The DA Power Play Pre-sale & Crowdsale — Beginner’s Guide, Part 1
Don’t quite understand the world of token-sales, but interested in our ICO? This is the guide for you.
The crypto world is still very confusing. Due to the complexity of the blockchain, cryptocurrencies, tokens, etc, the entry barrier for most people — especially when it comes to supporting crowdsales — can sometimes be a little difficult. We hope that this beginners guide will help everyone who wants to support our crowdsale project. You should find most of the answers to your questions here.
The Essentials:
Plan Ahead
We cannot stress enough that the whole process of opening different accounts (wallets, exchanges, Cofound.it Priority Pass™) can sometimes take days. Therefore make sure you have enough time to prepare before the pre-sale starts on September 19.
Scams and Fraud
When the crowdsale goes live, there could be attempts from the online criminals to steal your funds. As a result, our partners for this ICO, Cofound.it, have prepared an excellent guide to ensure your funds remain safe and secure: Don’t panic! How to avoid scams in crowdsales.
Terminology in the Crypto World
Being the new kid on the block is never fun. But, we all have to start somewhere. If you’re new to the world of crowdsales, you might be a bit confused about the expressions and lingo used by the community We prepared a quick guide that will help you get started.
Cryptocurrencies vs. Tokens
The main difference between cryptocurrencies and tokens that you have to understand for contributing in crowdsales, is that you can buy cryptocurrencies with fiat currencies (dollar, euro, etc) while you can only buy tokens (like CFI tokens) with cryptocurrencies (bitcoin, ether, etc).
Tokens have different roles for different projects that are raising funds with the help of crowdsale supporters. From distributing benefits, enriching user experience, to bootstrapping engagement. Our DPP Token is a utility token that will fuel interactions between users of the DA Power Play platform.
Crowdsale
A token crowdsale or initial coin offering (ICO) is a way for companies to raise funds for the development of their business idea. Our crowdsale has three phases:
- September 19, Limited pre-sale: The crowdsale is open only to Cofound.it Priority Pass™ members. You need 5000 CFI tokens in your wallet at least four days before the pre-sale to become a Priority Pass member. During first 24 hours, participation will be limited based upon the number of CFI tokens held.
- September 20, Unlimited pre-sale: The crowdsale is open only to Cofound.it Priority Pass™ members. You need 5000 CFI tokens in your wallet at least four days before the pre-sale to become a Priority Pass member.
- September 21, public crowdsale: Anyone can contribute in the crowdsale.
You can ONLY use the cryptocurrency, Ether, to participate in the crowdsale.
If we close our crowdsale during the pre-sale phase, the public sale may not happen.
Ether (ETH)
Ether is a cryptocurrency that opens the world of crowdsales. Ether is the only cryptocurrency you can use to participate in our crowdsale. You can buy Ether on almost all the main cryptocurrency exchanges (Kraken or Coinbase). We advise you to open a separate wallet (such as MyEtherWallet, Parity, Mist, Jaxx or MetaMask) from the cryptocurrency exchanges — if you contribute Ether to our crowdsale from an exchange wallet, you may not receive your DPP Tokens.
Wallet
The wallet is essentially an address that tells you how much cryptocurrencies or tokens you own.
There are many different types of wallets, but if you want to be a crowdsale supporter you have to use an ERC20 compatible wallet, such as MyEtherWallet, Parity, Mist, Jaxx or MetaMask. Once you have Ether in your wallet, you can send ETH to the crowdsale contribution address, which is just a regular ETH address starting with 0x.
The only source of the address for participating in our crowdsale is our contribution website which will be published a few days before the start of the crowdsale. Please do not forget to double-check the address before sending your Ether. And please never trust addresses you see elsewhere or receive by email, direct message on Slack, or any other means of online communication. For more on this topic, please read this blog from Cofound.it: Don’t panic! How to avoid scams in crowdsales.
Cofound.it
Cofound.it is a platform that connects you to projects that are becoming serious blockchain businesses. All Cofound.it teams go through their intensive battle-tested training process, which ensures that we go into our crowdsale well-prepared with a solid business plan, a community of passionate supporters and early adopters, and an execution plan that complies with all regulations.
CFI Token
CFI is a token establish by Cofound.it, our official partner for the crowdsale. If you want to be a part of the pre-sale phase, you have to become a Cofound.it Priority Pass™ by holding 5000 CFI tokens in your contribution wallet.
Cofound.it Priority Pass™
The Cofound.it Priority Pass™ is an exclusive community who gets early access to crowdsales supported by Cofound.it. To become a Priority Pass member, you have to own 5000 CFI tokens and be registered on the Priority Pass dashboard. For more information on how to register for a Cofound.it Priority Pass, see this guide.
Whitelist
The whitelist is a list of wallet addresses that are allowed to contribute in the pre-sale phases (Phase 1 — limited pre-sale — and Phase 2 — unlimited pre-sale) of our crowdsale. If you are whitelisted, your wallet address will be allowed to send Ether to smart contracts during the pre-sale phases.
Smart Contract
The smart contract has many different roles in the crypto world, but the most significant added value for crowdsale supporters is the fact that they are self-executing. Or in simpler terms: smart contracts automatically enforce obligations (rules and penalties around an agreement between two parties) written in them. Therefore, all crowdsale supporters can be certain that the project will deliver what it promises to all the participants of the crowdsale. All potential DA Power Play crowdsale supporters can check the source code of the smart contract before the pre-sale starts in this link.
Crowdsale Goals
Every company that wants to gain supporters through crowdsale sets different goals regarding how much funds are needed for different stages of the development of the project. A success threshold, core goal (soft cap), and stretch goal (hard cap).
A success threshold is the minimal amount of funds the project needs to bring their idea to the market. In the event that the success threshold is not reached, funds are returned to supporters. Stretch goal is the maximum amount of funds that the project is trying to raise from the supporters. In most cases, the project behind the crowdsale explains what the difference of the amount between the success threshold and stretch goal is going to be allocated.
The core goal is a crowdsale target for funds between the success threshold and the stretch goal.
Coming up later today we will publish part two of this blog, explaining how to become a DA Power Play supporter in 8 easy steps:
We’ll explain how to set up an Ethereum wallet (Step 1), how to buy Ether (Step 2) and how to transfer Ether to your wallet (Step 3). We will show you how to buy CFI tokens (Step 4), transfer them to your Ethereum wallet (Step 5), register for your Cofound.it Priority Pass™ (Step 6), send Ether to the crowdsale contribution address (Step 7), and check if you have received DPP Tokens to your wallet (Step 8).
Did we forget something?
Do not hesitate to contact us; our team members are waiting for all your questions! Join our public channels on Slack or Telegram, follow us on Twitter, Facebook, and Instagram, or learn more about DA Power Play on our Medium page or YouTube channel. You can also contact us directly by email at contact@dapowerplay.com.
