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October 19, 2017 20:14
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Unofficial Raiden Auction FAQ V1.1
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Raiden ICO Date: October 18 3PM UTC | |
ICO Details: ICO will be a Dutch Auction, There is no presale, private sale, or bonuses. | |
KYC - Apply to KYC whitelist here: https://kyc.token.raiden.network | |
You will need ID, a picture of yourself, and at least 2.5 ETH in an ETH wallet where | |
you control the private keys(i.e MyEtherWallet). Do NOT send ETH from an exchange wallet such as Coinbase, Bittrex, etc. | |
ICO Strategy for Investors: It is advisable to NOT buy any tokens until the price comes down to a level you feel comfortable buying. | |
It is common for investors to panic and get into a frenzy and buy as many tokens as possible, despite the price. PATIENCE IS KEY. | |
Just keep in mind the use case of the RDN token. Is 1 token really worth 2 ETH? The RDN token is a utility token, used to pay | |
for services on the Raiden Network, so ideally the token should be very cheap. Keep this in mind when bidding. Ideally | |
the auction should last until RND tokens are a few cents or lower. | |
KYC Details: The max amount of ETH that can be used to bid will be 2.5 ETH without KYC. KYC will be required | |
for higher purchase orders. | |
Token Metrics - 50 million tokens will be sold during auction, Tokens will be distributed after the one week "cool down period". | |
More can info can be found here: | |
https://medium.com/@raiden_network/the-raiden-token-auction-explained-1cc0c7946b26 | |
What is Raiden: "The Raiden Network is a highly anticipated technology to support fast, | |
cheap and scalable ERC20 token transfers for Ethereum." | |
More Info here:https://hackernoon.com/raiden-network-developer-preview-dad83ec3fc23 | |
What is the utility of Raiden/RDN tokens? To pay for Full Node services. If you want to use the Raiden Network, | |
and not host a full node, you can pay for this service instead as a convenience. | |
More info here: https://medium.com/@raiden_network/the-raiden-network-token-model-9b6ef8d0b64 | |
Dutch Auction Education - Please refer to this video for Dutch Auction Instructions https://www.youtube.com/watch?v=xBF8s3FZnX0. | |
WATCHING THIS VIDEO SHOULD BE MANDATORY FOR ANYONE WHO PARTICIPATES IN THE AUCTION. | |
Notes: Again, I can't stress this enough. The format of this sale is a Dutch Auction, when used correctly, | |
can be advantageous to investors. | |
THE PRICE WILL GO DOWN WITH TIME. So what does this mean?!?!?! WAITING will guaranatee a low price for all participants. | |
If investors play their cards right, we can all win and receive the tokens at a low price. | |
We must not panic, buy into fomo and close out the | |
Auciton early. The Raiden team has been very helpful in posting videos to show us how to | |
properly participate and achieve a low token price | |
Please do not act like a noob, buy out the tokens early and therefore inflate the price of the tokens. | |
We can work together as a team and ensure that both the investors and the Raiden team walks away happy. | |
The best strategy is to simply wait until the price is reasonable. That'sit, nothing else more to it. | |
PATIENCE IS KEY. |
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