Heir Token Sale FAQ
Below are answers to frequently asked questions regarding Heir's token sale. Should you have any additional questions, you may reach out to the Heir team via Intercom live chat or Telegram.
When does the HEIR token sale start and end?
Heir's token sale is scheduled to take place as follows:
White listing period: Begins 6/20 - beginning this date participants will be able to create Heir token sale portal accounts, and go through our mandatory know your customer (KYC) approval process. Given that the KYC process takes 24-72 hours, early submission of KYC information is highly encouraged.
Incentivized (discounted) Token Sale: Begins 6/30 and ends 7/29 (or sooner if all tokens allocated towards the incentivized sale sell out prior to 7/15). Less than 1% of all HEIR which exists will be sold at the incentivized rate of $0.08 USD per HEIR. The price of HEIR tokens will increase to $0.10 USD per HEIR during the public sale.
Public Token Sale: Tentatively scheduled to begin end of Q3, 2018.
How will the token sale be conducted?
We have narrowed down our token sale process to 5 very simple steps:
1. Create a Token Sale Account - Sign up for by visiting tokensale.heir.io
2. Complete KYC Verification - Submit an official piece of identification (examples: passport or driver's license) and a selfie of yourself holding your ID along with additional necessary information.
3. Create Your HeirWallet - Once you've gone through KYC approval, you will be able to create your HeirWallet. Your HeirWallet will initially be able to hold both Stellar Lumens (XLM) and Heirlooms (HEIR).
4. Fund Your HeirWallet - Post creation of your HeirWallet, you will be able to fund your wallet with Stellar Lumens (XLM), which you will use to purchase your HEIR tokens. Stellar Lumens (XLM) can be sent from any exchange where you currently hold XLM to your HeirWallet.
4. Purchase HEIR tokens - Once XLM has been deposited to your HeirWallet, you will be able to complete a purchase of HEIR tokens via the portal.
Will there be a discount for early participants?
Yes! Early token sale portal registrants participating with Stellar Lumens (XLM) will be eligible for our incentivized token sale. During the incentivized token sale, a very limited supply of HEIR tokens (less than 1% of all HEIR in existence or exactly 6,250,000 HEIR), will be sold at a discounted rate of $0.08 USD per HEIR, instead of $0.10 per HEIR. No additional discounts will be provided beyond this.
Why the discount? Heir is being developed using the Stellar blockchain platform. As a token of appreciation, we have decided to incentivize holders of Stellar Lumens (XLM) by offering a discounted price. The discount will be available on a first come, first serve basis until all discounted tokens have been sold out. All individuals are eligible to participate as long as Stellar Lumens (XLM) is used to make the discounted token sale purchase.
How do I participate in the incentivized (discounted) token sale?
Easy! If you currently hold Stellar Lumens (XLM) and sign up early for a Heir token sale portal account, you will be able to purchase discounted HEIR tokens at $0.08 USD/HEIR immediately after passing our know your customer (KYC) validation process. Note that discounted HEIR tokens will be sold on a first come, first serve basis. Due to the extremely limited quantity of discounted HEIR tokens being offered, early token sale portal sign up is highly encouraged.
Don't currently own Stellar Lumens (XLM)? No problem! Head on over to your favorite exchange where XLM is sold (examples: Binance, Poloniex, Kraken, etc.), and purchase the amount of XLM you would like to participate with. Note: XLM will be the only accepted currency during our incentivized token sale.
Is there a way to reserve discounted HEIR tokens?
Yes! The first 250 token sale portal registrants who pass through our KYC process, will have the ability to queue up an advanced purchase order of discounted HEIR tokens. Advanced purchase orders will be saved within our system, and executed immediately and automatically the instant our incentivized token sale goes live (June 30th at 6PM PST time). Advanced orders can be placed immediately following successful KYC approval within our token sale portal.
Should advanced orders be received for the entire amount of discounted HEIR tokens available (6,250,000 HEIR total) prior to 6/30, all advanced orders will automatically execute and the incentivized token sale will be considered complete.
What currencies will be accepted during the token sale?
Incentivized token sale: Only Stellar Lumens (XLM) will be accepted
Main public token sale: Stellar Lumens (XLM), Bitcoin (BTC), Ethereum (ETH) will be accepted. Additional cryptocurrencies may be added as well.
How much will HEIR tokens cost?
During our incentivized (discounted) token sale, 1 HEIR token will cost $0.08 USD. Less than 1% of all HEIR tokens (exactly 6,250,000 HEIR) in existence will be sold at this discounted rate on a first come, first serve basis.
During our public token sale, 1 HEIR token will cost $0.10 USD.
The USD to XLM, BTC, and ETH exchange rate will be locked in begining day 1 of our respective incentivized and main public token sales.
How many HEIR tokens exist?
1 Billion total HEIR tokens exist. No additional HEIR tokens can or will be created beyond this amount.
Are there any Country restrictions?
Due to specific U.S. State money transmission statutes/laws, individuals from the following States are unable to participate in Heir's token sale: AL, CT, HI, NY, VT and WA.
Citizens or residents of, or located in, a country or territory that is subject to sanctions or embargoes imposed by the United States or any other country are unable to participate in Heir's token sale.
What is KYC and why is it required?
To abide by specific laws and regulations, all individuals participating in Heir's token sale must undergo a know your customer validation process. Heir's KYC validation will be conducted through our Token Sale Portal, and will require all users to submit an official country or state identification (examples: Driver's License, Passport, etc.), and a selfie of themselves holding their ID.
The KYC validation process will take anywhere from 24-72 hours post submission of required information. Users will be informed of their KYC approval or rejection status via the Heir Token Sale Portal and through email.
Where will my HEIR tokens be deposited?
Post purchase of HEIR tokens, coins will be deposited to an individual's HeirWallet. HeirWallets are highly-secure Stellar network integrated wallets. Users are provided with both the public and secret keys necessary for complete ownership of their HeirWallet. HeirWallets are created as part of the token sale process via Heir's token sale portal.
How soon after participating will I get my HEIR tokens?
HEIR tokens are deposited to user's HeirWallets immediately after a successfully completed purchase. HEIR tokens will not be withdrawable or tradable however until post-completion of Heir's public token sale (tentatively planned to take place Q3 of 2018). Once Heir's public sale has concluded, user's will be able to do as they please with their HEIR tokens.