As the first “no coding needed” smart contract management platform, Confideal has a broad range of business applications, which we have touched on previously. As their November 2 ICO approaches, we explore Pre-ICO and ICO investing as a use-case scenario.
[Note: This is a sponsored article.]
Since 2014, nearly $2.6 billion USD has been raised to fund projects through Initial Coin Offerings (ICOs). Even more impressive than that is that over $2 billion of that was raised in 2017 alone. ICOs have become the go-to way for startups to raise capital for their projects in the crypto sphere.
Projects like Tezos, Filecoin, TenX, Bancor, and others raised tens of millions – and in some cases hundreds of millions – through their ICOs. It seems like every time you turn around, another project is announcing its upcoming ICO. In fact, in the last half of October, there are well over fifty pre-ICOs or ICOs that will be launching.
How is a hard working crypto investor supposed to keep track of his or her favorite ICOs and make sure to be Johnny-on-the-spot the day the ICOs launch so that they get their tokens before they are sold out?
By using Confideal to set up and manage those transactions ahead of time.
‘Set It and Forget It’ with Confideal
When it comes to planning and scheduling, Confideal really can be an ICO investor’s best friend. The platform makes it quick and easy to create a smart contract that will send a specific amount of ETH to a specific address on a specific date and time.
Before you can create a smart contract using Confideal be sure that you have installed and set up the Meta Mask browser extension for Chrome and that you have enough ETH in your Meta Mask wallet to fund the contract. Then log into the Confideal dashboard and click the New Contract button. A simple form will appear that you will fill out to create your ICO investment contract:
- Give your contract a title – something clear and concise.
- Since you are making a purchase (tokens) make sure Client is selected.
- Enter the contract address of the ICO you want to invest in.
- The Agreement is where you detail what you are purchasing and how much you are purchasing it for.
- Select the date and time you want the transaction to take place.
- Enter the Price Per Unit – for ICOs, that would be how much a single token costs in ETH.
- Enter the total number of tokens you want to purchase.
- The total cost of your purchase will be calculated and shown here. NOTE: Confideal charges a 1% fee to create and execute the contract.
- There is no down payment for ICO investments so leave it at zero percent.
- The investor pays the Confideal fee so make sure Client is selected.
- Leave Late Fee unchecked.
- Click the Create Contract button.
Once you click the button, your Meta Mask wallet will open up so that you can fund your contract and then that’s it. Your ICO investment is now scheduled and there is nothing more you need to do. Your purchase will automatically take place on the date and time you selected.
How easy is that? Gone are the cluttered calendars and the panic of transferring ETH at the last minute. No more getting up at the crack of dawn to be at your computer when an ICO four time zones away launches. Confideal makes it easy for you to set up and schedule your ICO and pre-ICO investments days or even weeks in advance and you can manage all of your investment contracts from an easy to use dashboard.
About the ICO
Confideal’s ICO starts on November 2, 2017, and will continue through November 22 or until the maximum token supply of 100 million tokens has been sold.
- Token name: CONFIDEAL
- Token symbol: CDL
- Total token supply: 100 million
- Token type: ERC-20
- Exchange rate: 1000 CDL = 1 ETH
- Currencies accepted: ETH
ICO participants can use any ERC-20 compatible wallet (e.g. Mist, Meta Mask, MyEtherWallet, etc…) and are instructed to set the gas limit to 150,000. Funds should be sent from wallets only. Do not send funds directly from exchanges (e.g. Coinbase, Poloniex, etc…). The ICO smart contract address will be published on November 2.
For more information about Confideal and the upcoming ICO please visit Confideal website.
Got questions about Confideal’s platform and ICO? Join their Telegram chat to get answers to all of your questions.
What do you think of being able to use Confideal’s smart contracts manage and schedule ICO investments ahead of time? Let us know in the comments below.
Images courtesy of Confideal
