If you’re reading this article, I assume you are familiar with the In Time Foundation and their ICO (Initial Coin Offering) of ITO Tokens, and are interested in acquiring some for your own investment or for re-selling.
Read my previous article on ITOto learn more.
In this post, I will outline the steps needed to get ready to be a token holder or private seller of the ITO tokens from the new ICO of the In Time Foundation.
Table of Contents
- Install an Ethereum Wallet (Trust Wallet)
- Set up Trust Wallet
- Acquire Ether
- Acquire ITO tokens
- Transferring tokens to another wallet
01 | Install Trust Wallet
First and most importantly, you need an Ethereum Wallet. Wallets are apps that allow users to store Ether and other Ethereum tokens (such as ITO tokens). There are many wallets available for your desktop PC, Android or iOS devices. Currently, the only wallet that has complete support of ITO tokens is Trust Wallet.
Trust Wall is available for Android 5.0+ (Lollipop) and iOS 13+ devices:
- Get it on Google Play
- Download on the App Store
02 | Set Up Trust Wallet
Next, you need to set up your Trust Wallet to receive ITO tokens. This part has 2 steps, the first step is to create your wallet, the second is to add ITO tokens to the list of managed tokens.
Create your Wallet
The first time you open Trust Wallet, the app will prompt you to create a wallet. Tap “CREATE A WALLET”. Read the instructions in the next screen, check “I understand… ” and tap “CONTINUE”.
Write down your Recovery Phrase (KEEP THIS SAFE)
In the next screen, you will be prompted a list of 12 words called a “Recovery Phrase”. This is the key to your wallet, keep it in a safe place and never share it with anyone.
Once you have written down the phrase, tap “CONTINUE”. The next screen will ask you to pick the words in the correct order, this is to confirm you have written it down.
Once complete, your wallet screen should look like below:
Add ITO to list of managed tokens
As you can see from the image above, your wallet lists 3 coins by default: Ethereum, Bitcoin and BNB. We’re interested in Ethereum and ITO.
So the last step is to add ITO tokens to this list:
03 | Acquire Ether
If you plan on re-selling your ITO tokens privately, you need to acquire a small amount of Ether. Ether (also goes by its symbol, ETH) is the digital currency used by the Ethereum network to pay as transaction fees. Each transaction you make (like sending any amount of tokens to another wallet) requires a very small amount of ETH (usually around 0.00006 ETH per transaction, which is around 0.01 USD).
There are many exchanges and peer-to-peer marketplaces that sell Ether in Malaysia, here are two options (among many others):
Luno is a private wallet and exchange service that allows you to trade traditional currencies with Ether. You do that by maintaining an amount of MYR in their traditional currency wallet (their “fiat wallet”). You top-up this fiat wallet by doing an Interbank or GIRO transfer to their bank account. You can then buy Ether using that money, and they will deposit that Ether in your own wallet that is hosted by them. Once Ether is bought, you then transfer that Ether to your Trust Wallet.
Remitano is a peer-to-peer marketplace where you buy or sell Ether directly from other people. They use an escrow service where the person you’re buying Ether from deposits the Ether in an escrow wallet. You then transfer the equivalent MYR to that person’s bank account, once they confirm receipt, that Ether is then released into your Trust Wallet.
Which source you buy from is up to you. Here are some things to consider:
- With Luno, you deal with them directly. They are a private company that is approved by the Securities Commission to operate as a digital asset exchange. Source: https://www.soyacincau.com/2019/10/22/luno-malaysia-full-approval-securities-commission/
- With Remitano, you deal directly with individual people. Remitano is simply a middleman or escrow service. While Remitano is not recognised by the Securities Commission, they are a reputable business with excellent reviews among customers. Source: https://www.cryptocompare.com/exchanges/remitano/overview
04 | Acquire ITO Tokens
I assume you are already a holder of ITO tokens, acquired locally from in-person private selling events. However, if you’re interested in acquiring more, feel free to contact whomever the private-seller you interacted with at the event and ask for a meet-up or information on any more upcoming events.
05 | Transferring Tokens to another Wallet
Each Ethereum wallet has an address. These are 42-character long string of letters and numbers that start with “0x”. To transfer Ether or tokens to another wallet you need the recipient's wallet address. Or alternatively, if you are with that recipient in-person, you can scan their wallet’s QR code through your phone’s camera.
Here are the simple steps needed:
- Tap on InTime (or OnTime) on your wallet’s main tokens list.
- Tap on the “Send” button. (or the “Receive” button for the recipient’s side, this will display a QR code image)
- In the “Recipient Address” field, enter the recipient address. Or tap on the “[-]” icon on the right of the field to scan the QR code.
- In the “Amount …” field, enter the amount of tokens to transfer.
- Tap “NEXT” on the top right side of the screen.
- Tap “Confirm” or “Send” to complete the transfer.
- A transfer usually takes 2–5 minutes to complete. The amount transferred will appear on the recipient’s wallet then.
You’re all set.