Contributing to the token sale and being credited INX tokens will be a process familiar to some who have immersed themselves over the last couple of years in cryptocurrencies, blockchain, and token generation events. This is how it works.
Cryptocurrency
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.
To participate in the Investx Token Sale you will need a cryptocurrency called Ether that is native currency of the Ethereum blockchain. The INX Token Sale will be conducted on the Ethereum Blockchain.
One of the easiest ways to buy Ether is from an exchange like Coinbase. They have a simple guide that shows you how:
Smart Contracts
The Investx Token Sale is executed by three smart contracts. One that controls the INX Token, one that performs an escrow function and another that will manage the INX Token Sale event.
Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
Investx have partnered with Equal Experts who have developed bespoke smart contracts that will be deployed and managed by the Ethereum blockchain. All the code that will live on the Blockchain is audited, open, and can be viewed in our code repository.
The Token Sale smart contract has various parameters and logic that shape how the event will be run these include:
- Opening time and closing time — to participate you must contribute Ether in exchange for INX tokens within this window. Investx will announce and publish these dates via various public channels.
- Pre-sale/Public sale — the token sale has two distinct periods with start and end dates. The pre-sale period has a maximum number of INX available to purchase and during this period there is a 5% discount on the price of INX and a separate Investx share offer available. The public sale period does not have a hard cap or a share offer.
- Minimum contribution —defines the minimum contribution that must be sent to participate. This will vary in each period of the sale. This can be changed by Investx before and during the token sale.
- Rate — number of INX tokens exchanged for Ether is determined by a fixed rate. This rate can be adjusted by Investx before and during the token sale to reflect any changes in the value of Ether, as well as enabling pre-sale discount.
- Paused — the smart contract can be paused and temporally stop contributions. This will be used for a period of 1 week between pre-sale and public sale whilst the Investx share offer can be considered and completed. The pause function also serves as a safety measure.
- KYC whitelist — all contributors must have passed Investx’s know-your-customer process to participate.
The INX Token smart contract manages the balances of INX for holders and facilitates transfers and approvals. This contract in ERC-20 compliant.
Compliance
To withdraw INX tokens you must have been approved through our know-your-customer (KYC) process that will ensure we comply with our legal obligations.
Know Your Customer / Anti-Money Laundering is a due diligence process by which a company can verify the identity of its customers, making sure that the money they wish to send was acquired legitimately and that the customer is not a part of a sanctioned list, a criminal, a terrorist, or a corrupt organisation.
Investx have prioritised protecting our contributors and clients and are partnering with Coinfirm who are a global supplier of a KYC and AML (anti-money laundering) solution.
To start the KYC process Investx will capture two pieces of information, an email address and an Ethereum account (public key). Confirm then will email contributors and invite them to complete a simple form which will ask for various identification credentials including full name and a photo ID.
Coinfirm then will verify the information and pass the result back to Investx who, if verified, will whitelist the Ethereum address associated with the customer within our token sale smart contract.
INX Token Sale
When the token sale is officially open we will invite whitelisted contributors to purchase INX tokens. INX tokens can be used once the Investx platform is live to invest in SME businesses in the UK.
The Investx website will contain all the relevant information about the token sale including the opening and closing times, current rate, and the minimum contribution. A contributor portal (via the Investx website) will give more information on the token sale and can be used to track KYC progress and INX balance and associated information.
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We will be launching a new website and releasing our whitepaper and currency paper soon.
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