Introduction Last updated:

Welcome to Digital Rand's documentation section. We will continually update these docs with all relevant information pertaining to the Digital Rand eco-system.

Wallets

Before you can trade Digital Rand, you need a place to store it. In the cryptocurrency world, that place is called a wallet. Essentially, it is a piece of software that allows you to store your funds, easily conduct transactions and check your balance whenever you need to. Digital Rand, just like every other cryptocurrency, doesn’t exist in any tangible shape or form. All that exists are records on the Blockchain, and your wallet will only interact with the Blockchain to enable transactions.

Compatible Wallets

Digital Rand needs to be stored on Ethereum (ETH) decentralised wallets. Thanks to the non-custodial nature of decentralised wallets, users can safely store their own funds without having to rely on third-party institutions to hold their assets.

Note

You will not be able to access your DZAR via South African centralised exchange wallets. Unlike centralised exchange wallets, the example of compatible decentralised wallets listed below give you direct access to your private keys. Meaning you are the only one who has access to those funds and you are responsible for the safekeeping of your private keys, often introduced through a 12-word seed phrase.

Mobile

Mobile wallets are frequently referred to as ‘light’ clients, as they don’t require you to download the entire Blockchain to operate. These wallets are great for using on-the-go, essentially enabling you to access your Digital Rand at any time, as long as you have cellular connection. However, as these clients are ‘light,’ they are easier to hack.

Note

Types of mobile wallets that can be used to store and transact with Digital Rand, include: Trust & Argent.

Desktop

Desktop wallets run on your computer or laptop. They are easy to set-up and use, they’re convenient and quite secure, as they can only be used from one computer where they have been downloaded. They are, however, connected to the Internet, so you need to make sure your computer is not hacked or infected by malware. Moreover, if your computer is stolen, you will be running a huge risk of losing your funds.

Note

Types of desktop wallets that can be used to store and transact with Digital Rand, include: Metamask & MyEtherWallet.

Hardware

Hardware wallets are the ultimate cold storage of cryptocurrency. They can be plugged into the computer of your choice to make a transaction and they generate keys offline and on the go. As hardware wallets are not connected to the Internet, they make your funds completely immune from any kind of cyber-attacks and hacking. Most of them come with backup options to ensure you won’t lose your Digital Rand and have a screen, which allows you to sign for transactions on the device itself.

Note

Types of hardware wallets that can be used to store and transact with Digital Rand, include: Ledger & Trezor.

Trading

Digital Rand allows users to trade DZAR into Ethereum, Utility & Decentralised Finance Tokens.

Beginner

In the below video, we demo a trade from the South African stablecoin, DZAR into USDC, an American stablecoin.

Note

Here is the link of this trade from DZAR to USDC, on the Ethereum blockchain. https://etherscan.io/tx/0x90abc9d9be9727dde863bd82ef16d99b87266e719d9d673093a58915d73414e8

Advanced

Advanced trading allows users to trade Digital Rand and aggregate through all the smart-exchange contracts in the Digital Rand eco-system.

Note

Digital Rand makes use of 1inch Exchange, which is a decentralised exchange aggregator. It is designed to roll liquidity and pricing from all major DEXes into one platform, making it easy to get the best price for the desired trade. Trades via 1inch can be split across exchanges, to minimize slippage and provide the best pricing possible. 1inch is also non-custodial, with all trades being performed within a single transaction from a user’s Ethereum-based wallet.

Limit-Orders

A limit order is an order to buy or sell a digital asset at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute.

Note

South African exchanges make use of limit-orders, with Digital Rand taking it one step further and allowing for this trading practice to be executed on the Ethereum blockchain.

Multi-Assets

In order to convert your Digital Rand into either Multi-Stable or Multi-Volatile Digital Rand, please click Launch on the appropriate portfolio that matches your needs.


  • Click Connect Wallet to connect your prefered Ethereum-compatible wallet
  • Click Add Liquidity to add the tokens into the portfolio


If this is your first time your wallet connects with this smart-exchange contract you will need to click Setup Proxy, which creates a proxy contract to manage your liquidity. You will also need to click Unlock for each token, which gives the smart-exchange contract permission to receive your digital assets.

Blockchain Terminology

ABI

An interface between two binary program modules, often one program is a library and the other is being run by a user

Altcoin

Any cryptocurrency that exists as an alternative to bitcoin

API

Application programming interface (part of a remote server that sends requests and receives responses)

Bitcoin

The first, and most popular, cryptocurrency based off the decentralized ledger of a blockchain

Blockchain

A mathematical structure for storing digital transactions (or data) in an immutable, peer-to-peer ledger that is incredibly difficult to fake and yet remains accessible to anyone.

Business logic layer

A part of code that determines the rules to be followed when doing business

Business network card

Provides necessary information for a user, entity or node to connect a blockchain business network

Casper

Consensus algorithm that combines proof of work and proof of stake. Ethereum is going to use casper as a transition to proof of stake.

CDN

Allows for a quick transition of assets needed to load internet content (html, js, css, etc.)

Centralised

Maintained by a central, authoritative location or group

Chaincode

A program that initializes and manages a ledgers state through submitted applications. It is the Hyperledger Fabric equal to Smart Contracts

Coin

Representation of a digital asset built on a new blockchain

Composer CLI

Hyperledger Fabric command line allowing for administrative tasks

Composer Rest Server

Generates a rest server and associated api from a deployed blockchain

Consensus

When a majority of participants of a network agree on the validity of a transaction

CRUD

Create,retrieve,update,delete

Cryptographic Hash Function

A function that returns a unique fixed-length string. The returned string is unique for every unique input. Used to create a “digital ID” or “digital thumbprint” of an input string.

Dapps

Decentralized Applications

DAO

A decentralized autonomous organization is an organization that is run through rules encoded as computer programs called smart contracts.

DDos Attacks

A denial-of-service attack is a cyber-attack in which the perpetrator seeks to make a machine or network resource unavailable to its intended users by temporarily or indefinitely disrupting services of a host connected to the Internet.

Decentralised

The concept of a shared network of dispersed computers (or nodes) that can process transactions without a centrally located, third-party intermediary.

Digital Asset

Any text or media that is formatted into binary source

Digital signature

A mathematical scheme used for presenting the authenticity of digital assets

Distributed Ledger

A database held and updated independently by each participant (or node) in a large network. The distribution is unique: records are not communicated to various nodes by a central authority