Spectiv Presale: The Process

Spectiv has recently wrapped up its Early Supporter Presale — this article details how it was executed. We would like to give a special thanks to all token purchasers who participated in this sale, as well as our CTO, Chris Peña, who engineered the online portal with the highest standards for security and user experience.

Google Form

We initiated the process by sending out a google form to the Spectiv email list. This form was a simple questionnaire intended to gauge interest in presale participation. In this form, users submitted their country of residence, how much token they would like to purchase, the ETH address they would like their Signal Tokens sent to, and an email address for us to follow up with. Additionally, we asked US residents to confirm whether or not they are an accredited investor.

We received almost 400 unique submissions through this form. Due to undefined legal recognition of token sales in the US, we excluded non-accredited US investors from participating in the presale. We sent login credentials for the Spectiv Presale Portal to qualifying candidates via email.

Spectiv Presale Portal

Our presale portal was developed to support AML/KYC compliance, SAFT agreements, and payment address display. It was developed using the latest standards in password encryption and session security. The database was hosted and secured through Compose, utilizing TLS/SSL encryption for data while running on a private VLAN. All purchaser information remains strictly confidential and protected.

Once users signed in, they were given an opportunity to confirm/change the Signal Token receiving address they provided through the google form. Users were then prompted to fill out basic information required for their OFAC check. This check is a simple background review that ensures we don’t accept payment from any prohibited actors. Additionally, we asked users to confirm how much BTC/ETH they would be spending in their Signal Token purchase.

Presale applicants were then required to upload a picture of government issued ID and to review the Simple Agreement for Future Token presented in the scroll window. All applicants must acknowledge that they have read and agreed to the terms and conditions by entering in their initials and checking off on the confirmation box.

After submitting the required information, applicants were notified that their submission was received and to expect an email following their OFAC check. We ran checks in multiple rounds — about once every 24 hours.

Once an applicant’s background check was cleared, we send them an email with the unique ETH/BTC address that they would submit payment to. Additionally, we updated their presale portal to display this payment address. This allowed purchasers to double-verify the address via email and portal for security assurance.

Transaction Accounting

We generated personalized ETH/BTC payment addresses for each approved token purchaser and labeled each payment address with the purchaser’s email. This is how we confirm which purchasers made payment and exactly how much they payed. All of these addresses and associated labels are marked in the Spectiv Coinbase account and booked offline in our own records.

Once payment was made, we send out a receipt detailing how much BTC/ETH was payed and how many Signal Tokens the purchaser is entitled to at the time of crowdsale (principal and bonus). All Signal Token purchases have been audited and verified by global accounting firm Baker Tilly.

Token revenues are currently going through transfer and will be used to cover expenditures up through the crowdsale on December 8th.