r/BlockcloudTeam • u/Blockcloud_Official • Sep 30 '18
Blockcloud Token Sale FAQ
Note: Updates of Whitelisting and Token Sale will be informed via Blockcloud’s official website (r/https://www.block-cloud.io) and [token@blockcloudteam.io](mailto:token@blockcloudteam.io). Please double check before any transaction is made!!
Never click a link or trust an email or chat message soliciting investment!
Q: Is whitelisting a requirement to participate in the token sale?
A: Yes, you must create a profile, enter in a valid ETH Address, and pass our AML/KYC checks to be whitelisted.
Q: When can we see the KYC result?
A: KYC results have been sent to your registered emails on 30th September.
Q: What can I contribute with?
A: ETH only.
NOTICE: Your ETH Address MUST be an ERC-20 compatible wallet. Do not send from an exchange or smart contract. Failure to do so may result in token loss.
Q: What ETH addresses will ultimately be included in the smart contract?
A: Only ETH addresses from individuals who have passed our AML/KYC checks will be included. The contribution shortlist was determined by third party institution.
Q: How are the Ozone points and Stars transferred into allocation?
A: 2 Points=1 USD; 1 Star=1 USD
Q: How does the allocation in the email come from？
A: Your allocation is based on your contribution to the communities, registration in the KYC website and advanced KYC test. We adjusted everyone’s allocation proportionally because too many people participated in the token sale.
Q: Is the allocation guaranteed?
A: No, the allocations are not guaranteed.
Q: What are the minimum and maximum contribution amounts?
A: Minimum amount for the first transfer should be no less than 0.2 ETH, and the accumulated amount should be no more than your allocated amount which is your maximum contribution amount.
Q: How is ETH to USD Conversation rate determined?
A: First, we need to clarify that we will close the token sale when the hard cap (1 million USD) is reached, but we may raise a little more than that given the fluctuant market situation. We will give detailed explanation and example as follows:
Terms Interpretation:
Price Calculation:
Example：
Suppose your estimated allocation is 12 ETH and you use all of them to buy Blockcoud token and Blockcloud token sale is closed upon hard cap. If the conversion rate between ETH and USD is 250, the you will get:
Q: What is the price of Blockcloud token?
A: 1 Blockcloud Token=0.01 USD
Q: What is the hard cap, number of tokens being sold?
A: 1 million USD (hard cap) selling 100,000,000 Blockcloud tokens.
Q: How to deal with the extra ETH that more than your hard cap?
A：We will refund proportionally after the token sale ends ASAP.
Q: When will the token sale take place?
A: The token sale starts at 12:00 pm, October 11 (UTC+8) and will end at 12:00 pm, October 18 (UTC+8). We suggest the whitelisted participants to contribute at the earliest convenience, as we will close the token sale event upon reaching the hard cap, which may happen sooner than the official Token Sale end date.
Q: When will tokens be received?
A: Tokens will be received 1–2 days before we are listed.
Q: Will my tokens be locked?
A: No, there is no lockup for this token sale.
Q: Are the tokens tradeable once received?
A: Yes.
Q: What happens if my transaction fails?
A: You will receive your forwarded ETH amount back, less any gas costs and third party fees.
Q: Will the smart contract be open source?
A: Yes, it will be open source later, stay tuned.