Resoled Yeezy Drop Rules
How will the Resoled Yeezy Drop take place?
On Friday 27th November 2020 (Black Friday) at 2.30pm (GMT) via instagram live at www.instagram.com/resoled.app (@resoled.app) the following will happen:
1. We will display a randomly generated number between 5,000 and 30,000. This number will be the amount of SOLE that must be sent to our Ethereum wallet address.
2. We will then display our Ethereum wallet address.
3. The first 10 wallets that send the displayed amount to our wallet address will be able to select ONE pair of Yeezy's displayed on our instagram post @resoled.app regarding this competition.
4. The competition window will be open for 30 minutes or sooner if the 10 winning transactions take place before then.
What does 'Decentralised Currency' mean?
A decentralised currency is a type of money that has a fixed total supply - meaning that nobody can create more of it.
Will you ship the Yeezy's to anywhere?
If you win, we will contact the email address of the winning Ethereum wallet address and ask for shoe size and shipping address details.
Why advantage do Decentralised Currencies have over Fiat Currencies?
Fiat currencies' total supply are not fixed but are determined by a central bank (i.e. Bank of England). This means they have the ability to print more money. The problem with this is that it can result in a drop in a currencies 'Purchasing Power.'
Put simply, 'Purchasing Power' is based on public opinion and is based on the economics of Supply vs. Scarcity.
As every hypebeast knows: there is more value in owning something only a few can obtain than something everyone else has. If there is too much money supply, its value is lost - whereas if there is a finite supply than value is maintained.
Decentralised currencies total supply cannot be increased once the supply is set.
What are the different Early Bird Discounts about?
There are 5 discount stages for you to purchase the SOLE credit.
Early Bird Discount 1 is the cheapest and Early Bird Discount 5 is the most expensive. In the future we will be selling SOLE credits for £1.50 each.
First come, first serve.
Can I enter more than once?
The only stipulation is:
1. You must send the EXACT amount specified by the randomly generated number. Anything over or under will result in the entry being disqualified.
2. Any SOLE sent must be from different wallet addresses - for instance, you cannot send multiple transactions from the same wallet. It is one entry per wallet.
What will happen to the SOLE I send if i'm unsuccessful?
The window to send SOLE to our address will be 30 minutes maximum - or may end sooner if the 10 winning transactions take place before then.
If it ends sooner we will announce via the instagram live.
Any SOLE we receive outside of the 10 winning transactions, within the competition time, will be returned to sender. Any SOLE we receive outside of that will not be sent back (as each transaction incurs a fee to us).
This way you will be able to use the SOLE again to enter future Resoled Drop Events.
What are SOLE Digital Wallets?
A SOLE digital wallet is an Ethereum wallet that accepts ERC-20 tokens.
We recommend using either Trustwallet or Atomicwallet, both of which can be downloaded from either the Apple appstore or Google Play.
What happens if I lose the password to my SOLE digital wallet?
When you create your digital wallet, you will be shown a seed phrase - that ONLY you will know.
You MUST store this in a safe and secure location for 2 reasons:
1 - If somebody else finds this seed phrase they will be able to unlock your wallet and steal your SOLE and it is impossible to reverse this action.
2 - If you forget the password to access your wallet, your seed phrase enables you to open the wallet and reset the password. If you lose the seed phrase, it is impossible to open your wallet and any SOLE held there will be lost forever.
How much does it cost to send SOLE?
Sending SOLE incurs a small fee of the Ethereum (ETH) digital currency. It can range anywhere between a few cents to a few dollars - it is entirely dependent on how busy the Ethereum network (who process the transaction) is.
This transaction fee is called 'Gas' - and the higher you set your gas fee, the faster your transaction happens. This could give you an edge over others competiting.
How do you choose the winner?
There will be a guaranteed 10 winning wallet addresses.
To select the winners we will go by the transaction time recorded on the Ethereum blockchain and visible at https://etherscan.io.
First come, first serve.