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 email@example.com, and we’ll address it as fast as we can.