BTC/ZLD Exchange

I explained earlier that the only way to “buy” zolds is to donate some cash into one of sandbox Zerocracy projects to receive zolds as a gift. Today we are announcing a new interface, to help you exchange zolds to bitcoins and vise versa. Here is a quick explanation of how it’s implemented and how it works.

There are two interfaces, actually: 1) bitcoins to zolds, and 2) zolds to bitcoins. To decide the conversion rate we take the market price of bitcoin from here, and assume that one ZLD equals to one USD. For example, if the market price of BTC is $3,500 and you are selling 50 ZLD, you will get 0.01429 BTC. We just assume that one ZLD equals to a fixed amount of BTC (click here to find out how much). That’s it for now.

We also charge 10% 8% comission in the second operation, the first one is free (bitcoins to zolds).

BTC to ZLD

First, we create a unique BTC address for you via Blockchain API /receive request. You can find that address here. We store the address in our database and it won’t change, staying attached to your GitHub name forever (this is how we identify users in WTS, by their GitHub names).

Then, you can send your BTC to this address. Once they show up in the ledger, Blockchain API will send us a webhook notification. Once it arrives, we check the transaction in the Bitcoin ledger to make sure it really happened, the amount received is correct, and there are enough confirmations (we need at least 4).

If everything is clean, we store the Bitcoin transaction hash in our database (to avoid duplicates) and send you zolds, to your wallet, in the right amount. Then, we push your wallet and the sending wallet to Zold network.

It’s important to mention that it will take some time before we can see the fourth confirmation. Sometimes 40 minutes, sometimes much longer. Thus, stay patient after you send your bitcoins and wait. If you don’t see zolds in your wallet in a day, drop us a message in Telegram.

ZLD to BTC

You fill the form and we immediately contact Coinbase API to request a bitcoin transfer from our account to the address you provided. They respond immediately and the payment gets into the Bitcoin ledger. We also almost immediately deduct the right amount of zolds from your wallet and push the wallet to Zold network.

Since Zold technology is still rather immature, to avoid big monetary losses, we put certain limits on this operation. For more details check the WTS page.

If you don’t see bitcoins in a few hours, drop us a message in Telegram.