Founder and CEO
We are currently in the height of the ICO process at Simple Token, with pre-registration and KYC beginning tomorrow, and then the ST token sale starting on November 14, 2017. Simple Token is a utility token for the OpenST Protocol and we have taken great efforts to run a professional token sale event in a complicated and fast-shifting ICO environment full of froth, uncertainty, speculation and downright scams.
Over the next weeks I am hoping to share several insider tidbits on the ICO process here on HackerNoon — the good, the exhausting, the challenging, and the icky parts of the most grueling and exhilarating process I’ve been through in my entire professional career.
Today’s post is all about getting the token registration and KYC process right. Feel free to borrow anything here for your own token sale event, or to contact me and our team as we built everything here in-house, with compliance support from our partner Cynopsis Solutions.
Our approach to the token distribution event emphasizes the importance of building and nurturing a strong community of Simple Token member companies and developers contributing to the ecosystem, thus we are taking steps to verify every participant.
The required information collected during the registration process allows us to:
Any individual, who is 18 years or older, and who does not fall in the following buckets is entitled to participate in the token sale.
In order to be eligible to participate in the token distribution event, you must complete the registration process.
You may start the registration process on 1 November, 2017 by visiting the Simple Token website and clicking on the “Register Now” button at the top of the page. Do not attempt to register on any other website other than https://simpletoken.org
Step 1: Visit the Simple Token Website
To participate in the token sale, you have to create a personal account with Simple Token.
On the registration page you will be asked to enter your email.
If you have received a 10% bonus from participating in the ‘Proof of Support Rewards’ or any other special program, make sure to use the exact same email address.
You are required to set a password for your account. The email address and password will be required to log into your account to see your personal dashboard and to participate in the token sale. In case there is an issue related to KYC/AML/CTF checks, you will need to log into your account to update the information.
Make sure to set a strong password that you do not use on any other website and do not share your password with anyone.
After creating an account, you will be asked to input your personal details listed below.
When entering your Ethereum wallet address, make sure that your Ethereum Wallet supports ERC20 tokens and that you own the Private Key of the wallet.
Supported wallets for the token sale include MyEtherWallet, Mist-Ethereum Wallet, MetaMask, Parity, imToken, Ledger, Trezor, and others. You cannot use a service such as Coinbase which manages your keys.
The address you have entered must be used during the token sale when you complete your purchase. Sending ETH from any address other than the registered address will not be accepted. This wallet address can only be set ONCE, and no future amendment will be permitted after you submit the data.
Note: DO NOT SEND ETH from exchanges like Coinbase, Poloniex, Kraken, etc. It will be rejected.
After filling your personal details and Ethereum Address you will be asked to provide additional identity documents in the form of:
1) High quality copy of your passport in PNG / JPG / PDF format;
2) A picture of you holding your passport. Please make sure we can clearly see both you and your passport in the photo.
Note: The passport copy must match the information provided in the KYC form.
After submitting your personal details and KYC, you will have to verify information you have submitted and agree to the Terms and Conditions. Please take time to carefully read the Terms and Conditions.
After you verify your information and agree to the Terms and Conditions, you will be taken a page, where you can reserve a name for your branded token. This is a reservation only and not a guarantee that you can use this name. Reserved names will be reviewed by the OpenST Foundation to ensure that you have the rights to use this name. It will be possible to confirm/change the reserved name when Branded Tokens “BT” are minted during the member company registration process.
Important: After registration is done, you will receive an email from Simple Token asking you to activate your account. Please note, that the account will remain inactive, until you to confirm your registration submission.
Don’t let your hard work go to waste. Make sure to verify your account.
You can now log into your account to see the status of your application.
You will receive from email@example.com an email about the status of registration, whether it is “approved” or “rejected”. In some cases (e.g., a low quality ID photo), the email message will contain a request to re-submit your details. In such instance, you need to log in with your password and then re-submit your details or identification document.
Note: Only emails from exactly this address (firstname.lastname@example.org) are from us. We will never send links or personal data via email. You will need to enter or click on the URL: (TBA) and follow the log-in procedure to update your details.
If we experience a heavy influx of users, processing times for verification could slow down. It does not necessarily mean there is something wrong with your submission. Please be patient, as we would contact you if your KYC information was approved or if there is something wrong with the information you have provided. Make sure to monitor the email associated with your Simple Token registration submission to see if you’ve received an email from us about verification.
The information below is of a general nature only. OpenST Foundation and Simple Token can only make suggestions and recommendations regarding wallets. We strongly urge you to conduct your own research.
We have had good experiences with My Ether Wallet.
Here is their guide to getting started taken directly from their website:
MyEtherWallet gives you the ability to generate new wallets so you can store your ETH & Tokens yourself, not on an exchange. This process happens entirely on your computer, not our servers. We are not a web wallet. We are a client-side interface that allows you to interact with the Ethereum blockchain. We never save, store, or transmit any sensitive information ever. Therefore, when you generate a new wallet, you are responsible for safely backing it up.
In order to get started:
Trezor is one of the most popular hardware wallets. You can purchase your wallet from them directly or on Amazon.
This video does a good job of explaining how to access ERC-20 Tokens like ST on your Trezor.
At Simple Token we support our community in the Token Sale process. We have created this simple guide on how to transfer your ETH from CoinBase to MyEtherWallet in case you need some support.
Here below we provide the instructions to get quickly through this process.
In the following short guide you will learn how to:
a. Set up an Exchange account to change fiat into cryptocurrency
b. Buy ETH from an Exchange platform
c. Set up an address on a wallet that you will be able to use in the Simple Token token sale
d. Transfer ETH from an Exchange to a wallet
This guide focuses on using Coinbase and MyEtherWallet as many users have asked clarification on this specific process.
If you have any other questions on different mediums you can join us on the Simple Token Telegram channel (t.me/simpletoken) and we will be glad to support you.
Log into your Coinbase Account.
In the top menu click on “Accounts” and select your ETH Wallet to check your balance.
Click on the button “Send” and staying on the “Wallet Address” tab. In the Recipient field enter your MyEtherWallet address.
Select the amount in ETH or your selected currency and leave a note to help you remember the transaction reason in the future.
When you are ready, click on continue.
Important: Keep in mind that a transaction fee will apply based on the amount selected that is a surcharge calculated as a percentage of the sum transferred. This sum will be reflected at the end of the transaction.
You will be now redirected to a confirmation page with the amount transferred.
You have now transferred ETH in your MyEtherWallet. Remember to keep your keystore file, private key, and recovery phrase in a secure location and never share them with anybody.
Before you are able to send ETH to the Simple Token token Sale address, you will need to complete your registration and pass KYC check.
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