How to withdraw and store your EncryptoTel Tokens (ETT)
The hour is upon us. After a very successful crowdsale, it’s time to distribute EncryptoTel Tokens to their rightful owners (presumably you, since you’re reading this). Here’s how it will happen.
So to recap quickly: EncryptoTel just held a stunning $4.5 million crowdfund for a very cool piece of secure VoIP and PBX tech. We’ve now audited the funds collected across 4 different blockchains (and so have EncryptoTel’s team), all of which are nice and safe in their escrow accounts, checked the maths stacks up, and they have created the tokens on both Ethereum and Waves so you can choose where to hold them. We would all now very much like you to withdraw these to your local wallets.
People have been asking about token supply. There will be 77,663,987 ETT on each blockchain, with 77,663,987 ETT free at any given point and exactly the same amount locked. Effective token supply is therefore 77,663,987 ETT.
The process is very straightforward. Make sure you’re signed into your EncryptoTel crowdsale account and click Withdraw or go to https://encryptotel.icotech.me/withdraw.
- Set up 2FA. You don’t have to, but we strongly recommend you do.
- Choose your blockchain. You can opt to have your ETT and INCNT sent to either the Waves or Ethereum blockchain, though you’ll also be able to swap between them afterwards — see further below on this.
- Enter and save your withdrawal address.
- Hit Withdraw when you’re sure all the details are correct.
Within 24 hours (and likely sooner) your ETT will be on their way to you.
Withdrawing to Waves
Waves is incredibly easy to get started with, and has a nice lite wallet (no blockchain download required) with a built-in DEX for trading. If you’ve deposited with WAVES then you already know what you’re doing, since you most likely used the lite client to do that. If you did invest in WAVES, you’ll be withdrawing your tokens to a Waves wallet by default anyway.
It you don’t know what you’re doing, swing over to www.WavesPlatform.com and download the client as a standalone Chrome app, as html for any browser, or for Android or iOS devices. It will only take a minute to get set up with a new address. Although there are reminders, it bears repeating: backup your SEED because without it, you might lose all your tokens.
Remember that it’s possible for anyone to create an asset with the same name on Waves, since it’s an open platform. The id of the official token is 8ofu3VpEaVCFjRqLLqzTMNs5URKUUQMrPp3k6oFmiCc6, and in due course it should be marked as ‘approved’ in the Waves client, with a green tick by it.
Withdrawing to Ethereum
If you invested with other currencies, you’ll get to choose whether your tokens will be sent to Waves or Ethereum. If the latter, you will obviously need a wallet. If you already know what you’re doing, great — just paste your address into the ICO area and hit withdraw, and your tokens will be distributed to you as with Waves (again, give it up to 24 hours). If not, you’ll need to familiarise yourself with an Ethereum wallet, which is not quite as straightforward as it is for most cryptocurrency clients.
We suggest using MyEtherWallet to create an address and manage your tokens. This is a pretty cool website that uses your private key to sign transactions locally and submit them to the network. It can be used online, as a kind of hot wallet, or offline for cold storage.
The first step is to create a wallet. You do that by entering a password, and the site will generate a random private key for you. This is then encrypted in a Keystore file, using the password you entered, though you can also access the private key in plaintext too, if you want. We recommend using the JSON Keystore file, since it’s encrypted. Save it in a safe place. Whenever you want to access your account and send tokens, you’ll need to point the site to this file and enter your password.
To send tokens, go the second tab on the MyEtherWallet menu. Check the Keystore box, select your wallet file and decrypt it. You’ll see your Ethereum address, any ETH you hold (you’ll need a little to pay ‘gas’ fees on transactions), and any tokens in your account. You will need to add ETT manually before you can see it in your wallet, which you do by adding the contract address (0xe0c72452740414d861606a44ccd5ea7f96488278), the ticker symbol (‘ETT’) and the number of decimals it has (8). The same is true for Incent (0x3ff8c78e266395D08f41Ef1631391f0050D48081, ‘INC’ and 8 again).
On the right, you’ll see a series of boxes you’ll need to generate a transaction to send Ether or tokens. Just paste in the recipient’s Ethereum address, the number of tokens you want to send (check the dropdown menu to select the right asset), and click Generate Transaction. It will fill in the gas costs for you. You can then submit that transaction to the network, and voila! Your tokens are on their way to their new home. To keep track of your address without signing in using MyEtherWallet, use a block explorer like https://etherscan.io.
Switching between Waves and Ethereum
Using the BlockSwap app — in this instance maintained by EncryptoTel — you’ll be able to move tokens between the Waves and Ethereum blockchains. This involves using locked wallets and smart contracts to ensure that the total available supply remains the same across both blockchains, whilst the remainder stays locked and out of circulation. You can find out more about how it works here.
Finally: a very big ‘congratulations’ to the EncryptoTel team and all ETT holders. It was a spectacular crowdfund for an exceptionally interesting and product — and one that, given the current political climate, may well turn out to be very significant in the future.
Withdraw your EncryptoTel Tokens. The crowdsale portal is now open for registering withdrawal details. Token withdrawals will start being processed within 24 hours, and likely sooner.
Note: there is a bug that means token balances are not being displayed. Distribution will be made directly from blockchain data, not from the figure shown in the ICO portal. You will not receive a notification when clicking on Withdraw — simply fill out the form, submit by hitting Withdraw and you are done.