How to Activate Brickblock Tokens (BBK)

Skip the tutorial and go straight to the BBK Manager here.

Brickblock tokens (BBK) are utility tokens that can be activated to generate Access tokens (ACT) or deactivated and traded on exchanges.

Activated BBK tokens automatically generate Access tokens (ACT), which are used to pay for fees incurred by Brickblock’s Proof-of-Asset smart contracts.

When activated, BBK function as fee credit fountains to provide access to Brickblock’s smart contract platform, comparable to holding a software license. Activated BBK continue to generate ACT until they are deactivated (they are not burned). ACT can be traded for ETH. The value of ACT is fixed at a ratio of 1000:1 ETH.

Both BBK and ACT are ERC20-compatible.

Example*: If a PoA contract meets a hypothetical funding goal of €100,000, the activation fee to be paid into the BBK network would be €500 worth of ACT, payable in ETH or ACT. As soon as the activation fee is paid, our contracts will mint €500 worth of ACT and evenly distribute it among all activated BBK tokens.

May 31st: First ACT generated

The first ACT will be generated on May 31st, 2019. These ACT will cover fees incurred by the Proof-of-Asset smart contracts activated to date (for the Wiesbaden project, for example).

Please note: Not all fees will be paid out at the same time. Your BBK must be locked by May 30th, 2019 in order to participate in the first stage of ACT generation.

How to activate BBK

1. Install MetaMask

First, it is important to install MetaMask and transfer your BBK to your MetaMask wallet or connect your Ledger or Trezor hardware wallet. If you do not already have MetaMask, you can follow our easy step-by-step guide.

If you already have MetaMask, make sure it is updated to the latest version.

MetaMask is the only wallet with which you can currently activate your BBK.

2. Open Brickblock’s BBK Manager

You will be prompted to connect your MetaMask account to the BBK Manager. Click ‘Connect’.

In the BBK Manager you will see how many activated and deactivated tokens you have.

If you have not yet activated any tokens, the entire BBK balance in your MetaMask wallet will be displayed beside ‘deactivated BBK Tokens’.

The dashboard also displays how many ACT your BBK have generated as well as your BBK transaction history.

3. Activate BBK

Enter the amount of BBK you would like to activate in the ‘Activate BBK Tokens’ field.

Click ‘Activate’.

A pop-up will ask you to confirm the first of two transactions. Your BBK are activated when both of these transactions have been confirmed. You will confirm the second transaction a few steps later.

Click ‘Activate [amount] BBK’ in the pop-up.

4. Set your gas fee

A MetaMask pop-up will ask you to confirm the transaction. In this step, you will set your gas fee limit. Click ‘EDIT’ in the ‘GAS FEE’ tab. Choose how much gas you would like to pay from the three options (the more you pay, the faster the transaction is confirmed. Keep in mind that you will never pay the highest amount indicated; this is merely the limit and will likely never be charged).

Click ‘Save’.

Click ‘CONFIRM’.

You can see the status of the transaction via Etherscan by clicking on the link in the BBK Manager.

Your pending transaction will look like this on Etherscan:

Once the first transaction is complete, you will be asked to confirm the second transaction in MetaMask. Set the gas fee again.

Click ‘CONFIRM’.

Again, you can see the status of the transaction by clicking on the link in the BBK Manager.

5. Your BBK are activated

Once the second transaction is confirmed, you will see that your BBK are activated in the BBK Manager.

Generating ACT

You will see the amount of ACT generated by your activated BBK in the right panel of the BBK Manager.

You can use the generated ACT to pay Brickblock’s fees.

Alternatively, you can sell your ACT for ETH to provide others with the ability to pay their fees with ACT. It’s a simple Ethereum transaction that will transact your ACT and credit you with ETH at a ratio of 1000 ACT:1 ETH.

When you are ready to trade your ACT for ETH, simply enter the number of ACT tokens and click ‘Sell’. The ETH will appear in your MetaMask wallet.

*ACT generation is dependent on the amount and time of BBK activation. The fee charged to activate a PoA contract is subject to change.

Brickblock uses blockchain technology and smart contracts to make real estate investments easier, cheaper, and more accessible.