EOS ICO - Frequently Asked Questions and Concerns
How does the ICO work now?
In a nutshell, during each window (24 hour period) a total of 2 million EOS tokens are distributed proportionally to those who send coins to the EOS contract address. For example:
If you send 0.5 ETH to the current EOS window, and no one has sent anything and no one else sends anything before it ends, you recieve 2 million EOS coins for that 0.5 ETH.
If you send 0.5 ETH and someone else sends 1.5 ETH, you will receive 1/4 of 2 million tokens (500,000) and they will recieve the other 1.5 million EOS tokens.
How do I get my tokens? When do I get my tokens?
You have to wait until the period is over, because it cannot determine how many coins you get until the window/day is over. See the above question. Once the period is over, you can click CLAIM EOS TOKENS or issue ClaimAll on the contract. You will need enough gas (ETH) to cover the basic transaction in your wallet address that participated. Once your tokens are claimed, you can transfer them.
If I sent EOS to the contract address, not using the EOS distribution app, have I lost my ETH/EOS?
No, it will count during the window you sent it. But as stated above, you will need to wait for that window to end, and then claim your tokens.
How is the price determined?
It is a free market. https://eos.io/distribution/ only shows you the effective price, based on how much ETH is contributed to the current window. When you contribute EOS to the current window, you are raising the effective price, as is anyone else who contributes after you before the window is over.
Why is the current price so cheap compared to the exchanges?
Usually because people are waiting to see what the effective price will be, and plan on contributing near the end of the window/day. Block.one has no control over the exchange pricing and Daniel has expressed the EOS team does not price manipulate.
How many times can I contribute to EOS ICO? Is there a limit?
There is currently no limit on how many times you participate in the ICO. You can contribute into the current day/period, or any other day/period as often as you like, but ETH transaction fees do apply.
I use coinbase/circle/GDAX/other exchange. How do I buy EOS?
Do NOT try to buy EOS directly from an exchange! Your ETH will most likely be lost forever. The EOS team will not be able to help you claim your EOS coins as the contract code prohibits them to. Always transfer to a real wallet (MetaMask/MyEtherWallet/Mist/Parity) before attempting to buy coins from the ICO. Read https://eos.io/instructions for more details. Alternatively you can transfer your coins to an exchange that lets you buy EOS tokens, like http://www.kraken.com or http://www.bitfinex.com.
I am experiencing problems using https://eos.io/distribution. There is some error.
Most likely a problem with your RPC server on Metamask. Instructions on how to fix this below:
https://eos.io/pdf/EOS_Custom_RPC_Instruction.pdf
Disclaimer: This post expresses my opinions and knowledge on EOS. I am not affiliated with Block.one.
Regarding contributing near the end of the window, I have seen the counter jump by 4000 ETH seconds before close yesterday.. It was at 40k+ and jumped to 44k+. Since some transactions might not go as quick, will a transaction be accepted if sent before window close but perhaps was delayed on the way (mining or confirmations delay)?
I believe a transaction needs to be confirmed/mined to count in that window. As stated on eos.io, "On the Ethereum blockchain, timing of block production is determined by proof of work so block production can occur at random times. For example, ETH sent to the EOS Token Distribution Contract in the final seconds of a distribution period may not get included for that period. You acknowledge and understand that the Ethereum blockchain may not include your transaction at the time you expect and you may not receive EOS Tokens the same day you send ETH. To mitigate this, it may be possible to use the EOS Token Distribution Interface to require the transfer of ETH to apply to the entire current period or otherwise the transaction will fail."
In other words, you could include as part of the transaction, for it to be included in a specific window, so it will be cancelled if it does not make it in time, but there is no way to ensure it will be in that window besides sending it earlier.
All the same, very good question.
Thanks for the clarification 👍🏼
BTW, it says: "To mitigate this, it may be possible to use the EOS Token Distribution Interface to require the transfer of ETH to apply to the entire current period or otherwise the transaction will fail."
Any idea how this can be done on myetherwallet? I would like to contribute in the last few mins, but to make sure it is either accepted or rejected, but definitely not transferred to the next period.
Currently EOS ICO is in ICU... I am unable to claim my tokens as the website is throwing errors...
The effective rate of EOS through ICO route is 50% cheaper than what is available on exchanges... If I had a chance, I would claim my EOS and sell on Bitfinex and do that until the gap is reduced or I am rich... But Alas, as I said ICO is in ICU...
You cannot claim your coins until the end of the period/day. You may check my other articles as they may help with your problem. I find most of the time, the EOS ICO price ends up the same before the period ends.
Hi @altruist,
I got some EOS on the first period, I claimed my tokens, registered my wallet, and successfully checked the registration. If I get more EOS now, from a period, do I just claim the tokens or do I need to register something else?
Thanks
Does anyone know how the process of the transfer will take place? That is, the transfer from ERC-20 tokens to native EOS tokens after the snapshot is taken.