How to take part in Taylor’s Token Sale
On February 19th, 2018, Taylor will start its public token sale. This article is intended to explain what a token sale is, its purpose and most importantly, to give instructions on how to participate in Taylor’s token sale.
What is a token sale?
A token sale is a relatively new and innovative way for startups to raise capital for its operation. It is a form of fundraising that is decentralized, and it is performed using blockchain technology. The principle is simple, a startup that wishes to raise funds via a token sale need to create a token offering in a platform that enables smart contracts, being the Ethereum blockchain the most popular for this practice. During the fundraising period, a token can be bought at its initial price, later on, it can be traded for other cryptocurrencies once the token gets listed on exchanges. Tokens can also be held as assets, allowing the token value to appreciate and therefore multiplying the initial contribution. A token can also be held to pay for specific products and services.
Important: Citizens from the following countries are banned by national legislation to participate in blockchain token sales: U.S.A., China, South Korea, Singapore and Canada.
Why should you participate in Taylor’s token sale?
Firstly, you will be contributing to a project that will bring crypto trading to everyone regardless of experience level. Taylor will offer a service that will provide a market monitoring system that will signal users with potentially profitable trades, together with a trading platform within the service that will be delivered via a mobile app. We believe that Taylor will open the doors to crypto trading to an entirely new audience, in return injecting more capital into the total cryptocurrencies market capitalization, and as a result possibly raising the value of an existing cryptocurrency portfolio.
Secondly, the creation of the Taylor token (TAY) and the capital raised in the initial private and public sale will facilitate all internal operations and developments. TAY holders that wish to use Taylor’s service will have the option to pay for it using TAY, by doing so, users will receive a discount for our service and have access to premium features. Holders of a minimum 1000 TAY will have access to basic subscription features free of charge as proof of stake. Holders of a minimum 3000 TAY will have access to premium subscription features free of charge.
Thirdly, we believe that the simplicity of our service will bring new players to the cryptocurrency game who were wary of entering it because of the complexity of its elements, and the learning curve involved in cryptocurrency trading. We believe that these aspects will increase our service demand, as well as, for the TAY token taking into consideration the benefits of paying for the Taylor service with it.
Step-by-step guide about how to participate in the Taylor’s token sale
Follow these easy steps, and you will learn all the necessary action to undertake to participate in Taylor’s token sale.
Step 1: Purchase Ether (ETH)
Taylor’s token sale will use Ether (ETH) as a form of payment. Therefore, the first step is to purchase it, which can be done without much effort on cryptocurrency exchanges such as coinbase, Poloniex and Bittrex. Most exchanges allow you to purchase Ether immediately with a credit card. Purchasing ETH via bank transfer is too possible, but usually, the transaction may hold out a few days. It is possible to by ETH using USD, EUR and BTC, depending on which exchange you will use. Here is a good list of exchanges supporting ETH.
Once the transaction is processed, and the Ether has been collected, you will find it in a wallet inside your private account at the exchange’s website.
The following step is crucial if you wish to participate in Taylor’s token sale or any other for that matter. PAY CLOSE ATTENTION!
Step 2: Transfer your Ether from the exchange wallet to an Ethereum ERC20 compatible wallet
The reason why token sales are performed in the Ethereum blockchain is that it employs a smart contract standard called ERC20. To put it in simple words, this standard allows tokens to be created with their own value and features. These tokens can be traded and used independently using the same blockchain. Thus, you can apply the same Ether address to purchase other tokens or contribute to token sales.
To take part in a token sale, you need an Ether balance located in an Ethereum ERC20 compatible wallet, such as myetherwallet (web-based) or Jaxx (mobile based). These types of wallets give you full control over your private keys. See our article about how to create a Ether wallet.
Once you have a wallet set up, it is time to transfer your Ether balance from the exchange wallet to your new Ethereum wallet using the address provided. Performing this transaction is quite simple and straightforward, and it usually takes just a few minutes. Follow your chosen exchange instructions on how to withdraw your funds to your newly created ETH wallet.
WARNING: DO NOT TRANSFER YOUR ETHER CONTRIBUTION VIA AN EXCHANGE. THE FUNDS MUST COME FROM A WALLET WHICH GIVES YOU CONTROL OF THE PRIVATE KEYS. FAILURE TO DO SO WILL RESULT IN LOST OF FUNDS, AND THE TOKENS WILL NOT BE DELIVERED. TAYLOR WILL NOT HOLD ANY RESPONSIBILITY FOR FAILURE OF FOLLOWING THIS INSTRUCTIONS. ,
Step 3: Sign up for the Taylor’s token sale
Already registered and identified participants please move to step 4
Head to Taylor’s official website at smarttaylor.io and sign up for the whitelist. You will be asked to provide your email address and the address of the ERC20 compatible wallet which your contribution will come from. You will also be required to go through a KYC (know your customer) procedure. This is a mandatory step to get whitelisted. It is a quick and straightforward identification procedure that is performed online, in real time, and the results are almost immediate. There is a small possibility that the identification process might need to be performed manually, in this case the results will take a few hours . You will be asked to provide a high-quality image of your passport or a government-issued ID. After successfully going through the KYC procedure, your name will be automatically added to the whitelist and Taylor’s contribution address will be made available on your Taylor dashboard.
Step 4: Sending your contribution
This step is critical for the success of the transaction, please pay close attention. The contribution address to the token sale will be ONLY made available in your personal dashboard on our official website https://smarttaylor.io. We will NOT send the contribution address via email or any other form of communication, therefore any communication received containing an ETH address referring to Taylor’s token sale should be FULLY DISREGARDED. Your attention to this instruction is extremely important since unfortunately there are scammers trying to take advantage of uninformed individuals.
On your Ether wallet look for the option to send ETH, you will be presented with a transaction form. In the receiver address field input the exact ETH address found in your personal dashboard on our official website https://smarttaylor.io (we recommend double checking it), select the amount of contribution desired, and set the gas price to maximum 50 gwei and click send. Setting the gas price is vital for the a successful transaction, contributions with the gas price set up to more than 50 gwei will be automatically rejected. You can check the status of you transaction on https://etherscan.io/.
Step 5: receiving your TAY tokens
The delivery of TAY tokens will happen alongside to the token sale, that means participants will receive their tokens immediately after the contribution order is validated and received. Tay tokens will be delivered to the same wallet that the contribution came from. However, the tokens will be locked until a few days after the token sale comes to an end on March, 20th, or earlier in case the tokens sell out.
That is it. You are now all set!
You have now the knowledge and the tools to be part of the token sales, which allows anyone to independently contribute to projects that he or she see the potential for growth and profit returns.
Previously, funding startups were reserved for the rich or for people with in-depth knowledge of business, and most of the times an expensive investment banking account. Those days are over, today all you need is a computer (a smartphone will do just fine) and an internet connection. Future proof yourself and get on this wagon as soon as possible. You won’t regret it!
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Find more detailed information about the Taylor service, and our upcoming token sale at https://smarttaylor.io.
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