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7/23/2019 Configuring Your First SwapBot Vending Machine
In many cases you’ll want to price your token in US dollar terms. This type of swap
allows you to set a fixed dollar price which will then be translated into a BTC price
which your customer will be asked to pay. Because the price of BTC is constantly
changing, your vending machine will ask the customer to send a small amount ofextra BTC to cover differences in the exchange rate. The second their transaction
is seen on the network the vending machine locks in their price and refunds the
change at the same time it sends the customer their purchased tokens.
a. Token to Sell - Enter the full, uppercase token name of what your vending
machine will be selling. Do not use trading contractions, BITCRYSTALS
rather than the short name BCY
b. Receives
- This is the token your customer will pay in. Currently only BTC
may be pegged to dollar prices.
c. Price - Set a price in US Dollars. “5” would mean 5 dollars.d. Minimum Sale - This is the least Token to Sell that can be purchased
without triggering a refund
e. Divisible?
- If you’d like your customers to be able to order partial tokens,
select Yes. If your customers should only be able to purchase whole
tokens, select No.
Looking at the above example, this swap will cause the vending machine to vend 1TOKENLY for every $5 worth of bitcoin a customer deposits, with the exact amount of
BTC determined at the time the order is placed. The smallest order a customer can place
is one worth $5 of bitcoin or 1 TOKENLY.
A customer who deposits $17 worth of bitcoin would receive back 3 TOKENLY plus 2
dollars worth of change if Divisible is set to “No” or 3.4 TOKENLY and no BTC change if set
to yes
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7/23/2019 Configuring Your First SwapBot Vending Machine
A customer who deposits 17.203 TOKENLY would receive back 17,203 LTBCOIN
4. By Fixed Amount
If you’re buying redeemable or access tokens, you’ll probably want to use this type
of Swap. You’ll set exactly how much of what token a customer needs to send
your bot, and you’ll set exactly what the bot will send back. Customers attemptingto purchase non-standard amounts will be stopped and prompted to make a
compatible swap.
a. Token to Sell - Enter the full, uppercase token name of what your vending
machine will be selling. Do not use trading contractions; BITCRYSTALS
rather than the short name BCY
b. Amount to Sell - This is the amount of Token to Sell that the bot will send
when it receives the Amount to Receive of the Asset to Receive
c. Asset to Receive - Enter the full, uppercase token name of what your
customer will be depositing and you will be accepting as paymentd. Amount to Receive
- This is the amount that the bot will must receive to
trigger vending of the Amount to Sell of the Token to Sell
Looking at the above example, this swap will cause the vending machine to vend 1
TOKENLY for every 1000 LTBCOIN a customer deposits. The smallest order a customer
can place is one worth 1000 LTBCOIN worth 1 TOKENLY.
A customer who deposits 17203 LTBCOIN would receive back 17 TOKENLY and
the vending machine would either keep the change or require a manual refund by
a Tokenly Administrator
Customers are warned when placing their order so the need for refunds has been
Selling your product or service as a redeemable token allows anyone to purchase your
offering and then sell it to other interested customers. Redeemable tokens allow a
customer to purchase more than they might immediately need because they get adiscount for purchasing more at a time and may redeem them with the merchant over
time as needed.
Operator-Configurable Bulk Discount Programs are available on all Swapbots, to create
one simply click “Add An Advanced Swap Rule” and select “Bulk Discount”
In the above Bulk Discount Program example, a user who buys 2 tokens in a single order
will receive a 5% discount off the standard price on each. If a user purchases 9, they will
receive a 10% discount. 18 will grant a 15% discount and 50 will grant a 25% discount. You
may set your discount program as you see fit and it may have as many different tiers as
your designs require.
7/23/2019 Configuring Your First SwapBot Vending Machine
Swapbot vending machines hold for-sale inventory & valuable tokens customers pay to it
in a single bot controlled bitcoin address. They are not designed to be safe stores of therevenue you generate from your vending machine. Operators must configure Income
Forwarding Rules which instruct the bot under what conditions to forward accumulated
tokens and to where.
If you are selling BLACKHATS for BTC, LTBCOIN and SJCX, you should not have an
income forwarding rule for BLACKHATS, but you should for every valuable token you
receive
Asset Received
indicates what token will be forwarded
Trigger Threshold
is the amount of the Asset Received the bot must possess to activate
income forwarding
Payment Amount is the amount of Asset Received the bot will forward when the Trigger
Threshold is met or exceeded
Payment Address is the bitcoin address the operator wishes the Payment Amount be
sent to.
Forwarding bitcoin (things to keep in mind)
Each time your vending machine makes a sale it uses a very small amount of Bitcoin to do
it. 01BTC represents about 70 vending machine sales worth of miners fee. When
7/23/2019 Configuring Your First SwapBot Vending Machine
forwarding BTC (bitcoin), always leave .01BTC. If your vending machine has less than
.00016BTC it will be out of fuel and require your attention.
Customers purchasing tokens and paying with BTC will allow you to never refuel your bot,
so long as you remember not to empty it of BTC when income forwarding.
Forwarding Buying-Tokens (things to keep in mind)
Let’s say my bot sells TOKENLY for 2000 LTBCOIN but it also is willing to buy TOKENLY
for 1,000 LTBCOIN each. When my bot has enough LTBCOIN for me to want to forward
the income to an address I control, I need to be careful to leave enough in the vending
machine so it can keep buying TOKENLY and paying LTBCOIN. In the above example,
whenever LTBCOIN forwards it leaves enough in the vending machine to pay for 200
TOKENLY before running out.
Forwarding Valuable Tokens
Outside of the two above examples, valuable tokens should be completely removed fromthe bot to an address you control. Each income forwarding costs about 3 US cents worth
of bitcoin so while you do not have to wait until you have a week's worth of revenue to
forward, you also want to have it set high enough that it’s not forwarding after every small
transaction.
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7/23/2019 Configuring Your First SwapBot Vending Machine
As the operator of your bot, you’ll want to add your addresses to the bot’s Blacklist. Paymentsand Tokens received from blacklisted addresses do not trigger swaps and will not be refunded.
This means you can use blacklisted addresses to fill the Swapbot with additional inventory and
BTC fuel. You can add as many blacklisted addresses to each bot as you want.
Whitelists
This is an optional feature most operators will not want to use. Under certain conditions
you might not want to let just anybody purchase from your vending machine. Operators
may add one or more “Whitelisted” bitcoin addresses who will be allowed to swap with
the bot. All other swaps will be refunded.
Use whitelisted addresses to create Swapbots that can only be used by specific people.
7/23/2019 Configuring Your First SwapBot Vending Machine