/ Blockchain

What Is Primablock And How Can You Use It?

What is Primablock?

Primablock is an open-source application tailored to investors who use Ethereum smart contract network. Investors -- like many readers of SuperChillin -- pool their money in a special wallet called a pool, Once the goal is reached, each investor gets a percentage of the ICO in the form of tokens.

**How does primablock work?
**

Primablock works by managing the ICO pools by providing necessary tools to handle the remittance and accounting of the work involving pooling funds from investors. It basically keeps track of every pool you have invested in and gives you extra tools to support you.

**What are pools in primablock?
**

A pool in primablock is a collection of investor funds, grouped together with the sole purpose of investing in the private sale of an Initial coin offering. Everyone pools their money as one entity to participate in an ICO and everyone splits the tokens according to how much they invested.

ICO primablock

Primablock, how to get tokens?

Get an ERC20-compatible Ethereum wallet at MyEtherWallet. After setting up the wallet you will receive your ethereum address and will be able to get ethereum tokens there.

How does primablock allocates tokens?

Primablock splits the tokens according to how much money each individual has contributed (with a small % commission for the pool) so if you contributed 0.9% worth 4 ETH you will get 0.9% of the tokens which could be 5,200 Tokens.

How to use primablock?

In order to use Primablock You will need the following 1): Get an ERC20- or ERC223 compatible wallet 2) Ethereum cryptocurrency min 0.01ETH 3) Internet connection

STEP 1: Click on the contribution link that was given to you by the pool creator.

STEP 2: Click the “Contribute Ether” enter the amount of ether you want to contribute as long as it’s higher than the minimum amount per contributor. Once your deposit has arrived, you can make additional deposits of Ether even lower than the minimum per contributor.

Alternatively

STEP 1: Sign up on primablock using your email address or ethereum address

STEP 2: Search on primablock for ICO pools you want to participate in

Step 3: Contribute ETHER

Primablock Claiming and investing

How can I invest in zero primablock?

You cannot invest in zero primablock as it doesn’t need any more operating capital and will not accept investments in the company.

How to claim primablock auto distributed tokens?

Step 1: Go to your dashboard or click on the pool link you were provided with

Step 2: On the right side of the dashboard Navigate the “Auto Distribution” and make sure it’s on for this to work “

Step 3: All tokens will distribute automatically to contributors wallet.
This is the only how to claim tokens via primablock automatically method.

primablock-superchillin

Accounts and Withdraws

**How long does payout to fund take with primablock?
**

Once the maximum amount of Ethereum has been “pooled” that’s when contibutors will receive their tokens.

**How to withdraw ethereum from primablock?
**

Withdrawing ethereum is actually very easy!

Step1: Click on Enable refund
Step 2: input your Ethereum address
Step 3: Send 0 Ethereum transaction to enable refund
Step 4: Confirm Refund transaction.

Can you withdraw to different wallet address from primablock?
Yes, you can withdraw to 3 different types of ethereum wallets and unlimited addresses

**How to withdraw from a pool on primablock?
**

You can withdraw while the pool is open. Just use the link of the pool you were given or navigate to the pool on the dashboard and click on the “Withdraw” contribution any you will be credited your ether.

Primablock how to withdraw tokens

How do I get my tokens off of primablock?

Step 1: Got to the dashboard or the contribution link that was given to you. Find the Claim My tokens button. If the button is dark blue, you can withdraw.

Step 2: Send a 0 ETH transaction to the smart contract which will move the tokens from Primablock to your wallet.

Step 3: Hit that submit button!

Can i use the same creator address to deposit funds to the primablock?

No, you need to switch wallets which can be done on the Dashboard. Navigate to the top right “Creator” widget, click on it, then change wallet.

how to send funds as creator on primablock

Step 1: Go to the Dashboard
Step 2: On the top right corner click “CREATOR”
Step 3: Change to “contributor”
Step 4: Send funds as a form of contribution

Primablock fees

The fees are now standing at %0.5 pool creator fees

Do I need a separate address to contribute to primablock?

Yes, you need a separate address to contribute as well as to switch modes.

Contracts and Pools

is there a way to check how many pools i was in with primablock?
Yes, there is! All the information regarding to the pools you’ve participated in can be found on the dashboard. You can also track how many pools you are currently in as well.

how to deploy contract for primablock

You need to contact Primablock if you wish to deploy or use the smart contract outside of the Primablock Website.

Tax

How do you report taxes from primablock?

The best way to file for cryptocurrency related taxes is to use TurboTax

Step 1: Calculate capital gains or losses
Use softwares such as beartax which automatically calculates gains or losses using API technology.
Step 2: Export Capital Gains/Losses Data to Turbo Tax
After generating the report, download the CSV file by clicking on “5. Download Tax forms tab under calculate Gain/loss

Step 3: Got to TurboTax to file taxes
Once you fill in all the necessary information you will reach Crypto section by typing in” crypto” and then selecting “jump to crypto”

Within Crypto section: select the cryptotax platform you used to prepare crypto data and then upload the CSV file you downloaded from BearTax.

From there, TurboTax -- a favorite of SuperChillin -- lists all the taxable transaction and proceed….

Other

Additional information can be found on primablock faqs

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