Getting an Wapp's tokens is just a matter of sending ETH to its contract address and having the tokens returned automatically. The holder would then become a participant in its economy, with a share of holder rewards every pay period.
The following is an example of how tokens were obtained for an Wapp.
I found information on the Wapp from a reliable source.
Note the Wapp's basic settings, such as the minimum and maximum amounts that can be obtained, and frequency of pay periods (e.g., every 7, 14, 30, 90 days, etc). If you know how to interact with contracts using MEW or another tool, here are functions you can call in the Wapp to find out its settings.
It's also best if contract code is visible and verified with a green icon, like in this example on Etherscan and not a contract that can't be read, like this example. A Wapp contract that can't be read probably shouldn't be trusted, though it's also important that it is using standard Wapp code.
For settings in a standard Wapp, click here
- Length of pay period
- Number of pay periods that a worker's tokes are distributed over
- Starting rate or price of the Wapp ("genesis price")
- The minimum number of tokens you can obtain
- Number of transactions this minimum applies for
- Maximum number of tokens that could be obtained in any one transaction
- Minimum number of tokens that can be added by a worker
- Total token supply
- Name of the Wapp
- Symbol of the Wapp
- Number of decimals (18 is the default)
Now I need to go to MyEtherWallet, login to my account (or create a new one if I don't yet have one).
If you're joining a Fantom-based Wapp and want to connect to its network, click here
Once I've accessed my wallet, I can change the network from the top right.
I then want to add a custom network/node.
Change the settings...
I can then confirm that I'm connected to the proper network.
Note: If you don't already have Fantom tokens for the the Opera network ('CUS', in your MyEtherWallet account) then exchange your ERC20-based Fantom tokens here.
After clicking 'Send' on the right, an amount of ETH was sent to the Wapp. If more ETH is sent to the Wapp than is allowed, the remainder will be returned to the sending address. If you send 0.00001 ETH or less, it will be retained by the contract. (Note that in Etherscan you would see this in the internal transactions section.)
Wapp tokens were automatically returned to my address.
Each Wapp has two addresses. The 'contract' address and the 'token' address. When adding the Wapp token as a custom token in MyEtherWallet, for example, you'd enter the Wapp's contract address. However, you'd send ETH to the token address.
Now that I have the Wapp's tokens I have 3 choices (see #5A, 5B, and 5C)
Keep the tokens and receive distributions of tokens from workers at the end of each pay period. The greater the percentage of the Wapp's circulating tokens I own, the greater the percentage my reward distribution will be.
Before I receive my reward distribution, I need to approve of the work performed by the Wapp. This is done by adding the first digit of my wallet address and the number of the day of the month. I then will turn this into an ETH decimal value by adding seven zeros in front of this number.
If my local date is November 5, for example ("5"), and the first digit of my wallet address is "2" then I will send 0.00000007 ETH to the contract address to sign for my distribution, automatically receiving whatever is due. (Note that there is no need to worry about timezones.)
As a holder, there is no time limit for approving of work. If I missed 83 pay periods and sign for the next, for example, I am approving of the work done in the current and all previous pay periods. (However, workers must approve of the period before the end of the following period.)
Please note that any value sent less than 0.00001 will be retained by the contract, as it meant to represent a work block approval.
Validate workers. If I want to reward a worker so that he is incentivized to provide more value to the Wapp, I could simply send a portion of my tokens to the contract address of the worker's PDC I received. When I send the Wapp's token to them it does not go to the worker directly. When I validate a worker, it simply means that I am increasing the weight of the worker's reward distribution at the end of the current pay period.
How To Validate a Worker
If a worker added his PDC tokens, for example, and I appreciated being rewarded with them, I could provide an incentive to the worker that added to them to the Wapp. Sending just 10 of the Wapp's tokens could, in theory, provide the worker with a work reward worth hundreds of thousands of dollars if the worker is validated more than others.
To validate a worker, I would send any amount of Wapp tokens to their PDC.
On Etherscan I can just see what tokens my address has received from the Wapp.
I click on the down arrow, then click on their PDC token in the list. This takes me to their PDC token page.
When I send any number of the Wapp's tokens to this contract address (as shown above) they will act as a 'vote' for the worker that have added them. The tokens will not be sent to their PDC, but will be re-routed back to the Wapp and rejoin its available supply.
Request a refund. At any time I could interact with the contract to request a refund of what I put in. If the Wapp has an available supply before I send them back and I receive a refund, it will be at the same rate that I got them at. If the Wapp does not have an available supply, it will be at the current rate in order that new holders may join the Wapp. (Note that not a;l Wapps will have this feature, however. If it does, it is not 100% guaranteed. Participants should not expect refunds when joining a Wapp, as they are scheduled to receive continuous rewards at the end of every pay period.
How To Send Your Wapp Tokens Back to the Wapp
In order to submit an automated refund request to the Wapp, you must interact with its contract. This can be done from MEW by clicking on the 'Contract' drop-down, then 'Interact with Contract'
First, enter the token address for the Wapp. This is the address you used to add it as a custom token in MEW. It is not the address where you sent your ETH to get tokens. (Don't worry if you make a mistake, though.)
Then, enter the ABI code for the Wapp token. You can find that here. Just copy and paste te text into the 'ABI/JSON Interface' box. then click the 'Continue' button.
In the 'Select an Item' drop-down, click 'Approve' (2nd one down).
In the 'Spender (address):' box, enter the contract address. (This is the address that you use to get tokens.)
In the 'Value (uint256):' box, enter the number of tokens that you want to receive in a special format called wei. Go here to convert the value of the number of tokens you want refunded to wei. (Leave this page open, though, as you'll paste the number again later.)
In this example, I want 100,000 tokens refunded. So, I will enter '100000000000000000000000' into the 'Value (uint256):' box on MyEtherWallet.
Then click the 'Write' button and check on Etherscan for its confirmation.
Once the transaction is confirmed, I then need to perform the last step of the process. I click on 'Interact with Contract' again and enter the contract address (which is diffrent from the address you entered before; this is the address you would use to obtain tokens).
In the ABI section, I enter the code from here and click the 'Continue' button.
In the drop-down I search for 'remuneration' (7th from the bottom) and enter the same big number I used before. Then I click the 'Continue' box.
Once confirmed, my Wapp tokens should be deducted from my wallet and I may have the ETH refunded (minus a small amount of gas to send the transaction) as long as there is enough value in the Wapp to process the refund. And again, refunds are not guaranteed and holders should not expect them.
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