Final Terms of the Zen Protocol Sale

Possession of the Zen Protocol Native Token licenses you to use the contract activation function of beta (testnet) versions of the Zen Protocol. Your licence entitles you to use the same functionality of the mainnet, or “Community Version”. Your mainnet wallet will contain the number of tokens you purchase in the crowdsale.

In our previous post, we announced how we’d use the 30-day moving average price of Bitcoin to set the final price for the tokens which grant access to the Zen Protocol. Currently this is around $7550. We’ve since seen a rapid increase in Bitcoin price, which in our judgment would make the tokens more expensive than we intended them to be. We’re therefore fixing the final price to better reflect the current price of Bitcoin.

We’re calculating the final token price according to the CME CF Bitcoin Reference Rate on the 27th of November, which is $9677.24 USD/BTC.

Based on this Reference Rate, we’re setting the crowdsale price of the Zen Protocol Native Token at 0.000284 BTC.

That works out to about 3521 tokens per bitcoin.

We’re happy to say that we have now received over 1000 BTC in early purchases of Native Token licences.

The sale will begin on the 30th of November at 16:00 UTC.

The crowdsale webapp will be available at https://crowdsale.zenprotocol.com. Pre-sale tokens and coupons can be redeemed as soon as the crowdsale webapp is live.

How to buy the Native Token

To enter the crowdsale, you will need:

A Bitcoin wallet — any wallet will work

(Recommended) A desktop computer.

There are three steps to buying tokens:

Creating your Zen wallet. This controls your Zen tokens. Opening an order. Sending payment.

Video walkthrough of the Crowdsale Wallet

Creating your Zen wallet

We support two ways of creating your wallet: Online and offline. The online method is easier for non-technical users, while offline method is available for those who don’t want to generate private keys using a website.

To create your wallet online:

Visit crowdsale.zenprotocol.com, click “Create Wallet”, and accept the terms. Then click “Create Wallet Online”. The webapp will generate a secret passphrase. Write down your passphrase and keep it safe! The passphrase controls your Zen Protocol Tokens — if you lose it, or someone else gets access, you could lose your tokens.

When you’ve made a copy of your passphrase, confirm and click “Continue”. The webapp will check your copy is correct by asking for three words. If you made a mistake and can’t continue, don’t worry — just create a new wallet and write down the new passphrase.

You’ll now see your public key. Save this to view your orders from another computer.

To create your wallet offline:

After accepting the terms, download the offline wallet app. This is a ZIP file containing a simple HTML/JS app that you can open while disconnected from the internet. You can check the ZIP file’s validity using PGP — as we announced in the last post about the crowdsale, the valid signature should match this public key. Once you’ve created and backed up your passphrase and public key, go back to the website and import the public key.

Please note: the app never stores your private and public keys. You need to write down your passphrase and save your public key, or you’ll lose them the next time you refresh the page.

Using Ledger Wallet to hold Zen Native Tokens

While we want to implement Ledger Wallet support for the Zen Protocol, at this time we don’t officially support using your Ledger Wallet to hold Zen tokens. If you understand the risks, including that an app for Ledger may not be available at the release of the Genesis block, and you still want to secure your Zen tokens with your Ledger, you can generate a Zen Protocol public key using this code snippet, then import it into the crowdsale webapp.

Opening an order

You’ll need your Bitcoin wallet for this step. Choose how many Zen Native Tokens you want to buy, then in the “Refund address” textbox, enter your own Bitcoin address. If you’re using a mobile Bitcoin wallet, you can use your computer’s webcamera to scan this address. You can also enter an email address as a point of contact. Click “Create” when you’ve checked all details.

Sending payment

When you create an order, we generate a unique deposit address. You’ll now see this address, along with a QR code containing a payment request for the exact amount of BTC. Once you send payment, the webapp will automatically display your order’s confirmation status. You can return to your wallet’s homepage to see existing orders and create new ones.

Close of the sale

When we’ve sold 12 million native tokens, or on the 30th of December, whichever is earlier, the sale will close and the crowdsale webapp will no longer generate orders. You’ll still be able to see the status of your existing orders. If you’ve already sent bitcoins, and there are no more tokens left, we’ll return those bitcoins to the refund address you entered. After the sale closes, we’ll deliver testnet tokens via a testnet faucet that requires your public key.

Upgrading to the Mainnet client

When we release the Mainnet client, you’ll be able to import your wallet using your secret passphrase. Your mainnet tokens will be immediately accessible.

Terms of the sale

Full terms are available in the crowdsale webapp.

Security

Before using the crowdsale app, check via our official channels — this blog, our Telegram channel, and our website — that the sale is operating and secure. We strongly advise using more than one official source of information about the crowd sale. Please contact us at info@zenprotocol.com if you have any problems redeeming coupons.