ITS related FAQs
What is China's stance on ICOs, and what is the implication for 300cubits?
First, 300cubits’ ICO is conducted in HK, which is ruled under a set of laws different from that of China’s. So legally the ICO ban in China has no bearing to what we do in HK.
Second, China’s ban is on the ICO process itself – i.e. fund-raising from the public through the sale of a crypto currency. However, the usage of and dealings in crypto currencies are still allowed in China. So there is no impact on eventual use of TEU tokens in the container shipping industry.
Third, the subsequent clarifications from officials in China suggest that the ban should be more correctly viewed as a pause before the authorities come up with a regulatory regime for ICOs. The official also agreed with the value of the ICO for the start-ups to raise funds (source: CCTV interview). So we expect the on-shore ICO will come back but in a more organised way than it has been.
Fourth, generally, we welcome involvement of government and regulators. Without regulations, the ICO market risks becoming a lemon market. Good companies and legitimate projects conducting ICOs suffer because potential token buyers find it hard to differentiate the good ones from the bad ones. We expect more regulations for the crypto currency market in general, which we see as a development in the right direction for a healthy ICO market.
What is the rationale behind the distribution method chosen?
A lot of Initial Coin Offerings (“ICO”) are based on a limit time window for participation. The TEU ITS is based on free market valuation methodology which is equitable, transparent and low burden to the Ethereum Network.
What cryptocurrency will be accepted?
Only Ether (“ETH”) will be accepted.
What is the minimum purchase for TEU Tokens?
The minimum contribution accepted during any period of the TEU ITS is 0.1 ETH. Smaller contribution amounts will be rejected (with warning on submission failure but gas will not be not wasted).
How can I check how much ETH has been contributed during a specific period of the ITS?
The amount of ETH received during each period will be shown on the 300cubits website or enquired directly on the ITS smart contract. The history of ETH contributed in any periods can be viewed on the Ethereum network.
Can PRC citizens, residents or entities allowed to participate in TEU ITS?
No, citizens, residents and entities of the People’s Republic of China are not allowed to participate in the ITS.
Are TEU Tokens transferable?
TEU tokens are ERC20 compliant tokens which is freely transferrable under Ethereum network upon collection of token.
What happens if I can’t contribute ETH or don’t receive my TEU Tokens?
TEU token (ERC20 compliant) and ITS smart contract are run on robust Ethereum network but ETH Smart Contract Tech Ltd cannot warrant the availability of smart contracts. These contracts are therefore being provided on an “as is” and “as available” basis without representations, warranties, promises or guarantees whatsoever of any kind made by ETH Smart Contract Tech Ltd.
How can I contribute in the TEU ITS?
It is simply sending ETH to TEUsale.eth (or the 40 hex characters address starting with 0x published in our website or social media) from your Ethereum wallet. Do not send ETH directly from cryptocurrency exchanges. For detailed guide on how to contribute ETH, click here.
What are TEU tokens?
TEU tokens are ERC-20 compliant tokens distributed on the Ethereum network.
The TEU Tokens are not securities, commodities, swaps on either securities or commodities, or similar financial instruments or collective investment. The TEU Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment.
What ETH compatible wallets are recommended?
We recommend using either Ethereum Wallet (aka Mist) or MyEtherWallet (web based)*. Do not use any exchange proprietary wallets to participate in the TEU ITS. We will not be able to trace your contribution if any exchange wallet is used.
* We recommend user to directly type in url https://www.myetherwallet.com in browser to avoid potential phishing site.
Can I fix the conversion rate of TEU Token?
No, the Conversion Rate is based on the total ETH contributed during a period which is not possible to fix the Conversion Rate.
When do I receive TEU Tokens after contribution?
Is there any gas consumption (network fee) when transferring TEU Tokens?
Transfers is subject to ETH gas fees like all other transactions on the Ethereum network.