How to setup an Ethereum Wallet to participate in the Blocksquare token presale
To make sure you can participate in the Blocksquare token pre-sale that will take place in February, we have created a quick how-to guide. If you want to obtain Blocksquare tokens (BST), you have to own Ether (ETH) and own a working ERC20 Ethereum Wallet. We recommend using MyEtherWallet.
Note: Never send ETH from an exchange account. As you do not own the private keys of the exchange account, sending from an exchange account will result in the loss of your Blocksquare tokens.
To participate in our pre-sale, you will be required to create a user account on our website, go through KYC (Know Your Customer) and have your Ethereum Wallet address whitelisted in order to obtain the contribution address of the pre-sale smart contract. We reccommend you to apply for whitelisting ASAP, before the pre-sale goes live. You can apply for whitelisting here.
We partnered with ComplyAdvantage for KYC/AML screening and monitoring to comply with regulatory requirements and best protect early contributors.
The exact pre-sale start date will be communicated through a separate post describing the user registration process.
In a nutshell, the Blocksquare pre-sale smart contract will distribute BST tokens directly to contributor’s Ethereum Wallet accounts and will be open until all pre-sale BST tokens are sold. Contributors will receive BST tokens no more than 24 hours after their ETH transaction is confirmed.
1. Setting up an Ethereum wallet.
If you do not have an ERC20 compatible Ethereum wallet yet, check out this list of wallets you can choose from.
We recommend using MyEtherWallet, which is widely accepted and used to participate in token sales.
In this video you can find out how to setup a wallet with MyEtherWallet.
Note: Make sure you are not on a fake MyEtherWallet site. Check the URL and certificate.
2. Buy Ethereum (ETH) and send it to your Ethereum wallet.
There are many ways to buy Ethereum and send it to your Ethereum Wallet Address. Basically it comes down to these three steps:
- Open an account at an Exchange,
- Buy Ethereum (with your local currency: Euro’s or Dollars),
- Send the Ethereum to your personal Ethereum Wallet Address.
MyEtherWallet provides a Coinbase widget where you can directly buy Ethereum and send it to your Ethereum Wallet Address (check screenshot below).
Note: Every transaction on Ethereum requires a small portion of Ether to complete the transaction. If you want to participate with 2.5 ETH, make sure you buy at least 2.6 ETH to account for transaction fees (Gas).
Coinbase is one of the biggest cryptocurrency exchanges, and this widget allows you to easily purchase ETH and immediately send it to your wallet. The process is pretty straightforward. Just click on the widget and follow their instructions. You will be asked to fill in your name, the amount of ETH you’d like to purchase, your email address, and your phone number.
When the Blocksquare pre-sale is live, you can begin with step 3.
3. Participate in the Blocksquare token pre-sale
If you successfully completed the previous steps, you now have a working Ethereum Wallet and sufficient Ether (ETH) to participate in the Blocksquare token pre-sale.
Note: Make sure your Ethereum Wallet Address is whitelisted. You can apply for the whitelisting here.
The next step is to send the Ether (ETH) from your Ethereum Wallet to the Blocksquare Token Sale Address in order to obtain Blocksquare Tokens (BST).
(The Blocksquare pre-sale target address and Gas limit will be posted on the contribution website https://blocksquare.io/)
Now open MyEtherWallet and click ‘Send Ether & Tokens‘.
Paste the target address into ‘To Address’ field, type in the amount of Ether you want to contribute and volume of Gas you’re expecting to spend (recommended Gas Limit and Price will be communicated on our website)
What is Gas and Gas limit?
Every transaction in Ethereum network requires a resource called Gas to be executed. Amount of Gas corresponds to the complexity of a transaction. If you set Gas limit too low, your transaction will fail.
The last thing you have to do is to click ‘Generate Transaction’ and then ‘Send Transaction’.
That’s it! Now you have successfully participated in the Blockport token sale.
Note: we will publish an article on how to check your BST balance in MyEtherWallet when the pre-sale has started.
Need help or support?
The Blocksquare team provides personal help if you have no experience with participating in a token sale. Please contact us on Telegram or mail to: firstname.lastname@example.org if you need extra help.