The Vice Industry Token crowdsale is coming up on February 20. It represents the public’s chance to purchase VIT and take part in a revolution in the adult industry — the creation of an adult entertainment ecosystem in which everybody who accesses the platform will be rewarded.

Here’s how the crowdsale works. VIT uses Ethereum, a decentralized blockchain platform that runs smart contracts, to generate VIT proxy tokens to customers in exchange for ETH cryptocurrency paid out of customers’ Ethereum wallets.

It is important to note that buyers who want to participate in the VIT crowdsale MUST pay for their VIT out of an Ethereum wallet.

A digital wallet is simply a method of storing your crytptocurrency and/or crypto tokens. Certain kinds of wallets support certain types of platforms. In order to buy VIT, you need to have an Ethereum-compatible wallet and load it up with the amount of ETH you want to use to buy VIT. There are several different Ethereum-compatible wallets available. Buyers who attempt to purchase VIT using an Exchange or any other type of wallet or funding source will lose the currency paid, so it’s crucial to set up your Ethereum wallet before you try to buy.

VIT smart contracts

Sales of VIT are driven by smart contracts. These are applications that define the rules and terms of an agreement or transaction, as well as automatically enforce those rules. A smart contract ensures that a transaction occurs exactly as agreed without any middleman needed.

One of the smart contracts involved in the VIT sale is the ERC20 token, or the token contract. This governs the token itself, including managing transfers and other functions, based on globally agreed Ethereum-powered (ERC20) standards.

Another smart contract runs the sale itself. The VIT sales contract holds proxy tokens for buyers once the buyers’ ETH are paid. The VIT sales contract includes a unique refund functionality. After the crowdsale ends, buyers can either claim their proxy tokens, which are immediately released into the customer’s Ethereum wallet, or the buyer can request a refund, and the original ETH paid will be refunded back into the customer’s wallet and the refunded VIT tokens will revert to Vice industry.

While the refund function will expire on June 28, 2018, buyers will be able to claim purchased tokens indefinitely. After the refund contract expires, purchasers will also be able to redeem their claimed proxy tokens for the native Vice Industry Tokens from Vicetoken.com.
The refund function was introduced in order to offer early buyers the opportunity to use and experiment with the platform to ensure that the VIT network offers them value.

Looking for more details about Vice Industry and the VIT? Check out the whitepaper. Or join us in Telegram!