Frequently Asked Questions Before the AppCoins ICO
When the day comes, our experience tells us that a lot of questions can come up in your mind. And we know exactly which. Check out the compilation of frequently asked questions that we put together to make it all crystal clear, once the AppCOins ICO sale starts on December 13th, 2017 and ends on Jan 15th — or once hardcap of $15.3M USD/60,120 ETH is reached.
The AppCoins protocol is set to take a giant step for the App Economy, attempting to become the backbone for decentralized worldwide transactions and the language that app stores, developers and manufacturers can openly speak.
The path to building such revolutionary system can be both exciting, challenging, and even confusing at times. However, with the amazing support of our constantly growing community, we are able to progress further and get inspired every day. Hence why we’re sharing 21 frequently asked questions (and answers) which will, hopefully, clarify some things to our new and existing supporters. Should you have any further questions or need any assistance, please get in touch with us by joining our Telegram group.
- How can I participate in the AppCoins ICO?
To participate in the AppCoins ICO, head over to https://www.appcoins.io once it opens on December 13th and follow the registration instructions. All you need is an Ethereum wallet compatible with ERC20 tokens. Please do not send ether (“ETH”) directly from cryptocurrency exchanges, and use only an ETH and ERC20 compatible wallet.
2. I am an US citizen. Can I participate in the ICO?
The AppCoins ICO is a worldwide ICO and it’s open to everyone, however national laws apply. It’s up to the investors to check locally whether or not they can invest.
3. What is the cost of each APPC token?
The crowdsale smart contract locked the price of each APPC token as following:
1 APPC = 0.0003339 ETH
We recommend that you purchase ETH as soon as possible in case you don’t have it, to avoid higher investment costs in the future, since analysts predict a continuing rise in the value of ETH. It is natural that some potential investors may feel in disadvantage for paying more USD for the same amount of tokens than the investors of the pre-sale, where the ETH had less value.
However, if those pre-sale investors would keep the ETH instead of investing in APPC, they would have exactly the same amount of tokens, which means there was a cost of opportunity in buying APPC with ETH.
4. Is there a discount or a bonus during the AppCoins ICO?
There will be a 20% bonus in the first 7 days of the sale or until we sell 30% of tokens — whichever comes first — , to reward our first investors. This bonus is meant to reward the investors that decided to invest sooner than later.
5. What’s the maximum token supply?
The maximum token supply is 450 Million APPCs, however only 160 Million will be for sale.
6. What is the APPC token allocation?
During the crowdsale process there will be an allocation of a part of the total amount of AppCoin tokens. The remaining will be used later on to leverage the bootstrap phase of the AppCoins platform by rewarding users, developers and OEMs; to create the App Store Foundation; to reward key contributors to the ICO and the platform; and Aptoide, for the initial support and contribution.
7. What happens to the tokens (if) which are left unsold?
The unsold tokens will be burned. In parallel, a proportional percentage of the Foundation, Aptoide, ICO Advisors & Team, and bootstrap will also be burned. This means that the hardcap is in reality $15.3M/60,120 ETH, and that value is corresponding to 40% of all tokens available.
8. Is there a minimum investment stake?
Yes, the minimum investment during the ICO is approximately 10 USD/0.033 ETH. There won’t be a maximum investment per wallet, unlike pre-sale, which means every single investor will be able to invest as much as they like.
9. Does AppCoins ICO require KYC?
Yes, there will be two types of KYC. For investors under 5,000 USD there will be a light KYC process where personal information will be required, such as first and last name, gender, date of birth, nationality, country of residence, passport/national id number. For investors over 5,000 USD we will have a full KYC process where an additional scan of the passport or national ID card will be required.
10. Why do you require a KYC process?
The Know Your Client form is a standard form in the investment industry that ensures investment advisors know detailed information about their clients’ risk tolerance, investment knowledge and financial position. The aim of KYC is also to prevent theft, fraud, terrorist financing and money laundering. It helps us ensure that our clients are not involved in any of the above, hence the service provider won’t get in trouble with the regulators.
In addition, the AppCoins ICO is being issued from Singapore. The KYC / AML for larger investors is needed to be totally within the local regulations and laws.
11. Which cryptocurrencies are accepted during the sale?
Since AppCoins is an ERC20 token and the token distribution is done instantly by smart contract, we can only accept ETH.
12. How can I purchase via Coinbase?
It isn’t possible to puchase tokens from Coinbase, as it isn’t compatible with ERC20 tokens. So the procedure of purchasing ETH from coinbase would be:
1. Buy ETH on Coinbase.
2. Transfer to a compatible wallet such as MyEtherWallet.
3. Send ETH from MEW to the deposit address as per the appcoins website procedure.
13. What are the ERC20 compatible wallets?
To participate in the AppCoins token ICO sale you will need a wallet that is smart contract compatible. Please do not send your token directly from any cryptocurrency excanges. You need a token compatible Ethereum wallet.
The following wallets are known to be compatible with Ethereum tokens (ERC-20 standard):
- MyEtherWallet (no download needed)
- MetaMask (Firefox and Chrome browser addon)
- Mist (Desktop)
- Parity (Desktop)
- Parity + Ledger (Hardware wallet)
- imToken (iPhone)
- imToken (Android)
14. Do we receive the actual tokens during the sale?
Yes. After transferring the Ethers, you will receive a confirmation email stating the amount transferred and the number of AppCoins you will be receiving. Almost immediately after sending your funds from an ERC20 compatible wallet, you will get the equivalent rate of AppCoins.
15. I’m not seeing the APPC tokens in my wallet. How can I add them?
If you see a N/A or ERC20 Token — and not APPC — you may have to set a custom token. Below you’ll find the info you’ll need to enter:
Address: 0x1a7a8bd9106f2b8d977e08582dc7d24c723ab0db Decimals: 18
Token Symbol: APPC
16. I can’t see my APPC tokens and haven’t received any confirmation. What went wrong?
Probably there was a problem with your token purchase. Please use ehterscan.io to check your tx hash, or get in touch with us via Telegram. In any case the ETH should have been returned to your wallet.
17. In the future, how will the app store user be able to buy AppCoins?
A user that wants to buy AppCoins (eg: to top-up games) can use different methods to acquire those AppCoins:
a) Tokens can be bought through exchanges. Meetings with several exchanges are being held to that purpose and will be announced as soon as we have a list to share. These partnerships will ease token purchases and will avoid the use to insert duplicated KYC information and get liquidity in the exchange process.
b) A partnership with Kyber Network was signed, and therefore users will be able to use other tokens to convert into AppCoins “on the fly”.
c) Partnerships with pre-paid cards providers are being conducted to be able to provide pre-paid cards with AppCoins in countries in SEA (Indonesia, Malaysia,…) and South America (Mexico, Brazil…).
18. On which exchange will AppCoins be listed?
It will be in the beginning of 2018. We’re still negotiating with the top-10 exchanges and should have more news about this until the end of the year. our goal is to be exchanged at least in one top 5 exchange and in three tier 2 exchanges to assure maximum liquidity.
19. Is there a Bounty Program I can join?
Yes, we have a bounty program running until Dec 24th, 2017. Stakes are distributed every week, on Saturday. Please get in touch with Sylon, our bounty manager, on Bitcointalk.
20. Can we transfer AppCoins immediately after purchase?
No, only after the ICO. The tokens are received but they are locked to avoid a parallel market and to preserve the value of the token. They will be unlocked a few days after the end of the sale, once we hit exchanges.
21. Is there a vesting period for team tokens?
Yes there will be a vesting period for the team tokens. The tokens distribution will have a cliff of one year and a vesting period of an additional year. So, the cliff period starts in the 1st of January 2018 and the first 20% of the tokens will be sent to the team in the 1st of January of 2019 and the rest will be vested every quarter with the last 20% to be delivered in the 1st of January 2020.
Learn more about AppCoins at: https://appcoins.io
Read the AppCoins Whitepaper at:https://appcoins.io/pdf/appcoins_whitepaper.pdf
Read the AppCoins Crowdsale at:https://appcoins.io/pdf/appcoins_crowdsale.pdf
Talk with us and get live chat support: https://t.me/appcoinsofficial
Follow AppCoins on Twitter at: https://twitter.com/AppCoinsProject
Join AppCoins on Facebook at:https://www.facebook.com/AppCoinsOfficial/
Read AppCoins’ posts on Medium: https://medium.com/@appcoins
See our code and follow the developements of the Protocol: https://github.com/Aptoide/AppCoins-ethereumj
Join the discussion on Reddit: https://www.reddit.com/r/AppcoinsProtocol/