How to join ICOs from Eidoo Wallet
Note: we are talking about ICOs when referring to third-party crowdsales and we are talking about token sale when referring to Eidoo.
The so-called Initial Coin Offering or ICO is a new way for blockchain-based startups to raise funds for their fintech ventures.
Thanks to this method, small companies — that are starting to move through the markets — can bypass the rigorous capital-raising process required by capitalists and banks; this is one of the main reasons why nowadays ICOs are attracting more and more attention.
We can compare an ICO campaign to the better-known crowdfunding, but in the first case, we are talking about cryptocurrencies and tokens that are offered in change of a participation as early adopters.
An ICO works as follows:
When a startup decides to start raising funds through this disruptive method, it publishes a whitepaper — that is something similar to a business plan — where it explains, what the project aims at and how much money needs to start working.
During the ICO, people can decide to buy some of the tokens created by the startup with fiat or digital currencies such as ethereum or bitcoin.
So, if the funds raised meet the amount required by the startup, the money is used to start the venture. Conversely, if they don’t meet the needs, money is returned to coin holders and the project won’t be able to start its project.
Eidoo ICO Engine
Eidoo is a mobile wallet where users can store Ether and ERC20 tokens (Bitcoin, Zcash, and Dash will be available in the near future).
However, Eidoo will integrate an ICO Engine within the mobile wallet app.
This means that users will be able to participate and join an ICO by directly using their smartphone or tablet.
ICO Engine is an automatic system to participate in Initial Coin Offerings based on the Ethereum Blockchain, and it works through the creation of a smart contract previously authorized by the user.
This way, ICOs will be managed directly from the wallet.
ICOs with Ethereum
Usually, ICOs are based on the Ethereum blockchain because it is more flexible on the handling of smart assets/tokens than the bitcoin one.
Another reason for this habit is because Ethereum is used to develop smart contracts that regulate how the funds raised will be spent or returned to people who joined the token sale.
Back in 2014, Vitalik Buterin himself — creator of the Ethereum network — used an ICO campaign to raise funds to develop his invention.
- ICO campaign Period: 20 July 2014–2 September 2014
Funds gathered (USD): $18,439,086
Funds gathered (BTC): 31,529.49
Total number of tokens: 60,000,000
Profit in BTC: 3900%
Eidoo’s Token Sale
Soon Eidoo will launch its token sale, and you will be able to participate in it only through our mobile app available both on iOS and Android.
You just need to download the app. Then, you need to move your favorite ETH amount on your Eidoo wallet.
More info and the countdown can be found here, together with the Ethereum Funding Informative Prospect.
As soon as the Eidoo token sale starts, on October 4th, you will receive a push notification on your device.
Please visit our official website Eidoo and Join our Telegram Official Channel here.
