ICOs and Coin Offerings involve some of the most pivotal technologies in the cryptocurrency market.
But to invest in them requires a vast and complex process for anyone not familiar with the procedures. Often, new investors wind up losing their entire investment due to an easily avoidable mistake. What could have been a highly profitable opportunity winds up being a nightmare.
Why risk putting $100s, $1000s, or even $10,000s of your hard earned money into a process you are unfamiliar with? This ICO Simulator is designed to give you a basic understanding of the ICO process. After, this section you will have a strong understanding of:
- How to set up a MEW Wallet
- How to set up a Meta Mask Wallet
- How to send ETH to a smart contract
- How to verify transactions
- How to add tokens to your wallet
Please Note: This section is optional. By follow these steps, you are proceeding through a simulation that requires an expenditure of a small amount of ETH. REMEMBER, most ICO’s require a minimum investment of several hundred USD. A simple mistake like sending ETH to the wrong contract, sending ETH from an exchange, or simple getting conned and you are out your entire investment.
By fully participating in this simulation, you will get a rewarding feeling of confidence as you learn a new skill in a growing tech sector. You will also gain a sense of security by gaining experience through a well informative and controlled procedure. Also, you will receive 7,500 of our amazing souvenir token – CD1
What you will need:
- MEW Wallet or Meta Mask (we’ll show you how to get one)
- .02 ETH (~$15 worth)
- A little bit of patience
***IMPORTANT MUST READ***
This simulator is a tutorial service and is in no form an actual ICO or coin offering. By participating you agree to our TERMS & CONDITIONS and the SIMULATOR AGREEMENT in Article 7.
Coinbase, GDAX, Exchanges, and most wallets are not compatible with ICO’s and by sending ETH from those accounts can cause people to lose their tokens. MEW and Meta Mask are completely free and awesome ETH wallets that allows users to store and transfer almost any token on the Ethereum blockchain, including ICOs.
MEW stands for MyEtherWallet and is a super quick and easy method to store Ethereum and other tokens. From your MEW wallet you can easily transfer coins to other Ethereum addresses. The only downside to this method is it isn’t as secure as other wallets (especially a hard wallet). But a MEW wallet is a great fit for the purpose of this lesson since you only need to transfer over a small amount of ETH.
A more secure but bit more complicated method is to use Meta Mask. It is recommended that most people download Meta Mask to help avoid phishing scams, but it is not necessary. If you would like to use the Meta Mask method skip ahead to section META MASK METHOD.
Meta Mask Method
Now fund your new Meta Mask account with .02 ETH
If you need to learn how to send ETH we have a lesson for that CLICK HERE.
To open your Meta Mask and copy the public address:
Now your Meta Mask public address is copied and ready for you to paste wherever you intend to transfer ETH from. Once the transactions is verified you will see the new balance of your ETH.
Step 2: Send ETH to the ICO smart contract
***Remember – This is a simulation and not an actual ICO, the tokens you receive have no function or value outside of this simulation***
On Meta Mask click the SEND button:
And insert this Smart Contract Address:
In the AMOUNT box enter .015
In the following screen:
Change the GAS LIMIT to 90,000
You just sent ETH to the smart contract! Once the transaction is verified the smart contract will activate and send CD1 tokens to your Meta Mask Account. BUT! Before you can see them there is a few more small steps…
STEP 3: Verify on Etherscan
Click the SENT button on the Meta Mask screen.
Then the 3 squares under the SENT Button
This will direct you to your transaction on a website called Myetherwallet.com
Your transaction will look something like this. Although, there is really nothing you can do to verify the transaction, you can monitor it to make sure it goes through.
*Please note* if the Ethereum blockchain is seeing high volumes, it may take longer to process transactions, or you may increase the gas amount to get your transaction mined sooner.
But don’t worry, if there is an error the smart contract will not process and the transaction will be automatically canceled, leaving ETH safe in your wallet.
Once the transaction is verified you can add the token to Meta Mask and view your holdings.
Step 4: Adding Tokens
Before you can view your CD1 tokens, you have to add it to your Meta Mask Account.
Pull up Meta Mask and click the TOKENS button
Then the ADD TOKEN button
In the TOKEN ADDRESS box add the CD1 contract address:
In the DECIMALS box input 18
In the TOKEN NAME box inset CD1
Now you should see your CD1 Balance. (depending on the amount of ETH you sent, the amount may vary from below)
Congratulations!!! If you’ve completed this entire guide you have learned:
- What Bitcoin and cryptocurrencies are
- How to buy Bitcoin, Ethereum
- How to send and store cryptocurrencies
- What ICOs are
- How to participate in ICOs