tl;dr: FTR token holders must make sure their FTR tokens are located in their private wallets before ethereum block number 9048000 is mined, which is expected to happen sometime on the 2nd of December 2019. They will then receive their proportional share of ETH to that same address, sometime between 9th and 16th of December 2019.
This blog explains the Futourist asset redistribution mechanic and timeline. The mechanic is set to minimize the work token holders need to do in order to receive their redistributed ETH, as well as minimize the expenses caused by the redistribution itself.
What is the mechanic of the redistribution?
Redistribution will be executed as a simple “airdrop” to the wallets containing FTR tokens (see who’s eligible for redistribution below). This means that wallets containing more than 1000 FTR tokens on a given ethereum block (see the timeline below), will later receive a proportional share of the remaining ETH (the remaining Futourist assets). There will be no token claiming period (which some other liquidating projects have done), which means the token holders do NOT need to apply for redistribution — they just need to make sure their FTR tokens are safe in a private wallet, and that’s it.
What is the timeline?
Step 1: Ethereum block number 9048000 (expected to be mined on 2nd of December 2019)
Ethereum block number 9048000 is the block that will be looked into to see where the FTR tokens are and how much there is on each wallet. The mentioned block number is expected to be mined on the 2nd of December 2019, but ethereum block times are unpredictable, so here is the approximate countdown to the mentioned block. With every passing day, the countdown will be more precise. Keep in mind that block number 9048000 might be mined earlier than the 2nd of December, even though it’s not expected to.
The only thing FTR token holders must do before the mentioned block is mined (before the linked countdown comes down to zero) is to ensure that their FTR tokens are located in a private wallet (not on an exchange!). This will ensure holders that their redistributed ETH will not end up in a wallet controlled by an exchange or by any other third party — Futourist does not take responsibility for tokens being lost in this manner.
Step 2: 09.12.2019 – 16.12.2019 (ninth to sixteenth of December 2019)
Futourist will begin the execution of the redistribution transactions. The state from the aforementioned block number 9048000 will be used to determine how much ETH will be sent out to each wallet holding FTR tokens. Redistribution will be finalized at most one (1) week after that, on 16.12.2019 (the sixteenth of December 2019).
Who is eligible for redistribution?
No team tokens, advisor tokens or any other reserved tokens were ever sent out by Futourist — such tokens will NOT be included in the redistribution.
Due to transaction fees (ethereum gas), ETH will not be redistributed to wallets holding less than 1000 FTR in block number 9048000. In such cases, the transaction fees (ethereum gas) would come close or even exceed the value of the transaction itself, therefore they will be excluded from the redistribution.
What do token holders need to do beforehand?
Due to the mechanic of our redistribution, most of the token holders don’t have to do anything. Here are two things you as a token holder should take care of:
- FTR tokens should be located in a private wallet before Step 1 of the redistribution. In case you have your FTR tokens in a wallet controlled by an exchange or other third parties, you should transfer FTR tokens to a private wallet — we are not guaranteeing anything in case your FTR tokens are left on an exchange address when the block number 9048000 is mined.
We are working with exchanges and have notified them about the redistribution. They promised us help in case some of the redistributed assets end up on exchanges, but you must not count on it and should transfer your tokens to a private wallet beforehand to be sure to receive the redistributed assets.
- Make sure you have access to the private wallet where you hold the FTR tokens. The redistributed ETH will be transferred to that same wallet address. Without access to the wallet, you won’t be able to use your redistributed ETH.
How much ETH am I getting?
All Futoruist assets (tokens under Futourist management) will be converted to ETH before redistribution. There will be fees like gas prices which will be paid from those remaining assets. The FTR-ETH exchange rate will, therefore, be set at the start of the redistribution and no earlier. All Futourist assets, untouched since December 2018, will be fully redistributed.
We cannot take any responsibility for the redistribution of ETH to FTR token holders, where such tokens shall be in a Third-Party Wallet, exchange wallet, or FTR token holder’s account opened at a digital asset exchange or any kind of other storage, where the FTR token holder is not a direct owner of such wallet. Redistribution to any such blockchain address will be irreversible and possibly it would be impossible to be successfully allocated directly to such FTR token holder.
Consequently, in any such case, the FTR token holder should try to sort out any such case with the exchange or wallet provider or similar as stated above, where they have had the FTR tokens deposited. We will not take any responsibility for such case, and we will not get involved in any correspondence with such FTR token holder or an exchange (or similar subject).
All the rules of the redistribution will be transparently presented in the form of our blogs and are to be followed to avoid any loss of FTR token holders' assets. We will not take any liability in case the FTR token holder willingly or unwillingly takes wrong or no action in regard to their FTR tokens.
After the redistribution process will be ended, the FTR tokens will lose all functionality and any subsequent exchange shall be impossible.