Distributing GTUs to buyers — Instructions

Last update: June 18th, 2021

As promised, one week after the Concordium Blockchain Genesis, Team Concordium begins the preparation to distribute the tokens to buyers. Below, you will find the instructions to claim your stake. Make sure you are following them and don’t hesitate to ask questions if you don’t feel certain.

What are the next steps for the private sale GTU buyers?

In order for Concordium to send GTUs to the buyer’s Concordium blockchain account, they need to follow the below steps:

1. Download the Concordium Mobile Wallet here or the Concordium Desktop Wallet here.

• The Mobile Wallet has the basic functionality for supporting the Identification flow and for controlling accounts and making transactions with a single user’s credentials.
• The Desktop Wallet has more features, including the multi-signature feature, whereby two or more signatories must approve a transaction before it is submitted to the blockchain.
• The Desktop Wallet stores keys on a Ledger Nano S, which the person will have to acquire separately.
• Please observe that in order to use the Desktop Wallet you will also have to run a node on the blockchain.

2. Go through the Identity verification process via the link to the Identity provider, Notabene, in the Mobile Wallet or the Desktop Wallet.

• As part of the ID verification process, a file with an ID certificate will be transferred to the wallet. The ID certificate enables you to create accounts on the blockchain.
• In any case, an initial account will be created automatically for all new ID certificates being issued.

3. As a private sale’ buyer, you shall have received an email with the instructions on how to inform Concordium of the account address to where your GTUs shall be transferred. Please follow the instructions you received in your email, including filling up the questionnaire, sharing other documents requested.

Upon receipt of files requested in the email sent to GTU buyers, Team Concordium will verify the information to make sure that the information matches Concordium’s previously obtained information and that we are communicating with the right buyer.

Please observe that the lock-up and release schedule, as previously communicated, will be coded into the transaction whereby the GTUs are transferred to your account. Locked GTUs cannot be used for anything except staking if you are running a baker.

When the distribution will happen?

As we consider it most beneficial to let the first release date be aligned with the first listing of the GTU, the transfer of the GTUs cannot take place before the date of first listing has been finally determined.

If you, for whatever reason, want to defer the point in time at which Concordium transfers GTUs to your account, Concordium offers to retain your GTUs until you inform us that you want to have your GTUs transferred to your own account, however not later than until Concordium has implemented the delegation solution Delegation to Pool, which is planned to be released in Q1 2022.

If you use this option, Concordium will stake your GTUs with the nodes of Concordium Foundation and thereby generate rewards. At the point in time when you request your GTUs to be transferred, Concordium will transfer the purchased number of GTUs plus an amount representing the rewards generated on the GTUs less a charge of 15% of the rewards which will be distributed to the node-runners to compensate for operational costs. In this way, we enable you to share in the rewards in the same way as you will be able to when the Delegation to Pool feature has been implemented.

Support

If you need help or clarification, make sure you speak to a Team Concordium representative via email or via one of our official channels as seen below.

Learn more

Get started with Concordium: https://developer.concordium.software/en/mainnet/

Discord: https://discord.gg/MZyHgfw

Twitter: https://twitter.com/ConcordiumNet

Telegram: https://t.me/concordium_official

Reddit: https://www.reddit.com/r/Concordium_Official

Learn more: https://concordium.com

Concordium Blockchain Research Center Aarhus (COBRA):https://cs.au.dk/research/centers/concordium/