FANTOM Crowdsale FAQ
*Note: Whitelisting, KYC and Crowdsale will be done via FANTOM’s official website ONLY!! (https://www.fantom.foundation)
Update 13 June 2018
**FANTOM is currently in the process of checking all 1st lottery winner profiles again the AML and KYC checks provided by Cynopsis. Unfortunately, A significant number of profiles are being deemed invalid, mainly due to passports being expired, or having very unclear photos. Hence, only approximately 25% of the 6000 profiles are likely to get through, totally around 1500 whitelisted addresses.
Thus, the second lottery being conducted by Fantom will be a repeat of the first, but with 3600 addresses chosen. This means that all filtered addresses minus the 6000 already chosen will be able to participate again.
Q: Is whitelisting a requirement to participate in the Crowdsale?
A: Yes, you must create a profile, enter in a valid ETH Address, and pass our AML/KYC checks to be whitelisted.
Q: What can I contribute with?
A: ETH only.
NOTICE: Your ETH Address MUST be an ERC-20 compatible wallet. Do not send from an exchange or smart contract. Failure to do so may result in token loss.
Q: Why has FANTOM decided to do a lottery?
Due to overwhelming demand for participation in the Crowdsale, and feedback from supporters in our Social Media channels, we believe that a lottery is a fair method of selecting ETH addresses to be included in the Crowdsale contract.
In addition, we considered the following points:
- It is more practical to pass through a percentage of whitelisted applicants to Cynopsis for AML/KYC checking than submitting every profile in our database.
- Individuals will not have to rush to submit their application to be whitelisted.
- With a smaller number of whitelisted ETH addresses in the smart contract, there will likely be far fewer fail transactions.
- Those whitelisted ETH addresses in the smart contract will have up to 24 hours to contribute up to the maximum allocation of 1.5 ETH.
Q: How will the mainsale now be conducted?
The mainsale will follow these procedures:
- Individuals can apply to be whitelisted from 8 June 2018, 9am GMT + 0 , to 12 June 2018, 9am GMT + 0. There is no need to rush.
- FANTOM will conduct a lottery to select a percentage of the whitelisting applicants. Those individuals selected in this lottery will have their profiles verified by Cynopsis. Those individuals will have between 12 June 9am GMT + 0 to 13 June 9am GMT +0 to ensure they have successfully passed Cynopsis AML/KYC checks. Failure to do so will mean exclusion from the whitelist.
- A second round lottery will be conducted to select the final profiles whose ETH addresses should be submitted to the smart contract. Those ETH addresses will then be able to contribute in the tokensale.
Q: What ETH addresses will ultimately be included in the smart contract?
Only ETH addresses from individuals who have passed our AML/KYC checks will be included.
The contribution shortlist may be determined by use of lottery processes in addition to KYC screening.
Q: When will the whitelisting process take place?
A: Whitelisting will occur between 8 June 2018, 9am GMT + 0 and 12 June 2018 9am GMT + 0.
Q: When will the Crowdsale take place?
A: The Crowdsale will begin on 15 June 2018, 9am GMT + 0.
Q: When will the crowdsale end?
A: When the hard cap is reached, or on 22 June 2018, 9am GMT + 0, whichever occurs first.
Q: What is the hardcap, number of tokens being sold, and the total token supply?
A: $2,000,000 USD (hard cap) selling 50,000,000 FTM tokens. There will exist a total token supply of 3,175,000,000 before the release of the FANTOM Mainnet.
Q: How is the ETH to USD Conversation rate determined?
A: The ETH to USD conversion rate will be fixed at the opening price at the prior 4pm GMT + 0 time opening most recent to the deployment of the Crowdsale contract on the Ethereum mainnet, as determined by Cryptocompare’s “HistoHour” API (https://www.cryptocompare.com/api/#-api-data-histohour-).
Q: What are the minimum and maximum contribution amounts?
A: The minimum contribution amount is 0.2 ETH. The maximum contribution amount is 1.5 ETH within the first 24 hours from the start of the Crowdsale. If there is allocation remaining after the first 24 hours, the maximum contribution cap is removed.
Q: Is there a maximum number of whitelisted participants for the Crowdsale smart contract?
Q: Why was the private sale for FANTOM so large?
A: Due to overwhelming demand from strategic partners, we decided to give allocations to those who are able to support FANTOM and its activities.
Q: When will tokens be received?
A: Tokens will be received immediately when a successful contribution is made to the Crowdsale contract.
Q: Will my tokens be locked?
A: Yes. Tokens will be locked (i.e unable to be transferred between addresses) until they are unlocked once the
makeTradeable()function is successfully called. This will be at FANTOM’s discretion.
Q: What happens if my transaction fails?
You will receive your forwarded ETH amount back, less any gas costs and third party fees.
Q: Why are tokens for private sale contributors minted on 29 June 2018, but Crowdsale participants receive their tokens soon after a successful transaction?
It is more practical for the crowdsale contract to automatically issue tokens on a successful transaction due to the large numbers of contributors.
Note that the token unlocking period will not occur earlier than the mining of tokens for private sale contributors, so there will be no practical impact on receiving tokens earlier.