A comprehensive guide to Dero transfers (this is a work in progress)
IMPORTANT: Before you may use your wallet (dero-wallet-cli), you need to run “derod” and wait until the Dero blockchain has synchronized. You may check the status of the synchronization by typing the “status” command into the derod command interface. Don’t worry if this takes a while, it’s completely normal. You will need to keep “derod” running while you use dero-wallet-cli. Don’t forget to use the “save” command, followed by the “exit” command in dero-wallet-cli when you’re done. You will also want to use the same commands in the derod window after you exit the wallet.
How do I transfer Dero?
There are several transfer commands but for most users the “transfer” command will suffice for most of their needs. With dero-wallet-cli open start by typing the “refresh” command. You can then type the “transfer” command into the command line interface, followed by the transfer priority, number of mixins, destination address, amount, and optionally the payment id. Please note that on the Dero network, the lowest number of mixins is currently 5.
A example of this command would be: transfer priority #ofmixins address amount paymentID(if required).
It would look similar to: transfer normal 5 dERo123456678901234567890abcxyz 500 abc1234qwe
What is transfer_split and how do I use it?
WILL BE ADDED VERY SOON
What is a locked transfer and how do I use it?
WILL BE ADDED VERY SOON
What are sweep_all, sweep_below and how do I use them?
WILL BE ADDED VERY SOON
Dero transfer FAQ
What is a Dero transfer?
A Dero transfer is defined as the transfer of assets between users through transactions on a peer-to-peer anonymous payment system. As a proof of ownership, the sender digitally signs the transaction with their secret keys, using a one-time ring signature. Each transaction can be considered a transfer of asset ownership. Typically, there are two parties: the sender and the receiver. In CryptoNote, we refer to assets as “coins”, “money”, or “funds”.
What is my public address and am I safe sharing it?
On the Dero network, a public address is an address that you’re free to share with pools, or even as the name implies, publicly. When someone sends funds to your public address, they’re sending the funds to a one-time randomly generated address which will not be reused and can’t be tied back to your private address. This system also protects the sender at the same time. The sent funds are not connected to your own address as they were sent to this one-time address.
Having your public address does not allow anyone to see your funds, transactions, or access your wallet in any way.
How do I request and receive Dero?
You only need to provide them with your public address which you can find by using the “address” command in dero-wallet-cli. Optionally, you may also give the sender a payment ID if you’re receiving funds from multiple sources.
What is a payment ID?
Dero has an inherently high level of privacy. As such, a payment ID is required by merchants and exchanges to tie a transaction to a specific user account on their platform. A payment ID is less common between individuals but there are instances where issuing a payment ID may be necessary.
How do I generate a payment ID?
To generate an encrypted short payment id you will want to use the “integrated_address” command in dero-wallet-cli. This will combine your public address with a payment ID that you may use to differentiate where your incoming payments were received from.
How do I view my received payments and their payment IDs?
You can use the “show_transfers” command to list all of the incoming/outgoing transfers from your wallet including their unique payment ID. You may also search for individual payments by their unique ID by using the “payments” command followed by the payment ID.
How do I prove I made a payment?
To be able to provide a record of a transaction you require access to the original wallet from which it was sent. You need a TXKEY that is stored locally on your individual Dero wallet files to prove you’ve made a payment. If you have multiple copies of the same address, it is necessary to use the specific wallet file from which the tx was sent.
To access your TXKEYs you need to use the “show_transfers” command, locate the TXID of your payment, followed by using the “get_tx_key” command with the appropriate TXID. You may now use the TXKEY(s) and TXID to confirm your transaction to anyone you need to provide proof of payment to.
How can I prove someone sent me Dero?
You can prove someone sent you Dero by using the “check_tx_key” command with their TXID, TXKEY, and your address in that order. A working example would be “Check_tx_key TXID TXKEY address”.
How long do transactions take?
A transaction takes 10 confirmations to completely verify and unlock. The average block emission time on the Dero network is 2 minutes and each block adds a confirmation. This means that after an average of 20 minutes your funds should be ready for you to use.
How do I check and understand my balance?
You can check your balance by using the “balance” command in the dero-wallet-cli interface window. If you’ve only recently received a payment, it may take a while for the balance to show in your wallet as unlocked. Your balance will remain locked until 10 blocks have been confirmed. A block may become orphaned at any time, however, the chances of a block getting orphaned drop rapidly as more blocks are added to the chain. Thus, by locking the balance for a predetermined period of time the system is able to prevent funds from being spent too early in the event of an error.
What are the Dero transfer fees?
The Dero transfer fees are dynamic and depend on the size of the transaction, priority level, mixins, and outputs, among other factors. At this time, Dero uses the fee structure found in the most recent version of the CryptoNote Protocol.
It is important to note that there are 4 transfer priority levels each with their own fee multiplier. The four priority levels and their multipliers are: unimportant (1x multiplier), normal (4x multiplier), elevated (20x multiplier), and priority (166x multiplier).
What are mixins and how important are they?
“Mixins” or the mixin count refers to the number of signatures aside from yours in the ring signature. This can generally be thought of as the “privacy level”. These mixins will obscure your transaction and funds by mixing them in with other transactions on the network. While these mixins do help to obfuscate the parties in a transaction, it is possible that an abnormally high or odd number of mixins may render some of this obfuscation less effective.
What is a Dero transfer backlog?
A backlog is defined as “an accumulation of something, especially uncompleted work or matters that need to be dealt with.”. You don’t need to worry if you choose to use a lower priority level that triggers this warning. It simply means that you will need to wait a little longer for your transfer’s spot in the backlog line before it gets processed.