Bought SFT On Livecoin

Hello,
I bought some SFT on Livecoin and I tried to send a tiny amount to the Safex software wallet for testing purposes. The exchange displays an error message saying the address is invalid. I have looked at the exchange address and is bigger than the one the software wallet has.
Can anyone tell me what is going on, please?

Thank you.

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Hi @robert.patrinjei.

Safex Token is part of the new Safex Blockchain. As you mentioned, the address is much different to the address that you have for Safe Exchange Coin.

Late last year we released the dedicated Safex Blockchain, which we will be building the Safex Marketplace on.

This means the old Safe Exchange Coins (You were previously able to buy these on Bittrex, Cryptopia, and Trade Satoshi) need to be migrated over to the new blockchain.

The wallet you currently have is for the old Safex Blockchain, which is why you got the error when you pasted in your address.

There are two things you will need to do:

  • Migrate your Safe Exchange Coins over to the new blockchain (guide here)
  • Download and install the new Safex Token/Cash “Sails” Wallet (download here)

To avoid confusion, there are currently two wallets in operation. The v7 wallet is the latest wallet built for the old Safe Exchange Coin. This is the wallet that has the tools needed to migrate over to the new blockchain.

The “Sails” wallet is specifically for the new Safex Blockchain. This does not support the old Safe Exchange Coins.

I would recommend you migrate your Safe Exchange Coins first, as the v7 wallet will be able to generate you a valid Safex Blockchain address which you can use on LiveCoin.

During the migration process, you’ll be given some keys for your NEW Safex address on the Safex Blockchain. Make sure you take a copy of these keys as they will be needed in the Safex Token/Cash “Sails” wallet.

Note: Because the old Safe Exchange Coins are on the Bitcoin blockchain, you will require a small amount of Bitcoin to perform the migration transactions.

I’m unsure of the average transaction fees today (i expect someone will post) but around 100K sats is more than enough to get your transaction processed. Any Bitcoin left over can be withdrawn and used elsewhere.

Tip: Don’t rush the migration process. Take your time, and make sure you’ve got an hour spare to sit and do it properly. Read all the instructions carefully. It’s not a scary process - it’s just i’ve seen a lot of people rush it and make mistakes that could have been avoided if they simply followed the instructions.

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Thanks for the replay, however I do not have any SFC in a Bitcoin address. In other words I don’t have something to migrate it seems. LiveCoin would not let me sent the SFT to a bitcoin address.
I have downloaded the Safex Cash Wallet and I tried to send a really tiny SFT amount to that address and the exchange processed it, no more errors.
Safex5z9jSEZCot79pMsNpEkgWK1f7zjX1cgKQR21W3mhZJycUv3cM3jmMa5vJGjqci4MxTt8wxL5Vvn3jYrsYz73XRi7dU7Z5s3Q
So yeah, the exchange processed it, however the SFT has never reached my wallet.
I am missing something?
Thank you.

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If you’re using the v2, in the wallet, go to Settings - Keys - (scroll down) and hit Rescan.

If you’re using the v1, click on the key :key: button then Rescan button.

Should fix it.

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Hi, that fixed the issue. I have the SFT in my wallet. Thanks a lot!

2 Likes

Btw, I can’t find proper info about SFT and SFX. All I know is that SFT holders get some sort of SFX dividends. Is there any documentation on this? I’d would like to know how it works. I may buy some SFX as well. Thank you!

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Have you read the bluepaper?

2 Likes

I have now, wow. That’s a lot !

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I will check it out. Thanks for your help!

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So I’ve completed the migration process a couple weeks ago in the 0.7 Safex wallet. I downloaded the new wallet and successfully entered in my recovery details. I have a balance of 0 and scanning as suggested above does nothing.

Any suggestions on what I need to do?

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Wait for Dan to run the Migration Script on 25 June

(It was last run on 10 June)

Will check again in a few days, thank you

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