The blockchain industry is growing at an amazing speed. You cannot miss the unbelievably rapid growth in the last year or so. Growth means new people join the field and are interested in investing, but lots of them are unfamiliar with cryptocurrencies. Heard about TrueFlip’s ICO and wanted to invest but wasn’t sure how? let me guide you through the basics of TrueFlip:
Okay, TrueFlip is a decentralized lottery platform. You probably know what a lottery is, but what’s decentralized? Basically, decentralized means no single person or entity controls the platform. TrueFlip’s “shares” are called tokens. A TrueFlip token is just a virtual share that represents your partial ownership of the project. Those tokens are distributed according to the amount you invest in the ICO (Initial coin offering) of TrueFlip.
TrueFlip’s “shares” are called tokens. A TrueFlip token is just a virtual share that represents your partial ownership of the project. Those tokens are distributed according to the amount you invest in the ICO (Initial coin offering) of TrueFlip.
How are the tokens distributed? here’s a diagram that details the distribution of the TrueFlip tokens:
The maximum amount of investments possible in the TrueFlip ICO is 6125 BTC, which is roughly 15 million dollars. If you decide to invest 1 bitcoin in the ICO (~2500$), you would own 1/6125 of the shares TrueFlip sells to investors. (More tokens will be issued to the team and used to pay advisors and escrow, as explained above).
You can find my previous article covering the reasons to invest in TrueFlip’s ICO here.
How will TrueFlip’s team use the money invested in the project? here’s a diagram that explains the usage of ICO funds:
Sounds good, how do I invest? Since TrueFlip is an Ethereum based token (which basically means you need an Ethereum wallet to store your token) you will need an Ethereum wallet that supports ERC20 tokens (the standard type of token on the Ethereum blockchain).
A good wallet that supports all kinds of tokens is MyEtherWallet. This wallet is client-sided, which means nobody but you has access to your funds. It also means that your tokens are unrecoverable if you lose your private key. (A private key is a “password” that should be kept private, obviously, and grants you the access to a specific wallet). When creating a MyEtherWallet wallet make sure to print and backup your private key in multiple places to make sure you don’t lose it.
After you have created your own wallet (you can find guides on how to create a MyEtherWallet account on YouTube) you can invest in the TrueFlip ICO. The investment can be made with Ethereum (you already have a wallet for it!) Bitcoin, Litecoin or Dash at ico.trueflip.io. It doesn’t matter which currency you invest with, at the end you will receive the same amount of TrueFlip tokens into your Ethereum wallet.
If you invested in the ICO with Ethereum, you already received your TrueFlip tokens into the wallet you sent the Ether to TrueFlip’s smart contract from. (A smart contracts, in this case, is an Ethereum address that sends out the tokens to the investor automatically after it receives a certain amount of ether from him). If you invested with another cryptocurrency, you will need to paste your Ethereum address into your TrueFlip account (which is required for non-ether investments) in order to receive your tokens.
Invest in TrueFlip’s ICO here: ICO.TrueFlip.io! Hurry up, the investment bonus decreases with every 1000 BTC collected!
TrueFlip’s bitcointalk thread.
You can join TrueFlip’s official telegram chat here