How To Port Digital Assets Between Distributed Networks Using hashport
In this tutorial, you will learn the process of using hashport to port digital assets between distributed networks from beginning to end.
NOTE: As a matter of best practices, get familiar with the wallet(s) you have chosen and learn what they can and can’t do before moving any substantial amount of digital assets. For the first time using hashport, it is highly recommended that you send a nominal amount of the token you are looking to create a foreign representation of through the portal in order to ensure you understand the process in its entirety.
Step 1:
Follow best practices and take a moment to ensure you have your origin and destination wallets configured appropriately with your seed phrases secured.
Step 2:
On your desktop computer, using the Chrome web browser, navigate to https://app.hashport.network
If you do not currently have a MetaMask wallet installed, you will be prompted to install and configure one with the account(s) you intend to use.
[NOTE: As of January 27, 2022, hashport supports MetaMask and Venly for you to connect your accounts to the portal. To stay updated about technical updates, subscribe to our email newsletter at http://eepurl.com/hLgCVL ]
Step 3:
Click Connect Accounts to being pairing your EVM- and Hedera-based accounts to the portal.
Step 4:
First click on the MetaMask icon to load your EVM based wallet:
Next, when prompted via the pop-up select your desired MetaMask account to pair with hashport by clicking the checkbox beside the account and clicking next:
Confirm the details you just selected and click connect:
Successful connections will show a green dot beside the MetaMask logo:
Step 5:
After successful connection of MetaMask, a button to “Connect a Hedera Account” will appear on the main page. Click to begin the Hedera account pairing process:
Step 6:
You will be prompted to import an existing account or create a new one:
Step 7:
If importing an account, you have 3 options to do so; choose your desired method. (Note: none of the data provided during this step is stored on hashport):
Follow the prompts, enter your private key and click “Load Wallet”:
Step 8:
Successful loading of your Hedera wallet will result in the accounts Public Key and Account ID being populated:
If these fields are not populated, your account has not yet been paired with an account ID. You will need to follow the steps in order to complete this step first or create a new account, if they have, click continue.
Step 9:
Once both the origin and destination wallets are loaded, select the asset you wish to port from the dropdown menu:
Step 10:
The origin network will be pre-selected depending on the asset you have chosen to port. Next, select the destination network from the drop-down:
Step 11:
If the destination wallet is not currently on the correct network, MetaMask will prompt you to switch. (Note: make sure you are on the correct account within MetaMask if you have multiple accounts otherwise your assets will not populate. Accounts within MetaMask that have successfully connected to hashport previously will show the hashport icon beside them within MetaMask.)
Step 12:
Select the amount of your origin network asset you would like to create representative tokens for and click “Port”:
Step 13:
You will be prompted with a confirmation window showing the network amount, hashport fees, and network amount. Please also ensure you check the estimated network gas fees associated with your transaction. Once all of these pieces of information are confirmed as correct click Continue:
Step 14:
Review the Terms of Service and Privacy Policy, type “I Understand” in the text window and click Submit:
Step 15:
The confirmation window will begin to deploy and take you through the remainder of the porting process automatically; verifying the transaction until a confirmation on the destination network is required by MetaMask. Click confirm to continue:
Step 16:
The porting process will continue and after several block confirmations, the representative tokens will be deposited into the destination wallet. At this point you may download a copy of your transaction receipt, view the successful transaction on the DLT Network explorer of the destination network or click Complete to continue back to the main screen:
Step 17:
Double-check your destination wallet to see your newly ported tokens:
Step 18:
To receive back your initial tokens that are locked on the portal, simply complete the process in the opposite direction starting with foreign network and the Representative Token type:
Be sure to sign the authorisation request to use the representative tokens in the burn process:
And confirm the network transaction fee:
Successful completion of the process will display again and the origin tokens will have been unlocked and redeposited into your wallet; less the validator fees off the gross ported amount:
You have now successfully completed a round trip porting your digital assets with hashport!
[NOTE: As of January 27, 2022, hashport supports MetaMask and Venly for you to connect your accounts to the portal. To stay updated about technical updates, subscribe to our email newsletter at http://eepurl.com/hLgCVL ]
About hashport
hashport is the enterprise-grade public utility that facilitates the movement of digital assets between distributed networks, extending their functionality in a quick, secure, and cost-effective way. In order to remain platform-neutral, hashport functions without the use of a proprietary token. The network is built on a robust and performant architecture, secured and operated by a group of industry-leading validator partners from around the world. hashport has passed a rigorous security audit and follows industry best practices; regularly performing comprehensive network tests to ensure the integrity of the network.
