Have you considered joining ICOs but found steep minimum investment requirements?

PrimaBlock is an open-source app for investors on the Ethereum smart contract network. It has been a game-changer in the ICO space since it not only allows small-time investors to pool their funds in ICOs but bolsters a really simple user interface that anyone can use it as well. Today, I will share with you how to participate in a pool via Primablock.

Get an ERC20-Compatible Ethereum Wallet

If you don’t have one yet, I recommend signing up at MyEtherWallet. Once you have your wallet set up, you will be given an address for your Ethereum wallet.

This is the address that you want to enter on Primablock. Just search for the ICO you want to participate in and once you submit it, you’re going to see a disclaimer. You just have to click “Agree”, then you will see the following page:

Now, this is an open pool that is currently running. It says “Status: Open”. It will show you how much ETH you have contributed (I have zero at the moment). The Total Pool Value shows how much has been collected for the particular pool you’re looking at. The same page shows the maximum allocation for the pool. It also shows the minimum and maximum amounts that you can contribute. These are some quick information that you can check right off the bat.

If you decide to participate, you can just click “contribute Ether”. This will bring you to a page where you’ll be asked how much you want to contribute. Let’s try putting 1 ETH. Once we submit it, it’s going to give an address to send it to, an amount to send, a gas limit, and some data.

You need to put all of these into their respective fields on the MyEtherWallet page. So, the easiest way to ensure that you’re not going to run into any issues is to click the "MEW Pre-filled" link.

It will open up a MyEtherWallet Tab and you can choose your keystore file if you have one.

Once you’ve unlocked it by entering your password, you will see it pre-filled and ready to send with the same information from the PrimaBlock page. The next step is to click on “generate Transaction”, then “Send”.

Before clicking “Yes’ I am sure”, also see to it that you have an extra amount of ETH, enough to cover the gas needed for the transaction. It depends on the situation so you might also want to consider simulating the transaction prior to transferring funds to your MyEtherWallet.

How to get your tokens once the pool has been completed.

Once the creator of the pool has made the tokens available, you’re going to have a blue button that says: “Get my Tokens”. Here's a sample deposit into a last year’s pool. This is how I got my tokens.

The way Primablock works is: When you send off your Etherium, it snapshots all the deposits and it takes the percentage of their total for the pool. For instance, if we pooled and deposited exactly 100 ETH and I shared 10 ETH, I am eligible to get 10% of the total tokens sold to us by the ICO. This must include the bonus tokens since that percentage is always going to be the same based on the tokens are pre-filled.

You can see it gave us some pre filled out information. You can manually send this with metamask or you can click on this link at the top here. It will take you to MyEtherWallet and if that has already pre-filled data in for you, then you can connect your MyEtherWallet whatever you do, if you use metamask for your private key your Trezor. However you connect.

You will see that everything has been filled out for you. You can verify it but they have always transferred correctly, at least for me. Many of you, I think, are using MyEtherWallet, which I will also discuss in one of my future posts for those who are just going to get started.

Once the transaction is generated, go ahead and send it. You want to verify you’re sending a zero Ethereum transaction to the contract. It’s only saying “Hey, will you release those tokens to my address?” So, hit yes.

Here is the metamask popping up. Just submit it and away we go! We’ve got a transaction on the Ethereum blockchain. Just wait for that to confirm.

As you can see, the transaction is confirmed. It talked to the ICO contract which then talked to our Primablock pool contract, which then sent my portion of the tokens from our Primablock pool, to my personal Ethereum wallet.

If we take a look at MyEtherWallet, on Etherscan, there is the token showing up right there. Now, when I take a look back at Primablock, you can see the transaction, the token transfer. The “Get My Tokens” button is still clickable but if you’ve already gotten your share of the tokens, the transaction would just fail.

I hope this tutorial helped you to understand how Primablock works. Feel free to ask questions below.

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