Purchasing DAO Tokens Through Mist

 

I am putting together this quick guide on how to buy DAO tokens and further how to set up the Mist wallet to be able to watch the DAO contract and monitor your own personal tokens from within the wallet. While the process is for the most part straight-forward, there were a few points of confusion that I needed to clarify before I had everything setup properly. I have made this guide to assist others and to have all the necessary information in one place.

First off you will need the official Ethereum wallet, Mist version 0.7.2 as it is the latest release and addresses some bugs related to the monitoring of tokens. You will also need to make sure the Mist wallet is synchronized to the network, which can take some time if this is a new install or if you have not recently synchronized, and that you have some ETH available in your wallet with which to purchase DAO tokens.

Note: There have been some reports of users getting an “Invalid Date” error when using the version 0.7.2 wallet after setting up the contract and token watchers described later on in this article. This is a known bug and will be addressed in the next release of the Mist wallet. If this happens to you, you can downgrade to version 0.6.2 temporarily until the bug fix i in place.

If you haven’t setup the Mist wallet yet, you can follow the Installing a Mist Wallet guide I wrote for an earlier version of the Mist wallet. The install process is still the same as before so you can still follow along if you need help with installation.

For the first 14 days DAO tokens will be available at the rate of 100 DAO tokens (Ð) for 1 ETH with the rate gradually increasing to 100 tokens for 1.5 ETH. You can purchase tokens in less than 1 ETH increments, so a good initial purchase might be to try with 0.1 ETH which will yield 10 DAO tokens. Once you have worked through the guide and verified everything is working correctly, you can feel free to purchase additional tokens, which you will be able to monitor in your wallet.

DAO tokens will only be available to purchase during the DAO creation phase, which will last 28 days, or until 09:00 GMT on May 28, 2016. The price of the DAO tokens will increase from 100 Ð/1ETH to 100 Ð/1.5 ETH over the course of the “DAO creation phase”, so if you are buying any significant quantities, it is suggested that you act early.

 

Mist_send_to_DAO_contract
Sending 0.1 ETH to the DAO contract address to test the purchase of 10 tokens.

Purchasing

To buy DAO tokens using the Mist wallet, you simply send the desired amount of ETH to the following contract address:

0xbb9bc244d798123fde783fcc1c72d3bb8c189413

As shown in the image above, I initially sent 0.1 ETH to exchange for 10 DAO tokens to test out the process. When buying tokens, make sure you take into account that you will need a few fractions of additional ETH to pay for the GAS of the transaction. Some users have reported errors if they send their entire wallet balance as there was not enough to pay the gas (transaction fee). After sending, wait a few minutes to confirm the transaction on the blockchain, which can be monitored in the MIST wallet under recent transactions.

 

Mist_send_to_DAO_contract_2

Once the transaction has 12 confirmations, it should be available to view on the DAO creation page.

Enter in the wallet address you used to purchase the DAO tokens (“sent from” address) and click on “Check” to confirm your expected tokens are displayed. In this example we can see we received the 10 DAO tokens as expected.

DAO_contract_check

You can also verify that your address appears at the Etherscan Block Explorer page: https://etherscan.io/token/TheDAO which shows all the transactions sent to the DAO contract.

With the actual purchasing of the tokens out of the way we can now proceed to setting up the Mist wallet to monitor the contract and our tokens internally.

Monitoring the DAO Contract

We will add the DAO contract to our wallet so that we can monitor and interact with it. At the top right of the Mist wallet click on “Contracts” which will bring you to the contracts portion of the wallet. From here click on the “+” symbol next to “Watch Contract” to bring up the watch contract dialog.

DAO_watch_contract

You will need three pieces of information to be able to monitor the contract.

The first is the Contract Name. This can actually be any name you choose, but it obviously should be related somehow to the contract you are monitoring. In my example I am naming it “Slock.it DAO”, but you can call it simply “The DAO” or anything else you wish. I choose to include the Slock.it name, as they are expected to be an early contractor and down the road if I have several different DAO named to similarly it will be confusing.

The second thing we need is the Contract Address. This is the same address you sent your ETH to in order to exchange for DAO tokens. The Slock.it DAO contract address is: 0xbb9bc244d798123fde783fcc1c72d3bb8c189413

The last piece of information is the JSON Interface, which I have provided a copy of the minimum JSON Interface below:

[{"type":"function","outputs":[{"type":"uint256","name":""}],"name":"minTokensToCreate","inputs":[],"constant":true},{"type":"function","outputs":[{"type":"uint256","name":""}],"name":"totalSupply","inputs":[],"constant":true},{"type":"function","outputs":[{"type":"uint256","name":""}],"name":"closingTime","inputs":[],"constant":true},{"type":"function","outputs":[],"name":"refund","inputs":[],"constant":false},{"type":"function","outputs":[{"type":"address","name":""}],"name":"curator","inputs":[],"constant":true},{"type":"function","outputs":[{"type":"uint256","name":"balance"}],"name":"balanceOf","inputs":[{"type":"address","name":"_owner"}],"constant":true},{"type":"function","outputs":[{"type":"uint256","name":"_numberOfProposals"}],"name":"numberOfProposals","inputs":[],"constant":true},{"type":"function","outputs":[{"type":"address","name":""}],"name":"extraBalance","inputs":[],"constant":true},{"type":"function","outputs":[{"type":"bool","name":""}],"name":"isFueled","inputs":[],"constant":true},{"type":"function","outputs":[{"type":"bool","name":"success"}],"name":"createTokenProxy","inputs":[{"type":"address","name":"_tokenHolder"}],"constant":false},{"type":"function","outputs":[{"type":"uint256","name":"_voteID"}],"name":"vote","inputs":[{"type":"uint256","name":"_proposalID"},{"type":"bool","name":"_supportsProposal"}],"constant":false},{"type":"event","name":"FuelingToDate","inputs":[{"type":"uint256","name":"value","indexed":false}],"anonymous":false},{"type":"event","name":"ProposalAdded","inputs":[{"type":"uint256","name":"proposalID","indexed":true},{"type":"address","name":"recipient","indexed":false},{"type":"uint256","name":"amount","indexed":false},{"type":"bool","name":"newCurator","indexed":false},{"type":"string","name":"description","indexed":false}],"anonymous":false},{"type":"event","name":"ProposalTallied","inputs":[{"type":"uint256","name":"proposalID","indexed":true},{"type":"bool","name":"result","indexed":false},{"type":"uint256","name":"quorum","indexed":false}],"anonymous":false}]

Once you have this all this information entered, click on “OK” and the DAO contract should now appear in your wallet. If everythign is working correctly it will display the total amount of ETH that has been sent to it by all parties.
Slock.it_DAO_Contract

Note on JSON Interface

The JSON Interface listed above is one of three versions that are currently available. It is known as the minimum JSON Interface in that it represents the minimum amount of functionality that a typical user would want in order to interact with the DAO, such as that required when interacting with the contract within the Mist wallet.

The entire library of JSON interfaces can be found on its GitHub page if you are interested in using the full or intermediate versions.

Adding a Custom Token

We will now add a custom token with which we can monitor all of our personal tokens associated with the DAO contract. This token monitor will display all of your tokens even if they were purchased with different sending address, as long as they are all associated with your wallet. This custom token makes it easy to keep track of all of your purchased DAO tokens in the case of sending multiple amounts to the contract at different times.

As a side note, it is highly recommend to do just this by sending only small amounts of ETH to the contract address the first few times in order to make sure everything is working correctly before sending larger amounts. I plan to send several smaller transactions over the first 10 days to not only make sure everything is working smoothly on my end, but also remotely as well. I would rather risk small amounts up-front than to find out 4 days in that there is an unforeseen bug in a contract.

DAO_watch_token

To add the token monitor, you once again click on “Contracts” found at the top right of Mist Wallet and then scroll down and click the “+” next to “Watch Token”. To create the token monitor we will need four pieces of information.

Token Contract Address: 0xbb9bc244d798123fde783fcc1c72d3bb8c189413
Token name: Slock.it DAO
Token Symbol: Ð
Decimal Places: 16

As before, we will use the same contract address, give the token monitor a relevant name of your choosing, choose the symbol to represent the DAO token, and finally enter the number of decimal places that the token can be represented with.

Enter the information as shown above and click on “OK”. You should now see a new token monitor in your wallet with the amount of tokens displayed that you have purchased with ETH earlier. In this example I have so far purchased 10 tokens, which we can see the balance of in the Mist wallet below. You can also see the amount of total Ether that the contract holds in the Slock.it DAO contract monitor we created earlier.

Both of these monitors will automatically update with the latest information. As you continue to send ETH to the contract address to purchase more DAO tokens, your new token monitor will automatically update and keep you appraised of the total amount you hold. Clicking on the Slock.it DAO contract will bring up additional information in accordance with the JSON Interface parameters you specified when creating the contract monitor.

 

Mist_DAO_contract_token
We can see both the Slock.it DAO contract and our custom token in the Mist wallet.

 

Well that is pretty much it, and if you followed along with this guide you should now have not only purchased some DAO tokens, but have both the Slock.it DAO contract along with your personal token watcher, all being monitored from within your Mist Ethereum wallet.

As always, Please feel free to leave comments or questions below.

 

References:

https://daohub.org/index.html

https://daohub.org/creation.html

https://daohub.org/voting.html

https://blog.slock.it/the-dao-creation-is-now-live-2270fd23affc?source=latest—

https://etherscan.io/token/TheDAO

https://github.com/slockit/DAO

 

2 Comments

  1. Hi,

    Excellent easy to follow article, i’ve just purchase some more DAO tokens via my Mist wallet using Bitcoin as payment via the deposit using Bitcoin,i purchased roughly around £190 through coinbase and Shapeshift/shifty converted to around 28ETHER which is only showing 100DAO tokens! This can not be correct if it’s 1ETHER to 100DA0 tokens?

  2. Good post. How would we claim out tokens now the crowdsale is over? I would like to sell them on an exchange. Please share…thanks,

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