FAQ

FAQ2018-12-10T20:11:09+00:00

TGEs

What is a TGE?

A Token Generating Event (TGE) is a process by which a company can raise funds for the development of a service. Throughout the TGE, tokens are either newly minted or sold from the issuing company’s store. These tokens are typically premined and often (but not always) built on the frameworks created by existing technology, such as the ERC-20 tokens issued on the Ethereum block chain.

Learn more about tokens and the role they play in cryptoeconomics here [https://blockchainhub.net/cryptoeconomics/].

Exact details about each token can be found in their respective whitepapers.

What risks are involved in participating in a TGE?

Investment is inherently risky, and cryptocurrency is especially volatile. As with any investment, only invest funds which you can afford to lose, and invest with care.

What is the regulatory status of TGEs?

The short answer is that there is no global or generally applicable regulatory status for TGEs. The exact status of the TGE will depend on the locality of the offering company, your citizenship, and the type of token being offered. Because of the dynamic and novel nature of the cryptocurrency industry, these regulations are being updated all the time.

For a list of regulations by jurisdiction, see here [https://www.perkinscoie.com/en/news-insights/digital-currencies-international-actions-and-regulations.html].

What is a white paper?

Upon the issuance of a token, distributing company will put together a document with details of the TGE. This document will include relevant dates, numbers of tokens, the use cases of the token, information about the issuing company, information about the underlying technology, and any number of other pieces of information relevant to investors or other interested parties. These documents are referred to as white papers, and can be found on the respective TGE pages or TGE websites. It is strongly recommended you review the relevant white papers before investing.

Transaction Costs and Transactions

What’s gas?

Transactions on the Ethereum block chain are not free. Gas is the transaction fee which is paid to the Ethereum miners, who do the work of running the block chain. These miners do the important work of keeping the block chain secure, so it’s important that they are compensated for their work! We do not recieve gas fees (our fees are paid by the TGE providers.)

What’re a gas price and gas limit?

When defining a transaction on the Ethereum network we need to define a gas price and a gas limit. The gas price is the amount of ether to pay per line of work, and the gas limit is the maximum amount of work.

The gas price is defined in Gwei, where one Gwei is 1×10^-9 ETH, or one nanoether.

Setting a gas limit prevents the execution of extremely large or infinitely looping transactions, which would slow down the Ethereum network.

The total transaction cost is the Gas Price x Gas Limit.

How much gas should I pay?

It depends! Paying more gas can sometimes get your transaction mined faster, but it will also cost you more, so the decision on how much gas to pay depends on how important it is for this transaction to happen quickly. Under normal circumstances, 2 Gwei will have your transaction mined in a few minutes, and 20 to 40 Gwei will have your transaction mined in the next one to three blocks.

When the network is under high load, higher gas prices might be required to ensure your transaction goes through in a timely manner.

Please note that some TGEs will have maximum gas prices, and if you pay more than that, your transaction will be rejected!

For more information about current gas prices, visit ETH Gas Station [https://ethgasstation.info/].

If you’re not sure about any of this, don’t panic. When you generate a transaction here, we’ll automatically suggest a gas price that will get your transaction mined reasonably quickly while not costing too much, so if you’re uncertain using the default values will be fine.

Do I get my gas back if a transaction fails?

No. Gas is paid for work done, not for transactions completed. If your transaction fails, the miner still receives gas for any work already completed.

Why did my transaction fail?

There are a number of reasons a transaction might fail; the most common being running out of gas. If you use less than the recommended gas limit your transaction is more likely run out of gas and fail. If this occurs your transaction will not be executed. To avoid this, use the recommended gas limit. If you have a transaction has failed for this reason, increase your gas limit and try again.

If you set a gas price that is too low to be mined, then your transaction will not proceed. To avoid this, it is best not to go below the safe-low gas price recommended here [https://ethgasstation.info/].

We will always suggest a suitable gas price and gas limit when generating a transaction, so if you’re not sure about what gas price or limit to set, you can just keep the default settings.

Placing an Order

What’s the difference between buying and placing an order?

For a number of reasons, it is possible for an order to be rejected after it has been placed, mostly due to the latency of blockchains; because the transaction was mined too slowly, or because some requirement of the TGE has not been met.

If you have an order confirmed but aren’t accepted, your funds will be credited back to your account (you will not be refunded gas, however).

I’ve got my tokens, why can’t I withdraw them?

Like Ether, tokens take some time to be transferred. One reason you might not be able to move your tokens is that they have not yet received enough confirmation blocks. This will be resolved in a few minutes.

The second reason that you might not be able to move your tokens is that they are locked. Some TGEs will lock their tokens for a period of time, on the order of days to weeks. If this is the case, the token will show a locked icon on the balances page, and an unlock date (if available). If you are configured to receive email notifications, you will be emailed when a token you are holding is unlocked. Details about if a token will be locked, and how long for, are included in their respective white papers.

My order was confirmed, why wasn’t I accepted?

There are a few reasons why an order might not be accepted. Some TGEs have special requirements about order size, gas price, gas limit, or other requirements. If these requirements are not met, your order will not be accepted. Exact details for each TGE can be viewed in their respective white papers.

Additionally, because of the latency involved in blockchain transactions, it is possible for a TGE to close or reach its hard cap between submitting your transaction and your transaction being mined and recognised by the TGE smart contract.

Why can’t I place an order?

An order cannot be placed on TGEs which are closed or yet to open, or if you don’t meet the KYC requirements for that TGE. Some TGEs have further geographical restrictions. If you filter your marketplace only be TGEs which you are eligible to participate in then you will only see TGEs for which you meet the requirements.

Finally, if you have less funds available than the minimum buy order amount for a TGE then you will not be able to participate. Deposit more Ether to continue.

Making a Withdrawal

How do I make a withdrawal?

Ether can be withdrawn by navigating to the balances page, and clicking “Withdraw” alongside the Ether entry. Fill in the ether dialogue, making special care to enter the correct receiving address, and then sign using your MetaMask account. Ether sent to an address you do not own, or an incompatible address, will likely not be recoverable.

Note that you will need funds already in your MetaMask account in order to make a withdrawal, to pay transaction fees. Pending transactions can be viewed in your transaction history, or by viewing the transaction in Etherscan.

How do I withdraw tokens?

The withdrawal of tokens is the same as withdrawing Ether, except you will select the token of interest instead of Ether. Note that moving tokens costs gas like any other transaction, which is still paid in Ether, so you will need to be holding some Ether in your MetaMask wallet in order to withdraw tokens.

Make sure the wallet you withdraw your tokens to is compatible with the tokens you are withdrawing. Many TGEs use the ERC-20 standard; ERC-20 tokens are compatible with MetaMask, but make sure to check the details of the token in the respective whitepaper before moving them. Tokens moved to incompatible addresses will be lost and likely be unrecoverable.

My withdrawal has been confirmed, where’s my money?

As with any other transaction on a blockchain, withdrawals can take some time. The change in balance in your wallet will not be reflected until transaction has been mined and confirmed on the blockchain. Depending on the current network speed and gas pain, this can take anything between a few tens of seconds and a few tens of minutes. If you need your funds out quickly, use a higher gas price, but in general you should move funds with time to spare.

You can view the state of the transaction on your transaction history, or by searching the TX hash or your public key on Etherscan.

Making a Deposit

Why do I need to make a deposit?

Funds are required to do things! You will need to pay fees to claim your verification, and when you decide to participate in a TGE you will need to have funds available to participate.

If you don’t want to be verified and are just browsing TGEs, there is no need to make a deposit.

How do I make a deposit?

You can make a deposit either through the ‘Quick Deposit’ button found by clicking the wallet icon on your tool bar, or through your balances page. Fill out the form, click to generate the MetaMask transaction, and then sign the transaction. The funds will take a little while to be credited to your account (a few seconds to a few tens of minutes, depending on network speed and gas price).

You can deposit ERC-20 tokens here, but please don’t deposit any other kind of tokens or your funds will be lost.

Where are my funds being held?

Funds deposited into here are held in our smart contract and credited to your account. While your funds are held in our smart contract, they can’t be moved without you signing with your private key. When you decide you want to withdraw your funds, they can be transferred back to your wallet.

I have funds in my MetaMask wallet, why can’t I deposit them?

Gas and fees still come out of your MetaMask wallet. For this reason, we require that your MetaMask wallet keeps at least 0.1 ETH in it, to cover these costs. If your MetaMask wallet has less than this amount available, you will not be able to deposit any funds.

You will also not be able to deposit funds which are still shown as pending. When transferring money to your MetaMask wallet please allow adequate time for the transaction to resolve, or pay a higher gas price to ensure your transaction is mined quickly.

Why hasn’t the ETH I’ve deposited appeared in my account yet?

Transactions on the blockchain aren’t immediate. If the ETH you’ve deposited hasn’t appeared after a few minutes, it’s likely that the network is just more congested than usual. If you have the TX key of the transaction, you can search it on Etherscan; otherwise some wallets allow you to view pending transactions.

Transactions that have only just been processed are not available for trading immediately. We require a number of block confirmations before allowing trading to continue. If you’ve made a deposit recently and your Balance is different to your Available Funds, this is because we haven’t had enough block confirmations yet. These funds will be unlocked in a few minutes.

Verification

What is verification? Why do I need to be verified?

TGEs have “Know Your Customer” (KYC) and “Anti-Money Laundering” requirements, which are a combination of compliance policies and criteria. Verification allows you to meet these KYC requirements by providing evidence of your identity and your source of funds. Completing more stages of verification progressively unlocks additional privileges, including higher daily withdrawal limits.

You can think of this process as being similar to first opening a bank account, and having to present photo identification and proof of an address.

What are the steps to becoming verified?

The first step to meeting a certain verification criteria is to enter the required information; for example verifying your phone number involves entering a valid mobile phone number. Once you have filled the appropriate details, click “Verify.” The status will switch to “Verification pending” while any background steps take place. Sometimes this can take several days, depending on the complexity of the verification.

Once the status switches to “Ready to claim”, you are eligible to claim your verification on the blockchain. This means you really own that verification. Claiming your verification is the final stage of verification, but there is a small fee to pay for the gas to make the transaction. If you wait until you have several stages of verification ready before claiming, you can combine the gas fees to pay less.

Do I need to do all these steps?

Different TGEs have differing KYC requirements. Not all stages of verification will be required for all TGEs. If there is a particular TGE you are interested in, you can view the stages required in order to participate on its page. As claiming your verification on the blockchain has a small cost associated with it, we generally recommend that you complete several stages of verification before making any claims.

How long does verification take?

The total time it takes to get verified will vary a little depending on which stages of verification you chose to complete. With no errors, you will need 3 to 4 days to complete all stages of verification, however most stages can be completed in under an hour.

Most users will not need ‘Source of Funds’ verification, which is the slowest verification stage.

My verification failed – what can I do?

First, check the details of your failure notification. If your verification has failed because a file you’ve uploaded is out of focus or illegible, you can try uploading a different document or taking a new photo. Otherwise, you can contact support at x76u5vrw@inbound.intercom-mail.com for more help.

Why hasn’t my application been processed yet?

When there is high demand for a TGE, we often get inundated with registrations and interest in tokens. Because we are focussed on running responsible TGEs, the implementation of a KYC process followed by verification means it can take some time to get through all pending verifications. If you have successfully completed sign up then we will be processing your KYC application. You will receive a welcome email from the Token Generator with the outcome shortly.

MetaMask

What is Metamask?

MetaMask is a tool that allows a user to interact with the Ethereum network by creating a wallet, storing your private key in browser, and signing transactions to ensure your security. MetaMask can be installed on Chrome, Firefox, Opera, or Brave. MetaMask is more versatile than most other wallets that are available because it is especially written to function as an interface between the Ethereum network and regular browsers, allowing for the easy creation and signing of transactions to be submitted to Ethereum nodes.

MetaMask also supports ERC-20 tokens, which are frequently used in TGEs.

If you don’t already have MetaMask installed, you can download it here [https://metamask.io/].

What is my recovery seed?

A recovery seed (also known a mnemonic or mnemonic phrase) is 12 to 24 words which can be used to recover your private key in the event that it is lost. Many wallets will produce a recovery seed when first initialised. This recovery seed should be kept offline (e.g. written on a piece of paper); it should never be entered into a website.

Anyone who finds your recovery seed can access the contents of your wallet, so your seed should be protected like any other hard asset, like cash or gold. Your recovery seed should be stored somewhere physically secure, but accessible, and should not be in the same location as your computer or hardware wallet. It can pay to have more than one physical copy of your recovery seed.

Security

What is two-factor authentication and why should I use it?

Two-Factor Authentication (2FA, also known as MFA, multi-factor authentication) is a process that requires a you to provide additional information that only you have access to in order to prove your identity. Most commonly, 2FA takes the form of a short numeric code provided by an authenticator app or SMS. This means that even if someone knows your password, they still aren’t able to access your account, adding an extra layer of security.

It is our recommendation that you enable 2FA and using the Google Authenticator or Microsoft Authenticator app. Enable 2FA here .

What is your privacy policy?

Our Privacy Policy is viewable in full here

Please remember that we will never ask for your login credentials or private key. Never distribute this information.

What should I do if I think my security has been compromised?

If you think that your account has been compromised then you should immediately change your password, and use the ‘Force Log Out’ functionality, in your security page. After having taken these steps, you should notify us on x76u5vrw@inbound.intercom-mail.com. If you haven’t already, you should consider enabling two-factor authentication.

What do I need to do to keep my cryptoassets secure?

It is important to understand that you are ultimately responsible for your cryptoassets. Your private key and recovery seeds should be stored somewhere safe.

No one from our support team will ever ask you to provide this information, and you shouldn’t share it with anyone or store it anywhere that you do not trust absolutely. If both your private key and any recovery seeds are lost, you will lose access to your funds and they cannot be recovered. Note also that if someone else gains access to your private key or recovery seed then they will have full access to your accounts.

There are some further steps you can take to help ensure your security.

  • Use long passwords or passphrases
  • Use a password manager such as LastPass or Dashlane
  • Don’t use the same password in multiple places
  • Never write down your password
  • Keep a backup copy of your recovery seed or private key in a physically secure location, which is physically separate from your computer
  • Consider using a hardware wallet or other cold storage for assets you don’t intend to trade immediately
  • Always copy and paste (not type) cryptowallet addresses and double check after pasting
  • Limit use of public WiFi hotspots, especially for accessing your cryptoassets or other sensitive data

How can I delete my account?

If any transactions have been made using your account we cannot delete it for legal reasons. If you have not yet been verified, we are able to organise the removal of your account, otherwise with valid reason, we can manually remove your account (providing you have not made any transactions).

Referrals

Why do I have a referral code?

Some TGEs have bounty programmes, where the referring entity will receive a small number of tokens when a purchase occurs. These bounty programmes are usually based on the number of tokens purchased. Giving friends, family, or followers, your referral code or link will ensure that you capture these bounties, if applicable.

For information about the bounty programme for a TGE, please refer to the specific TGE’s whitepaper.