EncryptoTel: joint Ethereum and Waves token
The EncryptoTel token (ETT) will use blockswap: a new piece of tech that allows it to exist on both the Waves and Ethereum blockchains, with tokens passing between them freely.
EncryptoTel will issue its token first and foremost on the Waves blockchain. Waves makes it incredibly easy to do this, and to distribute tokens to holders. Waves’ DEX also provides a ready-made exchange on which ETT can be traded, immediately after distribution.
However, ETT will also be available on the Ethereum blockchain as an ERC-20 compliant token. As well as providing smart contract capabilities for our project, this gives us the redundancy of operating on two blockchains and enables us to leverage the network effect of another crypto community.
Whilst there are two tokens on two blockchains, they are precisely equivalent and holders will be able to switch between Waves and Ethereum quickly and easily using a new piece of tech called BlockSwap, developed by Incent Loyalty.
The total supply of EncryptoTel tokens are created on both the Waves and Ethereum blockchains, with half of these being locked at any given time. For example, 100 million ETT would exist on Waves and 100 million on Ethereum, but only 100 million in total would be free to transfer and trade at a time. It might be 100 million on Waves and none on Ethereum, 20 million on Waves and 80 million on Ethereum, and so on.
On the Ethereum side, unused tokens are locked with a smart contract. On the Waves side, unused tokens are held in a wallet controlled by a set of servers. (The process requires some trust that these servers will continue to operate, but is transparent — the number of tokens available at any time is easy to check.)
Blockswap is easy to use. The first step is to Register a Waves address on the BlockSwap site, which links it to an Ethereum address. When tokens are sent to this registered address, a smart contract unlocks the equivalent number of tokens on the Ethereum blockchain and sends them to the paired Ethereum address.
To move ETT in the other direction, you will need to add the contract information to an Ethereum wallet (this information is supplied) and execute it, locking the designated number of tokens and releasing the same number to the paired Waves wallet via the BlockSwap server.
From the original post here: https://medium.com/@encryptotel/the-encryptotel-token-ett-fuel-for-our-telecommunications-ecosystem-7515e2dcdf96
The EncryptoTel Token (ETT): fuel for our telecommunications ecosystem
ETT will be an integral part of EncryptoTel’s offering and the package we offer to users and investors. Its use will be built into all of our services, ensuring steady and increasing demand right from the start.
As we design both the technical and economic aspects of EncryptoTel, we are aware of the need to reward our investors by maintaining demand and buy pressure on our crowdfunded token, ETT. We are going about this in a number of ways.
Native currency. Firstly, ETT will be the primary currency for our PBX and VoIP services. We do not wish to restrict customers unduly, so it will be possible to pay in a range of ways, including with a large number of popular cryptocurrencies. However, payments using ETT will give discounts and other advantages over different currencies, making it the most attractive option.
Burning. Whenever ETT is used to pay for services, these tokens will be burned. This will reduce available supply, whilst buy pressure from new customer payments will maintain demand. We anticipate that this will drive the price up significantly over time.
Always available. If customers do not already hold ETT, there will be the option to buy it at the time of payment, to ensure the maximum discount. We will use the APIs of popular exchanges directly, to make this a frictionless process. There will be little reason not to use ETT for payments.
Voting power. Holding ETT will allow investors to take part in strategic business decisions. The influence they have in any given vote will be proportional to the amount of tokens they hold.
Personal investor accounts. ETT investors will be able to track company statistics, current quarter profits and our payments history through their own user area. Access to this will also be based on our token.
Token mining. For more advanced Waves users, it is possible to add ETT to the config file and accept the token as mining fees, so that it can be used to pay for your own and other people’s transactions. EncryptoTel’s own Waves node will of course offer this too.
In this way, we aim to make ETT an attractive investment with the opportunity of long-term and significant appreciation.
Chain Interoperability Makes Waves On Ethereum
New tool blockSwap is designed to allow the transfer of ERC20 compliant tokens between the Waves and Ethereum blockchains.
Full article here: https://www.ethnews.com/chain-interoperability-makes-waves-on-ethereum
Just about 26hrs left until the crowd-sale begins at 00:01AM UTC 4/24
Don't miss it! - http://ico.encryptotel.com/
How to invest in the EncryptoTel crowdsale
We’re using secure, intuitive deposit tech to make it as straightforward as possible to participate in our crowdfund.
EncryptoTel’s crowdsale opens in just a few minutes, on Monday 24 April. Taking part is extremely easy and takes just a few minutes at most.
To start with, sign up to register for an account at EncryptoTel.icotech.me. You’ll need to enter your email address and a password. Keep these safe — you’ll need them to access your account, though if you have problems you can always ask us for support. After signing up, you can go straight to your control panel. You’ll see information about the current price of the EncryptoTel Token (ETT), how much has been invested so far, how many tokens you own, and so on.
Once you’re registered and logged in, you’ll receive your unique BTC address for deposits, as well as WAVES, ETH and ETC addresses (check the dropdown menu on the left for options). All deposited funds are immediately moved to escrow, and wherever possible two-of-three multisig is used.
All you need to do is send funds to these addresses, using the QR codes or by copying and pasting the addresses. BTC can come from a private address that you own yourself, or from an exchange — it doesn’t matter. The same is true for ETH and ETC. In the case of WAVES, though, they must come from an address you control. Do not send WAVES from an exchange. When using Ethereum or Ethereum Classic, take care to send funds to the address for the correct blockchain! You can also use ShapeShift to convert most alts to BTC on the fly. You’ll be credited in BTC at the market rate.
When you buy with WAVES, you’ll need to enter each address you deposit from. You’ll also need to record a Waves/Ethereum address to receive your tokens after the crowdsale ends. Because this is Incent’s deposit tech, there’s a substantial
Incent bonus for every investor at no extra cost to them, equal to 3% of your investment. This will be bought in real-time at market rates from exchanges at the point of investment, and will also be sent to your registered account.
All ETT balances are calculated from the blockchain, using timestamps to determine which price tier applies. Your token balance will be updated shortly after deposit. There’s no MySQL database, which is the regular way of doing it — these can be hacked and tampered with. In the event of a complete outage, API failure or anything else untoward, investors will know that their token balances are securely recorded on the blockchain itself. At the end of the crowdsale, there will be a thorough audit, before token balances are once again calculated by parsing the blockchain, and ETT tokens created and distributed to all our investors as a Waves or Ethereum token.
To register for the EncryptoTel crowdsale, go to EncryptoTel.icotech.me. If you have any questions, ask us on the Waves platform Slack or EncryptoTel Slack, or our . For more information, visit www.EncryptoTel.com.
Firstly, a very big thank you to all of our investors so far! We are hugely grateful that you have enabled us to reach our three major milestones, backing us with over $1 million on day 1. Any further funding will allow us to accelerate our development and marketing programmes. We will end the crowdsale on 31 May, or when the $3 million cap is reached.
We know that a number of investors have experienced problems with their accounts in the crowdsale portal. In particular, balances for one or other coin deposited occasionally disappear and are not included in the total funds raised, or in personal transaction histories.
These issues are linked to the APIs used to access price and blockchain data. When it is not possible to connect to these, the display is left blank. We stress that there is nothing to worry about when this occurs: all investor funds are held safely in escrow, and all deposits are recorded on the blockchain. ETT balances are calculated from blockchain data, including timestamps.
There have been reports of a handful of other people experiencing issues of various kinds for one reason or another, which are being dealt with on an individual basis. If you require any assistance, please contact us on the EncryptoTel Slack or email us at firstname.lastname@example.org, and we’ll address it as fast as we can.
From the original post here: https://medium.com/@encryptotel/encryptotel-why-waves-and-why-ethereum-fe3bc7955f1e
EncryptoTel: why Waves, and why Ethereum?
When it came to planning our business model and crowdsale, it was clear that Waves was the right blockchain infrastructure partner. However, Ethereum also had unique functionality we wanted to use. The good news is that we can have our cake and eat it.
EncryptoTel is one of the first dual-blockchain projects. Its token will exist on both the Waves and Ethereum blockchains, and move freely between them thanks to a new piece of tech called [url=https://blockswap.incentloyalty.com/]BlockSwap[/url]. This approach allows us to leverage the benefits of both platforms. Two tokens, two communities, two sets of different tech and opportunities. Here are some of the specific reasons we wanted to do it this way.
Quite simply, Waves is the only enterprise-ready custom tokens platform in existence. It was designed for easy crowdfunding, with a more-or-less self-contained ecosystem of elements and services to support that:
- Straightforward token operations. It takes less than a minute to create your token, and there are tools that make it incredibly easy to distribute new tokens and carry out various other activities that will be necessary for EncryptoTel, like buying back and burning ETT in the course of our business.
- Fast transactions and future-proof scaling. Few platforms have really solved the blockchain scaling issue, despite the fact that this is absolutely vital for long-term success and mass adoption. Waves has solutions already in place and being implemented, backed by strong and ongoing research. Without this, no platform can gain critical mass.
- Instant access to an exchange via DEX. Whilst it was once simple to have a new coin listed on an exchange, this process has become much harder. With increasing regulation and a number of high-volume coins already giving them significant profits, exchanges are less and less interested in new projects. They now act as gatekeepers, often requiring a large fee, and their decision to list or ignore a coin can have a major impact on its success. DEX solves this problem by enabling secure, high-speed trading, whilst we continue to work towards listing on other exchanges.
- Large and friendly community. Waves already has a broad user base, and some very engaged and productive supporters.
Meanwhile, there’s one feature-set that Waves doesn’t yet have, although it’s on the roadmap: smart contracts.
- Smart contracts. Ethereum remains the only truly viable solution for implementing these. No other smart contract platform has proven its utility, and none has the level of adoption that Ethereum does.
- Profile. Ethereum’s status as the de facto leader in the smart contracts space brings with it huge network effect and a very large community. It has been tested (sometimes almost to breaking point) by numerous applications that have been released for use. We’ve been able to learn a lot about security and development along the way.
- Expertise. The recognition around Ethereum means that there is a lot of hands-on expertise we can tap into. We’re in touch with some of the best Ethereum developers in the world, and we’re very grateful to be able to benefit from their experience.
Hopefully, this will give readers a sense of the nature of Waves and Ethereum, and why we wanted to use both. They are ideal blockchain partners, complementary in the functionality they offer and the kinds of applications for which they are ideally suited.
How to invest in the EncryptoTel crowdsale
We’re using secure, intuitive deposit tech to make it as straightforward as possible to participate in our crowdfund.
Read here: https://medium.com/@encryptotel/2085d7ac9170
Encryptotel has so far collected nearly 1.85 million USD. The crowdsale will run until 5/31 or until it hits the cap at 3 million USD, whichever happens first. The Encryptotel team has hit their goals, and a development update will be coming this week! If you'd like to take part in this amazing project, go to
Encryptotel has now raised over 2.2 Million USD. Final days of 5% bonus. The sale ends either at the end of this month, or when it hits 3 million USD, whichever comes first.
Blockchain Tech is Disruptor for Telecoms: EncryptoTel CEO
Encryptotel is up to 2.3 million USD raised. The crowd-sale will end on the final day of this month, or when it hits the cap of 3 million USD, whichever happens first.
EncryptoTel:Development Update #1
You can still get a 5% bonus right now: https://encryptotel.icotech.me/login
From the original post here: https://medium.com/@encryptotel/an-update-on-the-encryptotel-crowdsale-e2c3739f2b4c
An update on the EncryptoTel crowd-sale
Hello everyone, and thank you very much for your support over the course of our crowd-sale.
We would like to state our position on the unexpected investment received yesterday, and why we decided to extend our crowdfund for 24 hours.
Since the launch of our crowd-sale, our users have experienced display issues regarding balances and transactions within our ICO portal. This led many investors to delay making a deposit until the problems were fixed. Despite the efforts of our ICO partners, Incent, this was not possible. We also expected that the total collected in USD equivalent would fluctuate above and below the $3 million cap, due to the exceptionally volatile BTC and WAVES markets at this time. Consequently, we took the step of extending the crowd-sale for a further day — the approximate period of time the portal was affected by DDoS and other problems — to allow last-minute investors the chance to get in.
When we began our crowd-sale, we never expected our final cap of $3 million to be reached — let alone so quickly — and the level of investment in the final hours took us by surprise. In particular, two supporters have invested a huge amount of WAVES, one on the first day of our crowd-sale, and one on the last — this second one increasing the total by more than $1 million above our intended cap. (From the block-chain, it appears that the first and second deposits were from different investors.) When we realized that there was little possibility of the USD total dropping back below $3 million, we closed the crowd-sale for good.
‘As an escrow for Waves, I can assure EncryptoTel investors that the additional funds raised after the ICO cut-off time will be used in an appropriate way by EncryptoTel team. The decision to prolong the ICO for 24 hours was quite reasonable, since the investment target was reached through an appreciation in the exchange rates, and many investors were unprepared for such an abrupt end to the crowd-sale.’ - Sasha Ivanov, CEO of Waves and escrow for EncryptoTel
Whilst this second large deposit has been controversial within the community, this was an extremely generous gift to our project, and thanks to this generosity we now have new opportunities to develop our product and company. I therefore want to express my immense gratitude for the patience and trust shown to us during the ICO. All the investments received above the expected amount will be spent exclusively on the development of our product and further expansion of the stated functionality.
Our next step is to distribute tokens to investors. This will require a thorough audit of all balances and a final calculation of ETT token supply, in order to issue the asset accurately. (Token supply is not fixed in advance for our model, but depends on the amount of funds raised, so the additional funds mean there will be more tokens rather than each investor receiving each fewer of the same supply.)
We estimate this will take around two weeks. When the process has been completed, will will publish instructions for how to withdraw them from the ICO portal.
EncryptoTel: Development Update #2
We wanted to post a short update about our recent progress and development.
Our team is currently working on the personal investor dashboard, where every investor will be able to track the company’s activity and vote on certain key decisions, for those instances where our team needs to resolve a controversial activity. At the same time we are working on our pre-release software, as stated in our roadmap.
Since crowdfunding our company, EncryptoTel has experienced a number of challenges and problems. We can assure you that we are only getting stronger as a result of this, and this in no way reflects the status of the company and especially the completion of our software products in the future.
Yesterday, late in the evening Moscow time, our BlockSwap service was attacked and ultimately hacked. The amount of losses is a staggering 38.5 million ETT tokens from the Ethereum chain and a further 3.8 million ETT Waves tokens.
Read more: https://medium.com/@encryptotel/fd541726fb47
To address a couple of questions here:
1. This happened yesterday morning, it is not the reason investor distribution has been taking so long. It is a separate issue.
2. All trading has been halted since the moment this was discovered.
3. ETH based (ERC20) tokens will be redistributed, the current ones will be invalidated.
4. The smart contract address will change, and will be published immediately when completed.
5. Waves based (CAT) tokens will NOT be redistributed.
6. Waves based (CAT) tokens will CONTINUE TO EXIST! IT'S STILL DUAL-CHAIN!!!
7. ETT Waves (CAT) version token holders who lost tokens/funds as a result of this will be reimbursed from ETT team funds.
From blog post here: https://medium.com/@encryptotel/an-important-update-3-9ba6abd0c7bd
An Important Update #3
Dear EncryptoTel community,
We have been glad to see how our community has supported us throughout this difficult situation, as the investigation into the hack remains ongoing, and I would like to thank you all once again for doing so. Our community is a critical part of EncryptoTel, right from the start, and so we are hugely appreciative of your continued patience.
As CEO, however, I understand just a ‘thank you’ is not enough, and so would like to reassure you that there will be a bonus for every investor who still holds our tokens. We are naturally keen to resolve all these problems as soon as possible.
Our long-term investors do not need to worry about our product timeline. Everything is going according to plan in our roadmap. Very soon you will be able to see the look and feel of our new Investor dashboard, as well as various other exciting updates.
Starting from 10 July many of our new developers will start in our office, at which point we will make a video for our investors to see where we are working.
Since the majority of Waves assets are safe, and the loss will not be borne by investors, you do not need to do anything.
Holders who have the Ethereum asset should simply wait and hold their ETT. We will post further instructions shortly.
Roman Nekrasov, CEO of EncryptoTel
More information is coming tomorrow.
From the blog post here: https://medium.com/@encryptotel/an-important-update-4-9c1deb80001b
An Important Update #4
Our investigation has come to a conclusion.
We have enclosed the report of our colleagues from the laboratory of Zerion, who helped to conduct the investigation. We expect Incent to publicly apologize to the EncryptoTel community, and accept full responsibility including financial damages.
Here is the report on the investigation into the hacking incident: >>>
The hacker has returned the 38 million stolen ETH ETT tokens, likely as a result of our statement of intent to re-issue the ETH ETT token. All tokens are now accounted for and secure as you can see here. Trading will be re-enabled on Tidex soon.
As a reminder to Waves ETT token holders, you do not need do anything. Trading will be re-enabled on Waves-DEX and Tidex soon.
We will be resuming distribution in the next few days. We will be doing it personally, and not relying on a third party. The bounty distribution process will begin right after that.
Aleksey Kuznetsov, CTO and co-founder