In May of 2019, XYO promised a large token distribution to the XYO FHR in Q4 of the same year. This would be a benefit for those who helped found XYO Network by being among the first token buyers, who purchased XYO tokens directly from XYO, and then held them to help XYO retain its utility and value.
That promise has been fulfilled with the FHR dapp, a decentralized application that allows founding token holders to get a slice of our biggest FHR reward ever.
But you might have some questions, which is where this article comes in.
Q: My FHR wallet address is being rejected as an FHR address. What can I do?
A: The first version of the FHR Token Distribution dapp was case-sensitive, meaning that wallet addresses had to be entered in all lower-case. We fixed it almost right away, but some people still get the old version of the dapp. If you're still having this issue, please just convert the case of your FHR address to lower-case and it should go through just fine.
Q: Why doesn't XYO airdrop XYO tokens directly into each FHR wallet?
A: Because not every FHR wallet is still secure and owned by the person who actually purchased XYO. Unfortunately, XYO has been informed by many FHR members that their ERC20 wallets have been compromised, and we can't airdrop large amounts of XYO tokens into lost and stolen wallets. By allowing FHR members to opt in, we ensure almost all of the XYO tokens go to XYO customers.
Q: Who pays for gas (transaction fees)?
A: The user (you) will need to pay for the gas. We don't expect it to be more than a few cents USD, basically pocket change for most users. Making the dapp work this way is both more practical from a technical standpoint and cost-effective for XYO.
Q: Can I change my FHR address?
A: We're very sorry to say... you can't. FHR membership is identified exclusively by wallet address, which means that the only identifying information for the FHR is the compromised wallet, itself. We can't change the wallet addresses in the FHR for the security of the users who are still using those wallets.
Q: How can I become a member of the FHR?
A: The FHR isn't accepting new members. Either you bought XYO tokens from XYO during the first token sale or the Gamma token sale, or you can't be a member of the FHR. (If you did, you're automatically a member and your wallet address is your identification.)
Q: I lost my wallet after I got my XYO token reward! Can I get it replaced?
A: XYO can't replace XYO lost due to wallet theft, loss, or other security compromise. Wallet owners must ensure their wallet's security, unfortunately XYO can't insure users' cryptocurrency.
Q: I accidentally used the wrong address and used ETH to send the transaction. Can I get reimbursed?
A: XYO can't reimburse lost gas or XYO tokens. Please be sure to use the correct wallet address.
Q: What determines how much XYO each founding hodler gets?
A: It's a simple formula of how much XYO each user originally purchased, how much XYO they still hold, and how much XYO was available in the reward pool to begin with. Each user has a designated slice of the pie, and they can claim the maximum possible slice by holding at least as much XYO as they first purchased.
To be more specific, the number of tokens each user is entitled to is the same percentage of the token pool as the percentage of tokens they purchased in the first and second token sales. And then what they receive from the pool is based on the percentage of XYO they currently hold in their FHR wallet as opposed to what they originally purchased.
For example, using simple figures, if someone bought 100 tokens, which accounted for 10% of the tokens sold during the token sales, they would be eligible to receive up to 10% of the FHR Token Distribution pool. If they only held 50 tokens, they’d be eligible for 50% of their possible reward. If the token distribution pool was 200 tokens, they’d be eligible to receive 10 tokens with their current holding and 20 tokens if they fully redeemed, meaning they held 100 tokens or 100% of their original purchase or more.
The token pool is the tokens that were unsold during the GAMMA (second) token sale, a total of 340,144,773.44 XYO. Users who hold the total amount of their original purchase or more will get a redemption of a little more than 8.3% of what they originally bought.
If you're not sure how much XYO you're due, the FHR dapp will calculate it for you before you redeem your rewards. Check it out.
Q: What the heck is a founding hodler?
A: Hodl is a cryptocurrency term meaning "hold," based on a common typo. It's someone who keeps their cryptocurrency rather than quickly buying and selling it. XYO founding hodlers are the people who bought XYO tokens directly from XYO and, in doing so, helped found XYO.
Q: What is an FHR wallet and how do I get one?
A: FHR just stands for Founding Hodler Registry, it's not a unique kind of wallet. Your FHR wallet will be the ERC20 (Ethereum token) wallet you used to receive your XYO tokens when you first purchased them, as long as you purchased them directly from XYO during one of our first two token sales. ERC20 wallets include MetaMask, Trust Wallet, My Ethereum Wallet, and many more.
Q: What is a Web3 wallet and how do I get one?
A: A Web3 wallet is a type of cryptocurrency wallet you can use with a web browser. For desktop computer users, we recommend MetaMask. For mobile users, we recommend Trust Wallet. Both are free, and full instructions can be found on the FHR dapp.
IMPORTANT: Trust wallet app for iOS no longer supports a dApp browser.
The App Store for iOS devices no longer permits Trust to include a dApp browser, as of version 2.708. If you already have Trust, you may want to avoid updating the app until you've had a chance to redeem your rewards. If you do not already have Trust, or if you have already updated, you will need to use a different Web3 wallet, such as MetaMask with Chrome on a desktop operating system.
Q: So that means that all the XYO tokens probably won't be claimed. What happens to the remainder?
A: It stays in the smart contract that distributes the XYO forever. It's locked, and in theory reduces the overall supply of XYO. It's something like an open-ended token burn, but with the advantage that the users who are entitled to the tokens as FHR members will always be able to claim them. The dapp makes it much easier to do so, but even if XYO were ever to remove the dapp, since the smart contract is decentralized, the tokens will always be able to be claimed by their rightful FHR members.
Even if ten years from now someone suddenly found out they had XYO tokens waiting for them, they could still get them through the Ethereum blockchain.
Q: What if I've moved my tokens out of my FHR wallet, but I still have them?
A: As long as your FHR wallet is secure and owned by you, you can move them back and claim yourreward. You won't get extra for having more tokens than you originally bought, though. (If your FHR wallet has been compromised, don't use it!)
Q: My tokens are staked on the XYO Ethereum Diviner (AKA Matrix). How do I get my FHR reward?
A: No worries, the smart contract is here to stay and your rewards won't drop over time or as more people claim them. As soon as you can unstake and withdraw your tokens from the diviner, you can put them back in your FHR wallet and claim them with the FHR dapp.
Q: I have an FHR wallet and I bought tokens in the original token sales, but I sold my XYO. Can I still get FHR rewards?
A: You can only claim rewards if you have XYO tokens in your FHR wallet. The number of tokens you originally purchased determines the number of tokens you're eligible for in rewards. The percent of the tokens you currently hold in your FHR wallet determines the percent of your potential rewards that you'll receive. One hundred percent of the tokens you originally bought means one hundred percent of the possible rewards, and conversely, zero of the tokens you originally bought means zero rewards.
Q: If I buy XYO tokens and put them in my FHR wallet, will I get rewards for holding them?
A: Up to 100% of the total number of tokens in your original purchase(s), yes. (There's no differentiator between an XYO token that's been held and one that hasn't.) No one can get more than 100% of the designated rewards for their purchase, though. If you already have all of the XYO tokens you originally bought, you won't get extra rewards for buying more.
Q: I got my token rewards and then put my wallet address back in and it said I had more. Why do I have more available?
A: Additional tokens will increase your possible rewards, up to 100% of your initial purchase. If you continue to redeem rewards, you'll find the rewards diminish every time, but the dapp will continue to pay out in tiny increments. We don't recommend you continue redeeming rewards after the first issuance as the gas for the transactions will be far greater than the returns.
Q: I opened the FHR dapp and a pop-up for Portis appeared. What's Portis?
A: Portis is a Web3 wallet like MetaMask and Trust Wallet. It doesn't require an external extension or app. The FHR dapp will suggest it if you're not using another Web3 wallet. We use Portis as an automatic default so that people who don't want to or can't use Trust Wallet or MetaMask have an easy-to-use solution that can be used directly from the FHR dapp.
Getting a Portis wallet is as easy as submitting your email address and password when prompted. To add ETH to Portis so you can use a Portis wallet for gas:
Open wallet.portis.io via your web browser. Log in or create a wallet if prompted.
Use the wallet address or QR code to send ETH to your Portis wallet from your usual Ethereum wallet, or to send it from an exchange to your Portis wallet. Our favorite exchange is KuCoin, and you'll find a tutorial on how to withdraw here.