Basic Attention Token ICO - how to get in ASAP - UPDATED

tomshwom (54)in #ethereum • 7 years ago (edited)

Update 5/29

The contract address, block number, and function signature have been released. I've updated this post to reflect these changes and some additional information. You can view them here

Address: 0x0D8775F648430679A709E98d2b0Cb6250d2887EF
Block: 3,798,640 - approximately 8:00am PDT on Wednesday, May 31
Signature: 0xb4427263
Exchange rate: 6,400 BAT per ETH

Please re-read though the Parity instructions to get all the important information.

Purpose

If you caught my recent steemit post, Getting in to ICOs - A Guide and Some Tips & Tricks, then a lot of this is going to be familiar already, but here I'm going to focus specifically on the Basic Attention Token (BAT) ICO token sale happening May 31st. If this is your first ICO, or you're just now starting to think about investing in BAT, please read this post. As always, do your own due diligence. I am not responsible for your decisions or actions.

Details about the ICO

From the BAT site:

Raising $24 million in ETH, which is about 133,333 ETH @ $180 per ETH
Cap of 1.5 billion BAT tokens
- Tokens for sale: 1 billion
- User Growth pool: 300 million
- BAT developmement pool: 200 million
Exchange rate is 6400 BAT per ETH (~~it will be around 7500 BAT per ETH)~~
You will receive BAT as soon as you send ETH to the contract address and they can be traded immediately _{(see the bottom of this post for info on how to see your BAT balance on MEW)}

Getting in ASAP

For this ICO, there is no early-bird discount or rewards for getting in quickly, so the main reason for wanting to set things up ahead of time is simply so that you can get in at all. The BAT ICO is pretty hot, and people are going to miss out.

The things you need:

ICO Contract address: 0x0D8775F648430679A709E98d2b0Cb6250d2887EF _{from here}
Parity installed and synced / running during the start of the ICO
Amount of Ether for the investment and fees ready in a wallet linked to a Parity Account
Block number for when the ICO goes live: 3,798,640 _{from here}
Function Signature: 0xb4427263 _{from here}

I'll be using Parity's automatic sending option since the ICO will start on a specific block number, not an exact time. See this post for information on how to automatically broadcast a transaction at a specific block number.

Once you have everything you need, go to your Parity Account and begin a transfer.

Copy and paste the ICO address from https://basicattentiontoken.org/: 0x0D8775F648430679A709E98d2b0Cb6250d2887EF.
Enter the amount of Ether you want to invest and check "advanced sending options"
On the next page, select Send after Block Number and use the block number provided at https://basicattentiontoken.org/: 3,798,640. Something I've come across recently is that your transaction may not actually occur on the exact block you specify here since it depends on the miners. I recommend using 3,798,645 to be safe.
Enter the function signature, 0xb4427263, in the transaction data field.
Change the gas field to 200,000
Optional: The Ethereum network is likely to get more congested during big ICOs like this, and raising your gas price will help your transaction be mined quickly. I will be using 30,000,000,000 for my gas price.
Review the total transaction amount, and send.

I believe this method is likely the quickest way to send your Ether in to the ICO, but another option is to pre-sign a transaction and broadcast it yourself.

Seeing Your BAT on MEW

On MyEtherWallet, go to "Send Ether & Tokens" tab and click on "Add Custom Token."
Put the ICO address, 0x0D8775F648430679A709E98d2b0Cb6250d2887EF, in the "Token Symbol" field.
Put 18 in the "Decimals field and click "Save".

If you'd like to know more about how Gas works in Ethereum, check out this post.

Although I've linked it 5+ times now, this post is extremely important if you've never done an ICO before are want more info on how to do them.

_{Consider leaving a like or even resteem if you found this helpful! If you're really crazy, my MEW address is 0x5B13430b6D2E327DFCDB93D7430FC6e9a2E63E74. Please feel free to leave corrections and comments below}

#bat #ico #cryptocurrency #brave

7 years ago in #ethereum by tomshwom (54)

$1.47

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romangt87 (57) 7 years ago

Thank you. Really good information. Why are you using so high gas price? What is the minimum you recommend in order not to miss the ICO? 500,000 is not fine? How can I calculate this number? Thank you very much.

$0.20

4 votes

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tomshwom (54) 7 years ago

Thanks @romangt87! The BAT crowdsale doc says that a minimum of 200,000 should be used for the gas limit. As for the gas price, etherscan has a good chart for the average price, and ~22 gwei, or 22,000,000,000 wei, has been steady for the last few months now. A minimum of 1,000,000,000 wei is needed for most nodes to even pick up your transaction, so 500,000 is way too low. Eth Gas Station shows how the gas price corresponds to transaction time, and there seems to be diminishing returns above 30 gwei. I anticipate momentary congestion in the network during the ICO though, so 30 gwei+ seems like a good idea if you really must get in. I'd say a minimum to use is 18 gwei, and anything 22 gwei+ is safe.

$0.20

3 votes

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romangt87 (57) 7 years ago

Thank you great explanation. So more than 30gwai how much ETH fees correspond aprox? How much ETH I must have also for the fees for a 30gwai+ transaction? Thanks.

$0.00