Image for post
Image for post

ICONOMI presents the token issuance process

Jani Valjavec
Oct 20, 2016 · 3 min read

Hours after the Ethereum network stabilised, ICONOMI successfully deployed the special test contract and test coins to demonstrate the ICN apptoken issuance process that will follow next week.

We are happy to report that the Ethereum network returned to normal operation after the hard fork. Since transactions started to be picked up into the blockchain again we were finally able to launch the special test contract that has assigned test tokens (t-ICN) to everyone who provided their ETH addresses on the ICO site before 18 October at 5.00 p.m. UTC.

The purpose of the test contract is to get you familiar with our token issuance process. It consists of two phases; phase 1: token issuance (you will see t-ICN tokens assigned to provided ETH address), phase 2: token unlocking (you will be able to send t-ICN tokens from your wallets).

The ICONOMI test token is a tool to help you verify that your private key works. You should check whether you can access tokens assigned to your address. t-ICN are not related to real ICN tokens, spending them will not affect your ICN balance. Furthermore, t-ICN tokens will self-destruct with the launch of the real ICN tokens.

If you are keeping the ICN tokens in ico.iconomi.net’s wallet, you do not need to do anything.

Managing test tokens

Image for post
Image for post

You have received 1.x t-ICN, where x represents the decimals of your real ICN balance. You can check your t-ICN token balance here:https://etherscan.io/token/0x384e762dAd922B22a0d06f4D1229582473D2DEe6; just enter your ETH address in the Filter By Address box (the same one you have entered in the ICO site).

You can control your t-ICN tokens with any ETH wallet that supports ERC-20 apptokens. To display them properly, you will have to enter the test contract’s address (0x384e762dAd922B22a0d06f4D1229582473D2DEe6). Please read our instructions on how to do that in the official Ethereum Wallet and MyEtherWallet.

In order to provide everyone with an equal chance of accessing the tokens, the contract will keep them locked until a certain time. The test contract unlocked t-ICN tokens at block height 2.473.590, allowing you to send and receive t-ICN tokens.

Before the real thing

Monday, 24 October 2016 at 6.00 a.m. UTC is the deadline to change your withdrawal settings on the ICONOMI ICO website. If you do not wish to keep ICN tokens in the ICONOMI ICO wallet, it is your responsibility to enter a valid ETH address for which you hold the private key before this deadline. If ICN tokens get assigned to the wrong address or an address for which you do not hold the private key, then they are lost forever. There is no undo! Alternatively, you can login into your ICONOMI ICO account and remove your withdrawal address!

After the deadline, the real ICN contract will be deployed, and real ICN tokens will be assigned to your addresses. ICN tokens will, however, remain locked. On Monday, 24 October 2016 at aronud 1 p.m. UTC we will announce the block height (and approximate time) at which the ICN contract will unlock the ICN tokens. We are targeting the next day, Tuesday 25 October 2016.

With the unlocking of the ICN tokens we will simultaneously enable withdrawals of custom amounts of ICN tokens from the ICONOMI ICO website.

Invest in leading cryptocurrencies with euros or let the…

Jani Valjavec

Written by

Developer, thinker, doer and predictor of the future. Always amazed by the new: New technologies, new places, new experiences.

ICONOMI

ICONOMI

Invest in leading cryptocurrencies with euros or let the experts choose for you.

Jani Valjavec

Written by

Developer, thinker, doer and predictor of the future. Always amazed by the new: New technologies, new places, new experiences.

ICONOMI

Invest in leading cryptocurrencies with euros or let the experts choose for you.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store