GENE token sale related FAQ
How can I buy GENE tokens
- Create an account at the token sale area on the official website
- You can pay with ETHEREUM, BITCOIN, BITCOIN CASH, LITECOIN, DASH and USD through wire transfer
- Get your ETHEREUM, BITCOIN, BITCOIN CASH, LITECOIN, DASH adresses (they are used only for you) in which you will deposit your payments
- If you chose to pay with a wire transfer an invoice with all the details will be generated for you to complete the payment
- After submiting your payment, the token sale platform, will show you the address balance. You can buy the GENE tokens by pressing the “BUY” button.
- Before you complete your buy, you will be prompted to enter the receiveing ERC20 ETHEREUM Wallet where we will send you the GENE Tokens instantly when you complete your buy transaction.
Which wallet should I use to store GENE tokens?
GENE is a ERC20 token issued on Ethereum blockchain. Token holders can easily store and manage their GENE tokens using existing Ethereum clients including official Ethereum wallet, Mist, Parity, MyEtherWallet.com, MetaMask. Please make sure that you use a ERC20 compatible wallet otherwise you will lose your tokens.
What is the gas limit?
What is the gas limit?
All transactions, from simple transfers to ICO smart contracts, require some amount of operations to perform. Each of these operations has an associated cost in gas. Thus, simple transactions like transfers will require less gas to perform than more intense smart contracts.
When transfering ETH from your wallet to the ETHEREUM Address provided by the token sale platform you need to add certain amount for gas.
The recommended gas limit is 150 000 GAS which cost 0.00000002 Ether (20 Gwei).
Can I participate in the ICO without creating an Ethereum address?
No, because GENE is a token issued on Ethereum blockchain, so you need to have an Ethereum address to receive and store your GENE tokens. You can use any Ethereum wallet: Ethereum wallet, Mist, Parity, MyEtherWallet.com, MetaMask or any other wallet where you have access to the wallet private keys.
Do not deposit Ethereum to the ICO using the cryptocurrency exchange account! You don’t own your crypto-exchange ETH address private key, so will not be able to access your GENE tokens!
What happens if I sent you funds or cryptocurrency after the Token Sale has ended?
In case the funds or cryptocurrency is credited to the wallet of the project after the actual end of the Token Sale, it will be returned to the sender’s wallet at the current exchange rate without conversion. What the user will receive back to his sending wallet address will be the exact amount of cryptocurrency reduced by the value of commission/gas for processing the payment.
How I can see my GENE tokens?
You can check you GENE tokens balance inside the token sale platform at https://tokensale.parkgene.io. The tokens will be distributed to the participants wallets (ERC20 compatible) after the ICO ends.
When we announce that the GENE Tokens are distributed to the participants, if you don’t see your token balance in your ERC20 wallet, you should add a custom token. In the address field insert 0x6dd4e4aad29a40edd6a409b9c1625186c9855b4d, enter the token symbol (GENE) and decimals (8). After that you should be able to see your balance.
What is the PARKGENE bounty program?
The PARKGENE Bounty program rewards all users who help us spread the word of our Token Sale and unique project around. It is based on creating unique referral links, for anyone who will register in our token sale platform, which can be shared electronically through social media etc. Every user who shares this personilized referral link will receive 5% bonus on the total amount of GENE tokens bought by their referred friends.
Anyone can participate in the PARKGENE Bounty program, whether they buy GENE tokens or not.
When will you pay for the bounty program?
Payments will be made within a week after the end of the Token Sale.
Is the GENE Token a Security?
GENE token is a digital/software utility product which is not a security and which does not provide any ownership rights. It is a way for you to book a parking spot on our website or mobile App.You can either buy the GENE in advance, or at the moment of placing an order for a parking spot listing from our marketplace.
What type of risks are involved in investing?
Holding a GENE Token is not an Investment in securities (ie shares or debt of a company). GENE Token is the payment mean for participating as a driver or parking owner in the PARKGENE Peer to Peer parking platform.
The overall demand and supply of GENE Tokens in the market will determine the underlying value against FIAT or other Currencies. Nevertheless this will not influence the actual price in FIAT that someone will pay for the parking.
Some of you may buy GENE Tokens with a view of investing towards a future appreciation of the GENE Token exchange values. Although this is not the primary scope of the GENE Token you are free to do it, if you wish.
To build wealth over time, investors need to accept certain levels of risk. The main general risks associated with investing are as follows:
- Investments risks
Market value of investments may go down as well as up, even if the quality of your investment remains the same. Past performance is not an indicator of future performance.
- Political risks
Factors such as monetary restrictions, war conflicts, coups and racial and national tensions create political instability in countries. Political instability can significantly influence a project’s ability to generate earnings.
Government economic policies of any country may lead to challenging macroeconomic environment for projects.
- Legal risk
Many countries don’t have the legal systems necessary for the proper and efficient regulation of digital assets. This may include the non-existence or limited functioning of Market Regulators, incomplete legislation and regulations pertaining to the crypto currency capital markets and no or limited investor compensation schemes. There is therefore a high degree of legal uncertainty as to the nature and extent of investor’s rights and the ability to enforce those rights.
Tax law and practice is not clearly established for crypto currency market and there is significant uncertainty as to the position of investors (local or international) in many Countries. It is possible therefore that a current interpretation of Tax law or practice may change or, indeed, that a specific Tax law may be changed with retrospective effect. An investor could become subject to taxation that is not anticipated when Investments are made and this could impact the overall investment performance.
- Liquidity risk
Market liquidity risk – is inability of financial instrument to be converted into cash in the shortest possible time without significant change in value or increasing bid/ask spread. This type of risk is interdependent to holding concentration risk.
Which citizens cannot participate in the PARKGENE Token Sale?
Everyone can participate in the GENE Token Sale. As said, GENE is not a security. It is a utility token used for P2P Parking services.
Can I Re-Sell the GENE Token?
GENE tokens have no expiration and it is up to you to decide whether you want to use it for park booking accomodation on our website/ App or to re-sell it at your own will to someone else.
is there Vesting model?
PARKGENE introduces the following Vesting model for the core team:
- 75% of GENEs is locked once Token Sale distribution has ended
- 50% of GENEs is locked after 2 months from Token Sale distribution
- 25% of GENEs is locked after 4 months from Token Sale distribution
- 0% of GENEs is locked after 6 months from Token Sale distribution
Despite the Vesting period limitations, all the development team, key personnel and founders have a strong relationship with the successful future of the business so we do not expect that they will dispose their tokens in any way that could create problems to the GENE market value.
How will PARKGENE store the raised funds?
PARKGENE will use a multi-signature wallet to store the raised funds.
PARKGENE business related FAQ
Why will PARKGENE accept Fiat Currency? Isn't this in conflict with decentralized economy?
Fiat currency will be accepted only as a mean for GENE purchase on the PARKGENE market, and will immediately be converted to GENE. The decentralized PARKGENE ledger will function solely with the native GENE token. Fiat is accepted only to provide an easier way for inexperienced users to directly purchase the digital token on the marketplace at the time of the park booking (instead of going through an exchange and buying Ethereum first). The decentralized backend/engine that handles the bookings, and all transactions between clients and hotels will operate solely in GENE.
What is the legal structure of PARKGENE project?
PARKGENE Ltd is incorporated in Singapore with the representative office in Athens (Greece).
What are the guarantees that everything that you declare in the White Paper will be implemented?
It is in our interest to implement everything according to the Roadmap, since we analyzed, planned and compiled Roadmap. All projects and tasks in the Roadmap are the result of the accumulated need for each of them. We will implement all the goals in any case, but with a successful Token Sale we will be able to do it much faster, and at the same time we will help all our partners and participants of crowdsale to earn and succeed from our unique approach to a common problem (parking in cities) which everyone is faceing on a daily basis.
What do you already have?
PARKGENE has clonned the PARKGURU Technology to create its own version of Peer to Peer parking booking but has also expanded it by the addition of smart sensors,, remote controls and Artificial Intelligence algorithms to make PARKGENE unique in its kind. Additionally the implementation of cryptocurrency payments and GENE Tokens is already in development and expect that will be released no more than 1 month after the end of the Token Sale
In wimple words, we are ready!!
There are no operational or technology risks in achieveing what we have disclosed in our White Paper.
How can my garage be available to the guests when I am not there to open the door?
PARKGENE has already thought about it.
Lets start from the user experience. When the driver comes close to your garage door it requests access by pressing a button in the app. The PARKGENE platform checks the driver location and if he is very close to the garage door it presents him with an open / close button within the app. From there the driver opens the door and parks his car. On his way out, he presses the close button and closes the garage door. The same applies when he comes to pick up his car and leave the garage. On any event, you are notified and you can monitor the entrance/ exit from your mobile phone and through the PARKGENE App.
To smake things so simple, PARKGENE has developed three technologies.
- The PARKGENE Internet Door Opener (PIDO) which is a device that connects to any garage door and through your internet connection you can control your garage door from your mobile phone. This will be sold at a very low price (approx $29) in order to help all our users turn their home garage into a parking spot that works with PARKGENE. The PIDO can work in parallel with any other door openner the garage owner has.
- The PARKGENE Video Cam (PVCam). The PVCam is optional for owners that want to see whats going on inside their garage. It transmits the video stream to the owners phone and stores it on the cloud for future use. The PVCam will be sold at a very low price (approx $49) and it is totally optional.
- The PARKGENE API to connect to existing – internet controlled – garage doors, available in the market today. Partnerships with world class garage door opener manufacturers such as Chamberlain, Nortec and others will be exploited in the future. PARKGENE API also works with surveillance cameras/ video cameras to grab video stream and trasmit it to the garage owner phone, so he can check what’s going on inside his garage from the parking guest.
What is the PARKGENE Future Fund?
PARKGENE Future Fund will initially hold the 40% of the total issued GENE Tokens (i.e. 400,000,000 GENE Tokens). The fund will use the tokens to achieve its Future goals towards becoming the Global Leader in P2P Parking market. Some of the ways that the PARKGENE Future Fund will use these tokens are
- Secondary Token Sales
- Acquisition of companies / technologies related to PARKGENE’s development
- Payments for services rendered toward PARKGENE’s development
- Short & Long term investments in Industry related projects
- Additionally PARKGENE Development Fund will be entitled to donate up to 1% of its total Token deposits towards the PARKGENE Charity Fund.
The Future Fund will make official announcements on when and where GENE Tokens have been used. The announcements will be made at the PARKGENE’s Web Site at http://parkgene.io
What is the PARKGENE Charity Fund?
PARKGENE Charity Fund will initially receive any unallocated GENE Tokens from the Bounty Program after the Token Sale completes. Additionally it will receive remaining award tokens from parking smart contracts which have not been fully utilized after 1 month from their completion (functionality of the PARKGENE Smart Contract). The Charity Fund may also receive donations from 3rd Parties, including any donations available from the PARKGENE Development Fund.
PARKGENE Charity Fund will donate up to 5% of its assets on a yearly basis to charitable purposes related to the Parking and Automotive industry. These purpose could include
- Academic Research and Development
- Donations to institutions / organizations who have an involvement with the Parking
- Automotive Industry
- Sponsorships and awards in events related to the Parking / Automotive Industry
PARKGENE Charity Fund will make official announcements on when and where GENE Tokens have been used. The announcements will be made at the PARKGENE’s Web Site at https://parkgene.io