Get Workchain Tokens

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Getting an ITO's tokens is just a matter of sending ETH to its contract address and having the tokens returned automatically. The buyer would then become a participant in its economy, with a share of rewards every work block.

The following is an example of how tokens were obtained for an ITO.

1.

I found information on the ITO from a reliable source.

Note the ITO's settings, such as the minimum and maximum amounts that can be obtained, and frequency of work blocks (e.g., every seven days or every 30 days). If you know how to interact with contracts using MEW or another tool, here are functions you can call in the ITO contract to find out its settings.


It's also best if contract code is visible and verified with a green icon, like in this example on Etherscan and not a contract that can't be read, like this example. An ITO contract that can't be read probably shouldn't be trusted, though it's also important that it is using standard ITO code.


For settings in a standard ITO contract, click here

2.

Now I need to go to MyEtherWallet, login to my account (or create a new one if I don't yet have one).

If you're joining a Fantom-based ITO and want to connect to its network, click here

3.

After clicking 'Send' on the right, an amount of ETH was sent to the ITO token address. If more ETH is sent to the ITO than is allowed, the remainder will be returned to the sending address. If you send 0.00001 ETH  or less, it will be retained by the contract. (Note that in Etherscan you would see this in the internal transactions section.)

4.

ITO tokens were automatically returned to my address.


Each ITO has two addresses. The 'contract' address and the 'token' address. When adding the ITO token as a custom token in MyEtherWallet, for example, you'd enter the ITO's contract address. However, you'd send ETH to the token address.


Now that I have the ITO's tokens I have 3 choices (see #5A, 5B, and 5C)

5A.

Keep the tokens and receive distributions of tokens from people/projects at the end of each work block. The greater the percentage of the ITO's circulating tokens I own, the greater the percentage my reward distribution will be.

Before I receive my reward distribution, I need to approve of the work performed by the workchain. This is done by adding the first digit of my wallet address and the number of the day of the month. I then will turn this into an ETH decimal value by adding seven zeros in front of this number.


If my local date is November 5, for example ("5"), and the first digit of my wallet address is "2" then I will send 0.00000007 ETH to the contract address to sign for my distribution, automatically receiving whatever is due. (Note that there is no need to worry about timezones.)


As a buyer, there is no time limit for approving of work. If I missed 83 work blocks and sign for the next, for example, I am approving of the current and all previous work blocks. (However, producers must approve of the block before the end of the following block.)


Please note that any value sent between 0.00001 and 0.001 will be retained by the contract, as it would not meet the 1 token minimum nor represent a work block approval.

5B.

Validate jobs. If I want to reward a producer so that he is incentivized to provide more value to the ITO, I could simply send a portion of my tokens to the contract address of the tokens I received as a distribution. My reward does not go to the producer directly. When I validate a job, it simply means that I am increasing the weight of the producer's work reward distribution at the end of the next work block.

How To Validate

5C.

Request a refund. At any time I could interact with the contract to request a refund of what I put in. If the ITO has an available supply before I send them back and I receive a refund, it will be at the same rate that I got them at.


Note that refunds are not 100% guaranteed. Participants should not expect refunds when joining an ITO, as they are scheduled to receive continuous rewards at the end of every work block.

How To Send Your ITO Tokens Back to the ITO

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