EncryptoTel: the next steps

After EncryptoTel’s extremely successful crowdfund, we’re looking forward to seeing their tokens out in the wild as much as anyone. Here’s what the next stage looks like.

First up, hats off to EncryptoTel for a stunning crowdsale. It got off to a great start with more than $1 million on day #1, and ended early after flying past the $3 million cap. The team have come up with a solution that appears to have achieved consensus from the community as to what to do with the unexpected additional funds, which is no mean feat.

So, what are the next steps?

First up, the Incent team conducts a thorough audit of all deposits made during the crowdsale, in collaboration with the EncryptoTel team. You’ll appreciate this is something that has to be done right — make a mistake and it’s reflected in the token’s distribution.

We’ll also be fixing any lingering display issues. The ICO portal reads information from the Waves, Ethereum and Bitcoin blockchains, including amounts and timestamps, and calculates each user’s balance of ETT from that. Occasionally an outage or issue with one or other API impacts the display — but it is just the display. As we’ve made clear, it’s the blockchain that is the ultimate record of all deposits.

Once both teams are happy that the accounting stacks up, it’s time for distribution. That’s a process we’ve learned a lot about since our own crowdsale, and again, it’s one that needs conducting with some care because it’s a one-time event! EncryptoTel Tokens will be sent out to the addresses that people have registered within their ICO portal account. You’ll also be able to move tokens between the Waves and Ethereum blockchains using BlockSwap. Lastly, distribution of the Incent bonuses will also take place when we distribute ETT.

The rough ETA for distribution is in ten days time. As soon as you have the tokens, you’ll be able to trade them on Waves’ DEX, and on any other supporting exchanges.

Anyone who would like to know more is welcome to join our Slack and contact the team.