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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.
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.
Now I need to go to MyEtherWallet, login to my account (or create a new one if I don't yet have one).
Once I've accessed my wallet, I can change the network from the top right.
I then want to add a custom network/node.
Change the settings...
I can then confirm that I'm connected to the proper network.
Note: If you don't already have Fantom tokens for the the Opera network ('CUS', in your MyEtherWallet account) then exchange your ERC20-based Fantom tokens here.
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.)
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)
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.
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.
If a producer added a batch of HOT tokens, for example, and I appreciated being rewarded with them, I could provide an incentive to the person(s) that added to them to the ITO. Sending just 10 ITO tokens could, in theory, provide the producer with a work reward worth hundreds of thousands of dollars if the producer's job is validated more than others.
To validate a job, I would send any amount of ITO tokens to the contract for the job.
If it was Etherscan I'd just see what tokens my address has received from the ITO.
I click on the down arrow, then click on HOT in the list. This takes me to the HOT token page.
When I send any number of the ITO's tokens to this contract address (as shown above) they will act as a 'vote' for the producer(s) that have added them. The tokens will not be sent to HOT, but will be re-routed back to the ITO contract and rejoin its available supply.
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.
In order to submit an automated refund request to the ITO, you must interact with the contract. This can be done from MEW by clicking on the 'Contract' drop-down, then 'Interact with Contract'
First, enter the token address for the ITO. This is the address you used to add it as a custom token in MEW. It is not the address where you sent your ETH to get tokens. (Don't worry if you make a mistake, though.)
Then, enter the ABI code for the token. You can find that here. Just copy and paste te text into the 'ABI/JSON Interface' box. then click the 'Continue' button.
In the 'Select an Item' drop-down, click 'Approve' (2nd one down).
In the 'Spender (address):' box, enter the contract address. (This is the address that you use to get tokens.)
In the 'Value (uint256):' box, enter the number of tokens that you want to receive in a special format called wei. Go here to convert the value of the number of tokens you want refunded to wei. (Leave this page open, though, as you'll paste the number again later.)
In this example, I want 100,000 tokens refunded. So, I will enter '100000000000000000000000' into the 'Value (uint256):' box on MyEtherWallet.
Then click the 'Write' button and check on Etherscan for its confirmation.
Once the transaction is confirmed, I then need to perform the last step of the process. I click on 'Interact with Contract' again and enter the contract address (which is diffrent from the address you entered before; this is the address you would use to obtain tokens).
In the ABI section, I enter the code from here and click the 'Continue' button.
In the drop-down I search for 'remuneration' (7th from the bottom) and enter the same big number I used before. Then I click the 'Continue' box.
Once confirmed, my ITO tokens should be deducted from my wallet and I should have the ETH refunded (minus a small amount of gas to send the transaction) as long as there is enough value in the ITO to process the refund.
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