An Inside View on the Staking Mechanism: A Trader’s Perspective (Part 1) — The Trader Role & Options
A Closer Look on the Trader Role
Being a Trader on the RED Platform — What Does It Mean?
The Trader is a qualified user that passed a Know Your Consumer (KYC) process and can now engage in trading operations involving MWAT and KWT and has the right to stake MWAT to reap benefits in tokenized energy (KWT).
As a Trader, you cannot be a Producer or a Consumer, the quality needing to be exclusive. In this role, you will have access to transactions, exchange, transfer with other traders, buying MWAT, transferring MWAT, the ledger, you’ll benefit from support and settings to customize your profile, and of course, you will be able to access the staking mechanism.
What Are the Steps of Becoming a Trader — The KYC Process
Step 1 — After you either created a new account or have signed-in with an existing one, you will be able to choose the “Become a Trader” option.
Step 2 — Next, you will see the Welcome screen with the role benefits, be informed about the monthly subscription fee, and to continue you will have to click on the “Proceed” button.
Step 3 — A notification message lets you know about the incompatibility with the other two roles. By clicking on “YES”, the process continues; if you choose to click “NO”, it will redirect you to the previous screen.
Step 4 — The next step opens up in a window where you will need to fill-in 3 sections: “Personal Details”, “Client Checklist” and “Identification Documents”.
Step 5 — Read and check the boxes for both “Trader Terms & Conditions” and “General Terms & Conditions of the Red Platform” and then click “Finish” to end the flow. In case you forget to fill in some fields, the application will mark them with a red color and prompt you to add the requested information.
Step 6 — A pop-up message notifies you when the request has been successfully submitted.
Step 7 — After submitting all the necessary data, your request will have the “Pending” status until it gets approved in the back-office by our operators. All you have to do now is wait and think of your strategy.
There are two possible answers: approved or rejected. If you get rejected you will be able to see the screen status change, being able to access two options: Support and Settings.
If you get approved, the process continues. Let’s see more about how things will go. Next, the invoice is generated and you will only have access to the RED Platform after you pay it. A screen message will prompt you to take that action, as seen in the image below.
The “View Invoice” button allows you to see the details, download, print or save the document. To go to the previous screen, click “Go Back”, and once you get there, clicking “Pay” redirects you to the Netopia payment window, asking for the credit card details and then paying safely.
Once you become an approved Trader, you will have access to the designated options for your role. Let’s briefly discuss them and see what benefits they bring to you as a platform user. After you log-in, click on the slider selecting the “Become a Trader” option. You will be redirected to the Know Your Customer (KYC) process, as presented above.
Transactions
This section has two main areas: a chart and a table of transactions. On top of the table, there is a spending record of the three main currencies: MWAT, KWT, and GTK. In the chart’s section, you can check the transfer rate for each
MWAT
KWT
GTK
When you accumulate GTK (green tokens), you can then receive a certification mentioning the amount of kWh consumed, in which period and the CO2 quantity saved through consuming green energy. You can also see the current value of the GTK on the left side menu:
Clicking on the option, a screen will show-up informing about you being a Green Energy Consumer.
Click on “View Certificate” to load and display the document as PDF:
Exchange
The option becomes available once you click “Exchange” from the left side menu:
A page presenting two options will show up: “Simple” and “Advanced”
Simple Exchange (the default option). Insert the amount in MWAT that you want to exchange in KWT, or the amount of KWT to be exchanged in MWAT. Click “Exchange” to operate the transaction and display the results. You will then see a confirmation message asking you to choose between “Yes” and “Cancel”.
After clicking “Yes”, a pop-up will notify you that the exchange was performed successfully.
On the bottom of the screen you can see “My Orders” table:
Advanced Exchange — to access it, go to “Exchange” again and click “Advanced”. The trading page will load, displaying as you can see in the image below:
From here, the sections to navigate between are “Order Book”, “Buy/Sell Order” (green for the first, red for the second), “Order/Trades table”, “Trades”.
The Ledger
This option allows you to withdraw and deposit MWAT. It can be accessed from the left side menu by clicking on “Ledger”, and allows you to choose between two options: “Withdraw” and “Deposit”.
Withdraw — On top of the screen, you can see the option button. Clicking on it allows you to access the following options: “Currency” (at the moment, the MWAT is the only available currency to be withdrawn), “Wallet Access” (from which you can take out the amount), and “MWAT Amount” (representing the amount to be withdrawn).
After clicking “Confirm”, a verification pop-up will appear, and you will have to insert a confirmation message received on your phone (six-digit code):
After clicking on the “Confirm” button, the last pop-up will notify you about the verification being completed. You have successfully withdrawn the specified amount.
On the bottom of the screen, you will see a “Withdrawal History” table displayed.
Deposit — Going back to the top of the initial screen, you can click on the “Deposit” option, allowing you to access the following options: “Currency” (only MWAT), “Deposit Adress” (the one in which the deposit is made), “Your wallet Details” (the address of your wallet — found in Settings/Wallet Info).
After clicking “Confirm”, you will receive a deposit confirmation message, and on the bottom of the screen be able to see your “Deposit History”
There are four possible statuses for a transaction: “Waiting” (it is not yet broadcasted on the blockchain), “Pending” (currently being broadcasted, but not confirmed), “Completed” (confirmation took place within the required time), and “Canceled” (confirmation did not happen within the required time and the request was canceled).
Transfer
This option is available for all types of users (Trader, Consumer, Producer). From the side menu, select the “Transfer” option:
In the window that opens you will have the following options: phone number or email address of the person to whom the amount is being sent, the amount being sent, currency type (MWAT, KWT, GTK), and the current value of the balance. Once you finish filling in the respective fields, click on the “Send “ button to operate the transaction. A confirmation pop-up will appear. To end the flow, click on “Done”.
The transfer you just made can be verified on the “Transactions” page:
If in any step of the process you experience any difficulties, we have the “Support” section, also available on the side menu. From the window that opens, you can choose from the type of issue you experienced, as shown in the below print screen:
Also, you can add relevant screenshots to the discussion, and receive a fitted client service help. A ticket archive is available, with the corresponding statuses. The tickets arrive in the back-office and an operator will respond to your request. All the answers will be available to you within the chat. After each ticket is solved, it is closed and its status made available in the Archive. You can switch between the Archive to a new ticket, by clicking on the icon pictured below:
Buying MWAT
This option allows users to buy MWAT using RON. After inserting the desired amount, a confirmation pop-up will appear. Selecting “NO” redirects to the previous screen, selecting “YES” directs you to a screen where you can see the invoice displayed, as shown in previous print screens above. There are two options to choose from: either “Cancel” and be redirected to the “Buy MWAT” screen, or “Pay” and be redirected to the Netopia payment screen (also shown in previous print screens above, the same type of window opens).
Staking Mechanism
The section that rose the most questions and enthusiasm from most of our users and community members, the staking section of the platform can be accessed as previous ones, from the left side menu, by clicking on “Staking”. Let’s go on an inside view of the entire mechanism. In a second article today!
Click here for the article regarding the staking process. Feedback welcomed!
Now That You Know How it Works, Come Join the Community! Questions Are More Than Welcome!
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