ETHW ID Upcoming IDO on LFGSwap
ETHW ID (EID) will host its upcoming IDO on LFGSwap, a community-driven organization built to solve what might be called the “liquidity problem.”
What is ETHW ID?
The ETHW ID is a distributed, open, and extensible naming system based on the EthereumPoW Chain.
The job of ETHW ID’s is to map human-readable names like ‘alice.ethw’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata. ETHW ID also supports ‘reverse resolution’, making it possible to associate metadata such as canonical names or interface descriptions with Ethereum addresses.
ETHW ID has similar goals to DNS, the Internet’s Domain Name Service, but has significantly different architecture due to the capabilities and constraints provided by the Ethereum blockchain. Like DNS, ETHW ID operates on a system of dot-separated hierarchical names called domains, with the owner of a domain having full control over subdomains.
Anyone may, by following the rules imposed by these registrar contracts, obtain ownership of a domain for their own use. ETHW ID also supports importing in DNS names already owned by the user for use on ETHW ID.
Because of the hierarchal nature of ETHW ID, anyone who owns a domain at any level may configure subdomains — for themselves or others — as desired. For instance, if Alice owns ‘alice.ethw’, she can create ‘pay.alice.ethw’ and configure it as she wishes.
If you use a library such as the ensjs Javascript library, or an end-user application, it will automatically detect the network you are interacting with and use the ETHW ID deployment on that network.
What is $EID?
The most specific role of the EID token is for governance. Token holders can participate in the development and upgrade of the project. TLD holders will enjoy dividends in EID tokens
Users can communicate or propose with the ETHW ID community. A proposal needs to be backed by 100,000 tokens to be considered for voting.
Later this year, the ETHW ID community will vote on the ETHW ID constitution.
IDO Sale Details
Sale date/time: Friday 28 October at 7am-Monday 31 October 7am UTC
Amount to be raised: 1,666,666 LFG
Participation quota: 1000LFG~30000LFG 1 LFG=12 EID
Tokens to be sold: 20,000,000 EID (20% of total EID supply)
Method: Overflow (see below)
To participate in the IDO:
Before Sale:
- To prepare LFG, you can buy LFG with LFGSwap
- You need to hold Wolf of Wall Street NFT in your wallet
During Sale:
- While the sale is live at Friday 28 October at 7am-Monday 31 October 7am UTC, follow community media, connect your ETHW wallet, and follow the IDO process on the official website, commit your LFG tokens to buy EID tokens at https://app.lfgswap.finance/ido
After Sale:
- When the sale is complete, claim your EID tokens at the specified time and your unspent funds will also be sent back to you.
- Done! In the case of an overflow you can unstake your remaining LFG tokens.
- After the IDO ends, 30% of the $LFG raised will be burned; 40% added liquidity; 30% 6-month linear unlock to ETHW ID team
What is the “Overflow” sale method?
TLDR: Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent.
In the “Overflow” method, users can subscribe as much or as little as they want to the IDO, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will receive back any leftover funds when they claim their tokens after the sale.
Project Details
Project: ETHW ID (EID)
Website: https://ethw.id/
Max Supply: 100,000,000
Whitepaper: https://docs.ethw.id/
Twitter: https://twitter.com/EthwID
Telegram (EN): https://t.me/ethwid
Initial Allocation
- 72% (72,000,000 EID) for DAO Community Funding Pool
- 20% (20,000,000 EID) for Public sale
- 3% (3,000,000 EID) for Airdrop
- 5% (5,000,000 EID) for TLD Dividend Fund
(They will provide more information and update this release as it becomes available.)
About ETHW ID
The ETHW ID is a distributed, open, and extensible naming system based on the ETHW Chain.
About LFGSwap
LFGSwap is a community-driven organization built to solve what might be called the “liquidity problem.” One could define this problem as the inability of disparate forms of liquidity to connect with markets in a decentralized way, and vice versa.
SOURCE
https://medium.com/@lfgswap/ethw-id-eid-ido-to-be-hosted-on-lfgswap-f506057158f7
