can read more about it here, but for now, all you need to know is that you need a minimum of 12 XRP to activate the SOLO wallet (10 goes to XRP reserve and 2 is reserved for SOLO trustline). It’s highly recommended to have more XRP as you may need it in the future to do more cool stuff with your SOLO DEX wallet.
I know it’s a little confusing, but that’s just the architecture of the XRP protocol. If you happen to already own some XRP – great! All you need to do is transfer 12 (or more…) XRP to this wallet address 3. If you do, you can skip directly to Activate SOLO Wallet section.
Buy XRP with BANXA
I know you just want SOLO, but there’s no way around it. You need to have XRP for network reserve. Lucky for you – there’s an easy option built into the wallet! Click on BUY CRYPTO WITH FIAT and select the currency and amount you want to spend.
Make sure to select XRP as the token to buy!
The minimum transaction for BANXA is 50 euro/USD, but don’t worry – you can exchange the remaining XRP for SOLO directly in your wallet.
If you want to save a couple of $, use a different onramping4 solution. The Ramp’s minimum is a little over 20 euro/USD.
If you are happy with your selection, SLIDE TO CONFIRM 😉 You will be asked to enter the password (or scan your finger).
You will be redirected to BANXA’s widget page:
Make sure to use the correct email and phone number! If you use fake details support won’t be able to contact you when something goes wrong.
On the next screen, you will be asked for some personal details. If you are buying a small amount, it won’t matter, but you may be asked to go through KYC 5 process.
Enter payment details:
After your payment goes through, you should see a Pending status. You can go back to the SOLO DEX wallet now.
It can take a couple of minutes before XRP arrives. You can check the status of your wallet by going to (https://bithomp.com/explorer/) and pasting your wallet address.
Activate SOLO Wallet
When the payment arrives, the XRP reserve should activate automatically. For SOLO, you will need to go to the SOLO wallet and activate it manually. Nothing complicated – just click on “Activate” and it will add 2 XRP to the 10 that were locked automatically.
Network Reserve should show 12 XRP and both wallets should be active now:
Buy SOLO
This one is going to be super simple… Go back to Buy XRP with BANXA and repeat the process, but this time select SOLO instead of XRP.
You are now a SOLO whale 🙂
Exchange XRP for SOLO
Here’s a bonus: you can exchange XRP for SOLO (or any other XRP-based tokens) directly in your wallet. Click on DEX and look for SOLO <-> XRP pair.
Click on BUY.
Select the amount you want to exchange (I suggest keeping a couple of XRP left in your wallet) and click PLACE ORDER.
Slide SLIDE TO CONFIRM and we are done here.
What’s Next?
Whatever you want. This is not financial advice 😉 Keep buying dips, sell them, hold them – up to you.
If this tutorial helped you, you can show your appreciation by sending some SOLO to this address: rLUC6F2QUkZNBTBBunbmYc9hH78NMpES49
Don’t forget to join the Telegram Community! You may get some “financial advice” there 😉
- DYOR – Do Your Own Research
- If you think you are going to be clever and import my wallet, that implies I’m stupid enough to share my own seed phrase. C’mon, don’t insult me.
- Your wallet address is that long string of characters that looks something like this: rEyfDjhAsAFeqZvS6p3iMNvAjad3gfRmo.
- on-ramping is a solution for new users allowing them to convert fiat into crypto.
- KYC – Know Your Customer – verification of personal details. Usually, it requires a photo of your ID and a selfie. Depending on the provider, you may be asked to follow instructions like “look left & weave” to confirm it’s not a recording.