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Build Acala #1 FAQ

GENERAL

What is Build Acala?

For more information on Build Acala, please visit info.acala.network.

Who can participate in the Build Acala Event?

This is not a public event. This is for Acala community members only. A list of marked registrants will be allowed to purchase up to their individual caps. Participants are marked based on their level of community contributions and involvement, as well as anti-sybil detection during the registration process.
Due to overwhelming interest in the event, if you are not able to participate, as long as you are registered, you will be contacted via email for future updates and events.

Is this an ICO?

No. The funds raised are not for the Acala Foundation nor the team. All proceeds will be converted to DOT and contributed to the Acala on-chain Treasury upon mainnet launch. It will help bootstrap Acala Treasury, which can then be allocated to the decentralized Sovereign Wealth Fund (dSWF) for use cases like providing liquidity to DeFi protocols, ensuring stability for the Acala Dollar, and sustaining the network through development and operational initiatives like obtaining future parachain slots, and supporting grants.

How do I participate in Acala’s governance?

Anyone can become a part of Acala’s governance by holding ACA tokens.

How can I get ACA?

There are three main ways to obtain ACA:
    1.
    Participate in Acala parachain auction, lock/bond DOT in the crowdloan module on Polkadot to support Acala's bid for a parachain slot. In return, ACA will be airdropped upon Acala network launch based on participants' level of support. This is the main token distribution event for Acala, at least 11% of the total fixed supply will be distributed this way.
    2.
    After the mainnet launch, there're liquidity programs to incentivize usage of Acala's DeFi protocols: staking DOT through the Liquid Staking protocol, providing liquidity to AMM DEX, minting stablecoin will all qualify for liquidity rewards in ACA. A total of 6% of the total fixed supply will be distributed this way.
    3.
    Contribute to Acala Treasury via the Build Acala Event in exchange for ACA. The proceeds will be contributed to Acala’s on-chain Treasury then be allocated to the decentralized Sovereign Wealth Fund (dSWF) to bootstrap liquidity, ensure the stability of Acala Dollar, and sustain the long-term operation of Acala such as bidding for a parachain slot. The Treasury is essentially value-under-management by the Acala network governance. Read more here.
Join our newsletter and participate in future events: http://linktr.ee/acalanetwork.

How is the price calculated?

BTC is the accepted payment token for logistical reasons. It'd be ideal if we can accept DOT, but unfortunately, we are not able to for this event.
For predictability's sake, on the day of the contribution event, at the start time, a DOT/USD price will be set and remain unchanged for 24 hours, which will then be converted to BTC using live oracle feeds when you proceed with payment. BTC/USD oracle feeds are updated every hour on the hour. Please make payment as soon as possible as changes in BTC/USD Exchange Rate may affect your Purchase Amount and the number of ACA tokens you are requesting to purchase. Read more on the contribution process and payment process here.

PRE-EVENT & REGISTRATION

What is the invite code?

The invite code was a private code given to our community members. Please follow the Acala newsletter and social channels for future updates on Acala’s DeFi products and events. There is only one code.

What do I need for Pre-registration?

    A DOT public address
    A proof of address - Utility or bank statement issued within the last 3 months
    A valid Government ID

Why do I need to enter a DOT address and how to get a DOT address?

Polkadot addresses are structured so that one public/private key pair allows you to generate addresses for any network in the ecosystem, such as Polkadot, Acala, and Karura. For this Build Acala event, you will use your DOT address in the DOT display format to receive ACA and KAR. Please enter your DOT address below.
Format: Your DOT address should start with a 1
WARNING: DO NOT use an exchange account (e.g. Binance), do NOT use a Ledger account, do NOT use Parity Signer, do NOT use any mobile wallets besides Polkawallet due to technical issues with other wallets. If you use any of these types of accounts, you risk your ACA being sent to an account that you will not be able to access. We recommend ONLY using accounts generated from the Polkadot{js} extension (desktop) or Polkawallet (mobile).
Option 1) I have a DOT address: Please review the warning above and see this guide to confirm your DOT address is in the correct display format.
Option 2) I need a new DOT address: DOT addresses should only be generated from the Polkadot{js} extension (desktop) or Polkawallet (mobile). Please see this step-by-step guide for how to set up a new account with the Polkadot.js extension or Polkawallet (mobile).
To get a Polkadot address display format on Polkadot{js} extension, go to 'Settings', then select 'Polkadot Relay Chain' in the 'Display Address Format for' dropdown. All addresses should be changed to start with '1' except the ones that are only used for a particular chain.
We can deliver both ACA and KAR to this account.

Does my DOT address need to be active (at least 1 DOT in the account)?

No, any DOT address from Polkadot.js or Polkawallet will work, regardless of DOT balance.

Can I change my DOT Address?

You can update your DOT address until 23rd May 2021.‌ We will distribute KAR and ACA to this address, so please make sure you have read, understood and followed this guide so that your DOT address can be used to receive KAR and ACA.
You can update your DOT address by logging onto the event platform, going to your profile, the Account Information section to change DOT address.

Why do I see ETH Address?

Please contact us if you see this, we will need to forward it to the service provider. This issue has been resolved. You can change DOT address under Account Information

What if I already have an account with the registration platform from a previous event?

Please sign in to your existing account and complete your KYC verification. An invite code is not required for existing accounts.

What happens once pre-registration is closed?

Once pre-registration is closed, no new community members will be allowed to register. Those who have registered are able to log back into their account and complete KYC. Registrants who have not yet completed verification will still be able to submit for KYC until 11:59 p.m. UTC on 12th April 2021.
All KYC will be processed before the contribution event starts.
If you have already registered and completed KYC, then you will be contacted for the next step if it becomes open to you.
Subscribe here to be notified for future Build Acala events.

VERIFICATION & KYC

Verification & KYC Final Update

We are informed that all registrants have been processed at around 11:30am UTC, and every single manual review has been completed. There are three categories: Verified / Failed / Incomplete.
Verified: You may participate in the Build Acala event.
Failed: You will not be permitted to participate in this and future Build Acala events. Read more here.
Incomplete: KYC submission closed on 12th. KYC was not submitted in time or some of the information submitted was inaccurate or incomplete: Under normal circumstances, you would receive a ‘Failed’ status and would not be able to participate in this and future Build Acala events. However under careful evaluation and consideration, while you will not be able to participate in the Acala Build Event on Friday April 16th, you will have a chance to complete KYC for Future events. Resubmission will be available again once the next Build Acala event registration begins. Please take note and correct any issues listed here you may have made in your first submission.
There are multiple ways to get involved with Acala network, read more here. This won't be the last community event. If you have subscribed to our newsletter and social channels, you will be notified for future Build Acala events.
We look forward to having you join our future events 🚀

What is happening on April 7th?

‌KYC pre-registration is opening to invited community members

How long is KYC pre-registration open?‌

Due to unprecedented volume in the Build Acala event, pre-registration will be closing at 7 a.m. UTC on 9th April 2021.

How do I know if my KYC is successful? I receive an email for supplement KYC material, but there is no place to upload it.

If you have completed the steps in the system, and you can see a screen “Identity Verification Under Review” then it means you have submitted all required information. You may receive email notifications while you are completing a step in the process, but you should always check the status on the system.
If you see this screen saying “Identity Verification: Verified” then your KYC is successful. You will be contacted for the next step if the contribution event becomes open to you. We appreciate your support and patience!

How long does it take to complete KYC?

Most people will be notified within 30 minutes. Others will need to be reviewed manually, this can take several days.

What if my KYC isn’t cleared prior to the contribution event?

The purpose of pre-registration is to ensure everyone who has pre-registered for the Build Acala event is reviewed prior to the contribution event opening. Please be patient as there is a backlog that the manual needs to be reviewed due to the high interest in the Build Acala event.

Does successfully submitting the KYC guarantee me an allocation in the contribution event?

No, the successful submission of KYC does not guarantee an allocation to the contribution event.

My identity verification is under review. How long do I need to wait?

Due to unprecedented demand and a high volume of manual identification reviews, this review process may take several days. The reviews are being done as quickly as possible, and you will be contacted as soon as possible for next steps. You will be contacted by email if further information is needed.
Identity verification is still ongoing, and all KYC will be determined before the contribution event starts.
The best thing you can do at this point is to wait for next steps. We really appreciate your patience in this part of the process.

I registered and went through KYC, but what is my next step?

Thank you for registering to Build Acala. We're currently working through our queue and inviting users to complete the next steps. Due to limited capacity, you will be contacted for the next step if the contribution event becomes open to you. We appreciate your support and patience!
In the meantime, please follow the Acala newsletter to stay up to date on Acala’s DeFi products and future events.

Getting `Internal Server Error` when submitting KYC

If you are getting Error: Internal Server Error , please make sure you are not from any of the restricted countries. If you are not, then you can contact us.

What countries are restricted from the event?

Persons from the United States, New Zealand, China, Iran, Cuba, Syria, North Korea and Crimea region of Ukraine.

What are some common issues I should be aware of when completing KYC?

    Contact information must match your government ID exactly, including
      1.
      Name (First, Middle and Last) - Do not use abbreviations or nicknames
      2.
      Date of Birth
      3.
      Country - Do not use an ID that does not match your contact information
    Government ID’s
      1.
      Your ID is expired
      2.
      Your ID is unsupported, a list of supported docs is found here: https://onfido.com/supported-documents/
      3.
      The image of your ID was unreadable due to glare, blur, part of the image was cut off or information on the image was covered.
      4.
      The ID you submitted was scanned and unable to verify. You need to upload a photograph of your ID.
    Selfie
      1.
      Live Selfie - Do not upload a picture of yourself, make sure to take a selfie with your phone or computer

What happens when my KYC failed?

For compliance reasons, we have to adhere to the decision made by the KYC service provider. If KYC is failed, there is no way we can reset or revert at this point. We can't know the particular reasons why your application is failed. There are other ways that you can participate without KYC, please read more here.

EVENT, ALLOCATION & DISTRIBUTION DETAILS

KYC Update

KYC is now closed. For those that are "under review", the service provider is making final determination prior to the start of the event.

Queue in Waiting Room

The waiting room is at the same Build Acala site where you have completed registration. You will be taken to a page like below. You don't need to log in to arrive at this page, and you need to stay on the page until the event starts. You can join the queue at any time between 11am UTC and 1pm UTC 16th April.
At 1pm UTC, all queued registrants will be randomly assigned a number representing their place in line to be granted access to the event.
Once you are granted access to the event, you will still need to log in and meet all the requirements for the event to proceed with the contribution. While we acknowledge that not everyone will have a chance to participate in this event, the waiting room system will increase the fairness of participation.

When does the contribution event start, and what does the process look like?

The event is hosted on the same Build Acala site where you have completed registration.
Event Start Time
The Build Acala event will start at 1pm UTC on Friday, April 16th, which will begin the BTC contribution period. 1pm UTC in other timezones is: 9am Toronto, 3pm Berlin, 4pm Moscow, 6:30pm Delhi, 10pm Tokyo, 11pm Sydney. The start time covers most timezones participating in the event, while the team will stay up at 1am. We appreciate your understanding.
Queue in Waiting Room
The waiting room system is there to increase the fairness of participation and reduce system overload. Due to the unprecedented demand, we may still anticipate system delays, we appreciate your patience and understanding.
The waiting room will open 2 hours prior to the event at 11am UTC to allow registrants to wait in line for the BTC contribution process. Everyone who is in the waiting room prior to the event will get an equal chance to participate (conditioned on passing KYC for the event).
At 1pm UTC, all queued registrants will be randomly assigned a number representing their place in line to be granted access to the event.
Please note, you must join the waiting room BEFORE 1pm UTC in order to be randomly selected for a place in line. Anyone who joins after 1pm UTC will be placed at the back of the line and significantly decrease their likelihood of proceeding to the next step.
Once you are granted access to the event, you will still need to meet all the requirements for the event to proceed with the contribution. While we acknowledge that not everyone will have a chance to participate in this event, the waiting room system will increase the fairness of participation.
Making the Payment
Please strictly follow the prompts in the system to complete your contribution. The DOT/USD exchange rate is set on the day, displayed on screen and remains unchanged for 24 hours. Based on DOT/USD price, there will also an ACA/USD price set and displayed.
Participants will pay in BTC. The BTC/USD price is indicated on the screen. However, the actual BTC/USD rate is determined at the time of payment. BTC/USD price is obtained from an oracle that updates every hour on the hour provided by the platform.
A unique BTC address and associated QR code will be generated for each participant. The platform only supports Bitcoin native SegWit (bech32) address for payments, which starts with “bc1”. Please complete payment as soon as you can to secure your allocation. Do NOT send a payment that is less than the minimum required amount or more than your individual cap, as there may NOT be refunds available, and it will be contributed to the Acala Treasury.
Read more on BTC payment here.
Participate in the event via the same Build Acala site where you have completed registration.

BTC Payment Address Format (SegWit bech32)

The platform only supports Bitcoin native SegWit (bech32) address for payments, which starts with “bc1”. Most exchanges (including Binance, Coinbase, Kraken etc), hardware wallets like Ledger, and various software wallets (including Coinbase Wallet, Trust Wallet etc), support this format, meaning you can send to a "bc1" address. A list of supported wallets and exchanges here. If you are unsure, please contact your wallet provider to confirm.
Usually, your exchange or wallet would just accept the "bc1" address without you explicitly switching the address format, or reject the address if it doesn't support it. For example, Binance can directly withdraw to a BC1 like this, Kraken and Coinbase are similar.

Why is the BTC the only asset accepted as the settlement token?

Unfortunately, we are unable to receive DOT (which would be ideal) as payment for logistical reasons. And BTC is the accepted payment token for logistical reasons.

Why is the price of ACA denominated in DOT?

All proceeds of the Build Acala event will be converted to DOT and contribute to the Acala Treasury upon Acala's mainnet launch. This event will bootstrap Acala Treasury and its decentralized Sovereign Wealth Fund (dSWF), essentially the value under management through Acala's network governance. The Treasury and the dSWF will be used to bootstrap liquidity, ensure Acala Dollar stability, and bid for parachain auction. Therefore ACA is denominated in DOT.

What is the payment process like? How to pay in BTC?

The contribution process starts on 16th April, prior to that no payment is required. if your user profile status is "verified" then you are eligible to enter the waiting room before the start of the event, however allocation cannot be gauranteed. See more about the waiting room and event process: here.
If that’s the case, then a ‘Payment’ section will become available to you on the same platform that you registered for KYC. On the payment screen, the price and payment information will be available to you. You can follow the prompt and the given BTC address on the system to complete the process.
BTC is the only accepted payment method (unfortunately). You can contribute BTC from any source (exchanges, hardware wallets like Ledger, mobile and software wallets, etc.). The platform only supports Bitcoin native SegWit (bech32) address for payments, which starts with “bc1”.
Note: Please strictly follow the process on the system and complete payment on the system, the Acala team and any individuals of the team would NEVER ask you to provide payment any other way.
Do NOT send payments that are more than the individual cap amount, as it may NOT be refunded.
Also read the contribution event, waiting room and payment process here.

Can I contribute BTC from an exchange?

Yes, BTC can be sent from any source (exchanges, hardware wallets like Ledger, mobile and software wallets, etc.). We have removed the restriction on exchange accounts to accommodate more people.

Can you explain ACA redenomination?

‌The total fixed supply of (old) ACA in the whitepaper is 100,000,000.
    After 10x redenomination, the total fixed supply of (new) ACA will increase 10 times to 1,000,000,000.
    ACA balances will increase by a factor of 10.
    The distribution of ACA does not change, and holders of ACA still own an equal share of the network as before the change.
    If an account has 1,000,000 (old) ACA that is 1% of total supply, then after redenomination, the account would still have 1% of total supply which is 10,000,000 (new) ACA.
    The main benefit of this change similar to DOT redenomination is to avoid using small decimals when dealing with ACA and make calculations easier.
    The main benefit of doing this before mainnet is that redenomination is way simpler before the Acala chain is live, with lesser confusion and impact to users and service providers like exchanges and wallets etc.
Read more here.

Where are the funds held before Acala mainnet launch?

The Acala Foundation will hold the DOTs on this multisig account on the Polkadot Network before Acala mainnet launch. Upon the launch of Acala, the Acala Foundation will transfer the DOT to the Acala Treasury account. The Treasury account is managed by the network governance and ultimately collectively controlled by ACA holders.
The interim Acala Treasury account is here.
Effectively upon network launch, all proceeds from this Build Acala Event will be contributed to the Acala Treasury, which can then be allocated to the decentralized Sovereign Wealth Fund (dSWF) to inject liquidity, generate yield, and gain access to network security. Acala may also reserve up to 10% of all proceeds to bootstrap Karura's Treasury, which upon the network launch will effectively be managed by holders of KAR tokens. Read more here.

POST-EVENT

I have made the payment, how can I confirm if it was successful?

Step 1 - Confirm Your Payment (immediately following event closure)
If a payment is sent and successfully submitted onto the Bitcoin blockchain (and included in a block with 0 confirmation), you will receive a payment confirmation from the event platform in the following ways:
    1.
    Payment Complete - After completing payment on the BTC QR code screen
    2.
    Email Notification - Thank you for participating email
    3.
    Build.Acala.Network > Profile > Past Transactions - This is your single source of truth regarding your payment information. Even if you did see the Payment complete screen or receive an email simply log into your account and view past transactions.
    1.
    Payment Complete Screen
2. Email Notification
3. Profile > Past Transaction
The event platform ‘Profile’ - ‘Past Transactions’ is your single source of truth regarding payment information, even if you somehow did not see the Payment Complete screen or did not receive an Email.
Step 2 - Acala Team Audit (approx. two weeks after event closure)
We will complete a full audit of all BTC payments received. We will contact you if there are any issues. Once the audit is complete, you will be notified via email once your countersigned agreement with full payment and ACA token allocation is available to view in your Build.Acala.Network profile > Past Transactions.
Due to the volume of participants, this may take about two weeks or so, and we appreciate your patience and support.

I have made a payment, but I never received a confirmation email, what do I do?

After submitting your payment, you should receive a confirmation email. If somehow you didn’t receive an email, you can always check the event platform ‘Profile’ - ‘Past Transactions’ for payments completed. The platform’s ‘Profile’ - ‘Past Transactions’ is your single source of truth regarding payment information. Please refer to How to Confirm Payment Successful FAQ

I have made a payment, but I don’t have a payment receipt, what do I do?

A payment is only recorded and the receipt is only generated when a transaction is included in a block at 0 confirmation on the Bitcoin network. If you have made a payment, and no payment receipt has been generated, then your transaction is likely to still be in the mempool waiting to be included in a block. This may be due to high network traffic and/or because the transaction fee was relatively low.
As soon as the transaction is included in a block with 0 confirmation, the platform will be able to pick it up and generate payment receipts for you. We will then audit and wait for further BTC confirmation. Due to the volume of participants, this may take about two weeks or so, and if your payment still has not been received then, we will reach out to you. Could check mempool here.

What happens after the event closes?

Right after the event, the website will be taken down for maintenance. It will re-open again at a later date.
Once your transaction has been submitted on-chain, you will receive an email notification, and you can check the transaction in Past Transactions under the Profile tab.
We would then perform audits and confirmation of all payments being made. We'd be contacting you if there are any issues. You will be provided a signed agreement with all details including the exchange rate at payment and the number of ACA allocated. You will be notified via email once everything is audited and confirmed.
Duet to the volume of participants, this may take about two weeks or so, and we appreciate your patience and support.

My Data

Here are some info and what you can do
    1.
    for verified users who participated, by legal requirement, we have to keep your data for 6 years.
    2.
    for non-failed registrants or verified non-participants, you can participate in future build events. If you have not completed KYC, you can complete it when registration opens again. If you have already completed KYC, then no action is needed. You can also ask us to delete your data. We have consulted with the service provider, all your KYC info + personal info will be deleted. Please email [email protected] to delete if needed
    3.
    for failed registrants, you can request to delete your data including KYC info + personal info. Please email [email protected] to delete if needed.
https://onfido.com/ is the KYC provider. https://www.tokensoft.io/ is the event platform

When will I receive my ACA?

ACA will be distributed upon the mainnet launch of Acala. KAR will be distributed upon the mainnet launch of Karura. No lockups.

Will there be future events?

Please follow the Acala newsletter for updates on Acala’s DeFi products and future events. We will always keep the community updated through this channel, as well as our other social channels. Thank you for being part of our community and supporting Acala!

Known Issues

I have made the payment, my transaction is confirmed, but I don't have a receipt on the event platform.

We noticed that a number of people are experiencing this issue. Their BTC transactions are already mined and confirmed, however on the event platform > "Profile" > "Past Transactions", they can not see the receipts. Please read this first to see if you actually have this issue.
We have collected enough information to resolve the issue since 17th April. Once it's resolved, it's likely that a receipt will be automatically generated on the event platform and you will be notified via email. But if you are unsure, you can reach out to us.

Can't edit DOT Address

We are informed that some users have ETH address instead of DOT address under their Account Information. DOT address is not required for the contribution event. We only need it prior to the mainnet launch and token distribution. Therefore the ETH/DOT address edit will be disabled until the edge cases are resolved, and we will notify once the address field becomes editable. Please stay chill~

Payment Exceptions

Paid multiple times: We are currently auditing every payment. In principle, this is fine as long as the overall amount is within a marginal difference from the min and max cap requirement. For significant over-payment, we will reach out to you to resolve.
Please reach out to us if you are a participant, and have other payment related issues.

Waiting Room - Multiple Browser Sessions

We are aware of this occurring and appreciate you tolerating an imperfect system and alerting us at the first instance. We are working with all of our service providers to improve upon this for future events. For this event, each verified user only gets one BTC payment address, regardless of how many browsers may have been opened. And our event concludes once a certain number of unique accounts complete payment. It's not possible for a non-verified user to exploit this and disadvantage verified users. Regardless of the number of sessions opened the number of verified users participating in the event was set prior to the sale based on the number of people who successfully registered and were verified.
Due to the number of verified users, allocation is never guaranteed. However we’ll continue to find ways to improve this experience for future events, and we appreciate your participation, patience and understanding.

Waiting Room - Selling Queue-it ID

We are made aware of this by community members. After confirming with the service providers, we understand that direct selling a queue-id is not possible. In an extremely rare/unprecedented case, a verified user could give up a session to another verified user. For this event, each verified user only gets one unique BTC payment address. And our event concludes once a certain number of unique accounts complete payment. Therefore even if this rare/unprecedented case does happen, it would not change the number of unique verified users who could participate.
We are however very cautious of potential exploits and issues, and we appreciate the feedback we are receiving to help us continue to learn and improve.

Contact

For additional questions, please contact Discord #build-acala or [email protected]
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Contents
GENERAL
What is Build Acala?
Who can participate in the Build Acala Event?
Is this an ICO?
How do I participate in Acala’s governance?
How can I get ACA?
How is the price calculated?
PRE-EVENT & REGISTRATION
What is the invite code?
What do I need for Pre-registration?
Why do I need to enter a DOT address and how to get a DOT address?
Does my DOT address need to be active (at least 1 DOT in the account)?
Can I change my DOT Address?
Why do I see ETH Address?
What if I already have an account with the registration platform from a previous event?
What happens once pre-registration is closed?
VERIFICATION & KYC
Verification & KYC Final Update
What is happening on April 7th?
How long is KYC pre-registration open?‌
How do I know if my KYC is successful? I receive an email for supplement KYC material, but there is no place to upload it.
How long does it take to complete KYC?
What if my KYC isn’t cleared prior to the contribution event?
Does successfully submitting the KYC guarantee me an allocation in the contribution event?
My identity verification is under review. How long do I need to wait?
I registered and went through KYC, but what is my next step?
Getting `Internal Server Error` when submitting KYC
What countries are restricted from the event?
What are some common issues I should be aware of when completing KYC?
What happens when my KYC failed?
EVENT, ALLOCATION & DISTRIBUTION DETAILS
KYC Update
Queue in Waiting Room
When does the contribution event start, and what does the process look like?
BTC Payment Address Format (SegWit bech32)
Why is the BTC the only asset accepted as the settlement token?
Why is the price of ACA denominated in DOT?
What is the payment process like? How to pay in BTC?
Can I contribute BTC from an exchange?
Can you explain ACA redenomination?
Where are the funds held before Acala mainnet launch?
POST-EVENT
I have made the payment, how can I confirm if it was successful?
I have made a payment, but I never received a confirmation email, what do I do?
I have made a payment, but I don’t have a payment receipt, what do I do?
What happens after the event closes?
My Data
When will I receive my ACA?
Will there be future events?
Known Issues
I have made the payment, my transaction is confirmed, but I don't have a receipt on the event platform.
Can't edit DOT Address
Payment Exceptions
Waiting Room - Multiple Browser Sessions
Waiting Room - Selling Queue-it ID
Contact