Youthia FAQ, Part 1 — The Youthia Token Sale
As we gear up for Youthia’s Token Sale, we’d like to clear any ambiguity and debunk some myths. We provide answers to basic questions and the first part is about the public Token Sale. Here goes:
1. What is the Youthia Token Sale?
Briefly, the Youthia Token Sale is a process of raising funds for the Youthia project in terms of cryptocurrency, such as Ethereum, Bitcoin or Litecoin, in return for YTH tokens that can be used on the Youthia network.
2. When is the Youthia Token Sale?
We are currently in Private Sale so the dates for the Public Sale will be announced shortly after the Private Sale ends. We thank you in advance for your patience!
3. How does the Youthia Token Sale work?
The Token Sale will comprise of two rounds: the Private Sale for insiders and the Public Sale for the general global public. The length of each round depends on how long it will take us to reach our fundraising targets. We will provide estimates but the period of time may change should the need arise.
4. How can I participate?
Step 1: Acquire Ethereum, Bitcoin or Litecoin from an Online Cryptocurrency Exchange. It usually takes a few days, which varies from different online exchanges, for an individual to register with an online exchange service providers because of the Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations. Due to KYC and AML regulations, you are usually required to provide your personal particulars (name, date of birth, official identity proof, etc.), which they will then process and validate your information. After successful registration, you can purchase for Ether, Bitcoin or Litecoin with your local currency, USD, EUR, etc., as transferred to the online exchange. The cryptocurrencies that you purchased will be sent directly to your online wallet of the online exchange that you registered. As you will rely on the online exchanges to keep your cryptocurrencies for you, it may be risky to store your cryptocurrencies with them, of which you may lose your cryptocurrency, due to counter-party risk such as the online exchange may collapse or being attacked or hacked by others. Therefore, it may be safer to store your cryptocurrencies in a more secure software or hardware blockchain wallet that is under your control.
You can buy cryptocurrency at different exchanges. The full list is published at https://www.cryptocoincharts.info/markets/info
If you are in Africa, you can buy at: https://bitcoinexchangeguide.com/what-are-the-top-10-bitcoin-cryptocurrency-exchanges-in-africa/
Step 2: Establish Cryptocurrency Wallet. Since the Youthia Token Sale is hosted on the Ethereum platform, it is required to have an Ethereum or ERC-20 based wallet. Some popular desktop and web-based wallets are MetaMask and MyEtherWallet respectively. MetaMask looks like a browser that allows you to access the Ethereum network, which does not only allow you to store and transfer your cryptocurrencies, but also allow you to access applications that leverages on decentralized Ethereum network. MyEtherWallet is slightly different from traditional web-based wallets, which does not hold your private keys. Therefore, the wallet owner will have the control of the Ethereum’s private key. It is an open-source wallet with inbuilt blockchain and Ethereum facility. The wallet can also connect with other hardware wallets e.g. Ledger Nano S or Trezor, which you can access to your funds in these hardware wallets via MyEtherWallet browser.
Step 3: Cryptocurrencies Transferred from Online Exchange to Cryptocurrency Wallet. You will need to transfer the cryptocurrency bought via the online exchange to your Ethereum-based wallet that support the YTH token. Instead of storing large amount of funds in these desktop or web-based wallets as mentioned above, you can simply use it for Token Sale purpose such as fund transfer or purchase of new tokens. It may be more secure to store your cryptocurrencies in a hardware wallet or paper wallet instead as compare to desktop or web-based wallets.
Step 4: Register for Youthia Token Sale Whitelist. The Youthia Token Sale requires participants to register in the Whitelist before the Token Sale begins. If you do not enroll in the Whitelist, you will not be able to participate in the Token Sale at all. Only successful Whitelist participants can participate. To apply, each participant will need to Login on the Dashboard that will be on www.youthia.co and provide some personal information such as name, email, Ether wallet address, etc., and passport copy for our KYC process. You will also need to indicate target number of tokens that you wish to purchase during the Public Sale. For any queries about the Whitelist, please email us here: email@example.com
Once you have successfully registered in the Youthia Token Sale Whitelist, you can participate by purchasing new YTH tokens when the Public Sale goes live. You should ensure that you are synchronizing the same time-zone when a specific time is given. You will need to send your cryptocurrency from your wallet to the address as stated when you Login. In parallel, you are required to pay “gas” for the “transaction”, hence you will have to set a gas limit in your wallet. When you transfer cryptocurrencies, engage in an Ethereum-based smart contract or do anything on the Ethereum network, you need to pay transaction fees. The payment will be calculated in terms of “gas” which is to be paid in terms of Ether. Since blockchain is a decentralized technology, it requires miners to validate and execute each transaction that you made through the Ethereum network. Therefore, you need to pay the transaction fee or computation cost to these miners so that they could validate and execute your transactions successfully.
Step 5: Please read carefully the Terms and Conditions, Sales Agreement and Private Policy. They will be provided on www.youthia.co. To learn more about the latest news about the Token Sale and stay up-to-date, you can join our Telegram via @youthia.
5. How can I pay for YTH tokens?
You can pay in ether (ETH), bitcoin (BTC) and litecoin (LTC).
6. Do you have an airdrop?
Yes, we will offer airdrop tokens adjacent to our bounty program. More details will be released in preparation for the Public Sale.
7. Will there be a bounty program? What will the rewards be paid for?
Yes, we have a bounty program and it also serves as a referral program. Enquires about the bounty program can be sent to: firstname.lastname@example.org. Details on the bounty program will be released soon.
8. I deposited funds into my account but have not yet bought tokens. Give me back my money!
All of these requests should be made at email@example.com and we will refund your money with no hesitation.
9. I already bought tokens but now I changed my mind. Give me back my money!
A refund is only issued before you buy tokens. As will be stated in our offer, all sales are final.
10. ICO market will collapse soon. This is a pyramid scheme. All ICOs are fraudsters. In 2–3 months, you will go bust.
It is hard to agree with such a categorical statement. We cannot assess every project out there but there are numerous independent resources available, which conduct such assessment, such as http://icorating.com/. Several fraudulent attempts have indeed been made, but the vast majority of ICO projects are developing well after the completion of their token sales. The statistics of their development can be viewed on their websites and on external resources, such as http://icotracker.net/, which proves that they were not a scam.
11. When will I get my YTH tokens?
You will receive your new tokens within 14 days after the end of the Public Sale.
12. Where and how should I store my tokens?
You can store them on any ERC-20 compatible wallet.
13. What is the speculative value of your token? Why would its price go up in a month/6months/year?
The YTH token is a utility, product and transaction token. The value of the token is correlated with the intensity and quality of the network’s activity, as are the actions of the Youthia Company. As potential users, we encourage you to enjoy the network and invite others to join.
14. Where can I track the YTH sale progress and see how much has been collected?
Up-to-date information on the Token Sale and collected amounts will be published in real time on our website: youthia.co.
15. Can I take my tokens out of your service?
Your tokens are distributed and stored in any Ethereum wallet, such as MyEtherWallet.
16. Minimum purchase? Maximum purchase?
In the Public Sale, the minimum is U$10 worth of YTH. There is no maximum.
17. Do YTH tokens comply with ERC-20 standard? Can they be transferred to an external ETH wallet?
Yes, they do. And yes, you can.
18. What is the pricing mechanism?
The standard price for the YTH token is U$0.37.
19. What will happen to any unsold YTH tokens?
All unsold YTH tokens will be put back in reserve.
20. I am afraid of a hacker attack. How secure is your system?
Our Token Sale is running on the Book Building platform of ICOBox, one of our strategic partners. The smart contract and security system was designed and developed by the team of the internationally acclaimed cryptographer Dmitry Khovratovich, who is a security expert at the University of Luxembourg and the founder of ABDK — an agency specializing in the development and promotion of Ethereum-based initial coin offerings.
21. How can I be sure I am sending funds to the right wallet address of Youthia?
Be careful that the Token Sale wallet address as stated on the Token Sale website may be fake. This is because some hackers may hack the website and replace their own wallet address with the real Token Sale address. Always double check in our online communities before making the final purchase.
22. What are the main factors that can positively or negatively affect the value of the token in the future?
The constant increase and sustained demand due to the mutual interest from users will determine the value of the YTH. The value of the token will also be based on the strategic business development decisions and partnerships made by the Youthia Company to add value to the Youthia network.
23. What is the fixed exchange rate mechanism?
The volume of tokens a participant gets in the Token Sale will be based on a fixed exchange rate price. To fix the exchange rate of ETH, BTC and LTC to USD, we will use the rates from the Coinbase GDAX exchange 1 hour before the Public Sale starts.
24. Are there any bonuses or discounts available for this Token Sale?
Yes, we will offer bonuses. The tier of bonuses will be displayed on the website, youthia.co, soon.
25. How do I contact Youthia with any questions or concerns?
Youthia is one of the few companies to offer 24/7/365 Live Chat and Email Support. This is foundational with how we will continue to build and grow the project. We would be happy to assist anytime. Kindly email us at firstname.lastname@example.org or email@example.com.
26. Will the YTH Smart Contract be visible to the public on GitHub?
27. What is the total supply of the YTH token?
170 million with 7 decimals.
28. How is the token distributed?
The total supply will be distributed as follows:
55% (92,850,000 YTH) retained for the Token Sale, including for the bounty program and bonuses. All unsold tokens will be burned.
30% (51,000,000 YTH) retained for the Youthia Company and Founding Team.
10% (17,000,000 YTH) retained for Ecosystem, Stakeholders and Development Partners.
3% (5,100,000 YTH) retained for Hedging/Reserve. Hedging Volatility and Future Token Offerings.
2% (3,400,000 YTH) retained for Advisors.
….to be continued. Stay tuned for Part 2.
In the meantime, please visit us at: youthia.co