Minting Open Fairmints

Freewallet now supports the minting of open fairmints on Counterparty.

Before you start minting, it is best to get a good understanding of how Fairmints are shown on Tokenscan.io:

Marked in Red, the new Fairminters data is now shown on Tokenscan.io

Keep in mind that Tokenscan.io will use color coding to show if a fairmint is Open (shown in green), close to minting out (shown in yellow) and if the mint is Closed (shown as red).

Blue arrow shows a "close to minted out" fairmint, Red arrow shows a fully minted out fairmint and Green arrow shows a fairmint that is still open.

Furthermore, it is now shown on Tokenscan.io on the specific Fairmint Asset page the percentage the fairmint minted so far:

This fairmint token, TRUMPMINTS, now shows the total supply on its specific asset page on Tokenscan.io

If this function is new to you, please review on Tokenscan.io that the token you are looking to mint is not Closed (minted out) and that the quantity you are minting is within the parameters set by the Fairmint issuer.

The Max Mint for each Fairmint is shown on Tokenscan.io

Below is the process for how to mint any open (or near close) Fairmints on Counterparty:

The process for minting is to navigate to the upper right hand side of the Freewallet UI and select "Actions". In the drop-down menu, then select "Mint Supply".

This will open up a pop-up window to input the token you would like to fairmint, the quantity you would like to mint and the BTC fee used in this transaction.

Keep in mind that this request will need to ping the Counterparty API and might pause on 'Calculating transaction fees...' for a moment before you can Mint Supply with the green button. If you are getting the 'Counterparty API Communication Error!' make sure you are using the 'Default Server Settings' as explained in the 'How do I check my Server Settings?' entry in this User Manual.

There is also another error to keep in mind and that is the Counterparty API Error that states: "quantity is not allowed for free fairminters" If you see this error, it is because the Counterparty API only allows you to enter a "0" quantity here, but will still mint the max amount possible for this fairmint. In this example entering a 0 in the Amount quantity for TRUMPMINTS would mint 111,111 tokens to your wallet.

Counterparty API error for "Free Fair Mints" - Solution is to try again with the Amount set to 0

In previous releases of counterparty, you were allowed to specify the amount you wanted to mint in a fair mint. At this time the logic has been changed so that in “free” fair mints, you are no longer allowed to specify the quantity that you want to mint, and instead the maximum amount you’re allowed to mint is automatically minted when you as a user enter a quantity of 0.

There is another type of fair mint where a user is charged a fee for minting, and if you are minting on this type of a fair mint, then you are allowed to specify a quantity.

When finishing this procedure, make sure to review the Source address is correct, the Token Name is correct and the Amount minting is correct. Different fairmints have different max token minting amounts and it is best to review tokenscan.io Fairminters info before making this transaction (and using the 0 quantity for 'free fairminters' error messages) as discussed earlier in this section.

Once the information looks correct (as shown above), make sure you are using a High fee (or even higher) as Bitcoin fees tend to fluctuate quickly. It is best to review the What BTC fee should I use? section of this User Manual.

After clicking 'Mint Supply', a final confirmation pop-up will appear:

After clicking 'Yes' you will be given a link to the transaction ID and you can observe the transaction until it confirmed on the Bitcoin network. When the transaction is confirmed, these Fairmints will now show up in your Freewallet UI and will be sendable and tradable just like any other Counterparty token is.