- 4 September, 2017
- Posted by: toshendra
- Category: Bitcoin, Blockchain, Ethereum, ICO, Solidity
Instructions for contributing to an Ethereum token crowd sales First of all, you will need to set up a wallet service or application. Having a wallet is very important for security reasons. The wallet has a private key/file which you will be required to keep very safely. You cannot share this key with anyone. Private keys are required to authenticate the smart contract functions, like transferring tokens. DO NOT SEND TRANSACTIONS DIRECTLY FROM CRYPTOCURRENCY EXCHANGES. YOU NEED A TOKEN COMPATIBLE ETHEREUM WALLET. DO NOT SEND YOUR FUNDS BEFORE THE FUNDRAISER IS OPEN OR AFTER IT IS CLOSED
Contributing to the token sale
- Buy ether in a cryptocurrency exchange
- Transfer ether to a compatible wallet (see below)
- Send a deposit to token sale address with correct data and gas limit values
Sending a contribution to token sale
Token sale deposit transactions need to have a non-default gas limit (a.k.a. transaction maximum gas). This is because token sale transactions are more complex than simple Ethereum transfer transactions. The default gas limits are too low to correctly perform a token sale deposit. To contribute to a token sale, you need to fill your transaction with following details Address – This is given you on the crowd sale deposit page. Data – Some ICOs require you to add additional data to these transactions. It will be explicitly mentioned on their website. It can differ for every user. If no such thing is mentioned, then you can just leave it empty. Gas limit: 250000 – It is a number of ethers used to carry out the transaction. It is like a fee, for making your transaction. But it is of very less value. Note: If you are using MyEtherWallet.com please double check your the gas limit field value after filling the data field. MyEtherWallet may reset the gas value to an invalid number after inputting the data field.
The following wallets are known to be compatible with Ethereum tokens (ERC-20 standard) and can be considered safe:
- MyEtherWallet (no download needed)
- MetaMask (Firefox and Chrome browser addon)
- Mist (Desktop)
- Parity (Desktop)
- imToken (iPhone)
- imToken (Android)
Please contact us [email protected] if you have updates to the token compatible wallet list.
Do not use the following wallets to participate any token sale.
- Any Bitcoin exchange like Coinbase, Poloniex to smart contract address for that use NON Smart Contract Options .
- Any Ethereum exchange
Low gas limit If your gas limit value is set too low, then the transaction is rejected and automatically refunded. The transaction will not be shown in the blockchain explorer. No data field set If you forget to set a correct data field value for your transaction, it is rejected and automatically refunded. But this transaction will appear in the blockchain explorer with an error code like “invalid jump”.