Bancor announced the terms of the ICO and the acquisition of the BNT token:
We want to start by thanking the community which has been so supportive while we finalized the BNT creation event terms. We’ve been watching the evolving cryptocurrency landscape and listening carefully to everyone in all of our channels, in an effort to build the ideal configuration to ensure the long-term success of the project. We are happy to answer any questions so please keep them coming.
Terms Summary:
- 50/20/20/10 Token Distribution: 50% of BNT will be issued to the contributors in the fundraiser, 20% allocated to partnerships, community grants and public bounties, 20% to the Foundation’s long-term operating budget, 10% to founders, team members, advisors and early contributors. Founders and team contributors will be subject to a three year vesting schedule.
- Fixed Price: 0.01 ETH per 1 BNT (i.e. 100 BNT per 1 ETH)
- Hidden ETH Cap: revealed if 80% of the cap is reached.
- Duration: The fundraiser will run for 14 days or until the hidden cap is reached, with a 1 hour minimum time.
- Token Availability: BNT for ETH contributions will be distributed immediately. The ability to transfer, purchase and liquidate BNT through the smart token’s contract will be enabled gradually during a time span estimated at 7 days following the fundraiser closing.
- Security: Funds will be held using multi-sig wallets according to industry best practices.
Team Vesting
Vesting is a governance practice designed to ensure long-term alignment of interests and is standard for any serious project. All founders and team members will have a 3 year vesting schedule with a 6 month cliff. This means we will mature one-sixth of our tokens every 6 months.
Security Audits
The BNT smart contract introduces new mechanisms never before deployed on the Ethereum blockchain. To ensure beyond any shadow of doubt that funds will be secure, we are working with some of the most respected Ethereum security advisors, including ConsenSys, Nick Johnson and Martin Holst Swende from the Ethereum Foundation. Results of the audits will be published prior to the start of the token creation event.
Minimum Time
Some concerns were raised by the community that “whales” might “eat up” the entire initial supply of BNT, leaving the small contributors behind. Like many of you, we’ve been watching how different fundraiser models have played out. We believe this exploration is healthy for establishing tested best practices in the industry, and want to make our small contribution to it. Since at its core, Bancor is about democratizing value creation and exchange, we want to make sure everyone who wants to participate has a chance to do so. For this reason, we’ve decided to allow a short, “minimum time” — 1 hour — during which all contributions will be accepted regardless of the cap. After the first hour, the fundraiser will have a hidden cap that will be revealed only if the collected ETH reaches 80% of the limit. If funds collected in the first hour reach or exceed the cap, the fundraiser will end immediately thereafter.
Initial BNT CRR (Constant Reserve Ratio)
We have been evaluating liquidity pools across different exchanges (aka market depths) which are typically a small fraction of the traded coin’s market cap. We’ve decided to use an initial 10% Constant Reserve Ratio (CRR) for the Ether reserve of BNT. During an initial pilot period, the Bprotocol Foundation will oversee all aspects of the reserve, including monitoring of price stability and market depth. The Foundation may adjust the CRR as needed to accommodate market changes and maintain performance. Any such change will be communicated to the community via our official blog. After the pilot period the CRR will be immutably set.
Logistics
Two days prior to the fundraiser we will announce the BNT fundraiser address. The only trusted sources for this information are:
- The official Bancor Medium blog; An article with the final details of the fundraiser, including the address and initial block to accept contributions, will be published on June 10th.
- The official Bancor website ; Once the fundraiser contract is deployed, the contract address will be posted on the website.
Pre-Fundraiser Now Available
As announced, we have assigned Bitcoin Suisse AG as an escrow agent and are CURRENTLY ACCEPTING deposits in BTC, ETH, CHF, EUR, USD, GBP, DKK and SGD. For non-US citizens only, this option is available to guarantee your participation in advance and hold your BNT until such time as you wish to take possession of the tokens. Please consult the Bitcoin Suisse terms and conditions for a full outline of their services, policies and fees.
Feedback and Questions
As always, we welcome thoughts from the community through all of our channels (Slack, Telegram, Reddit, Bitcointalk, Twitter), or email us directly at [email protected].
To liquidity and justice for all,
The Bancor Team
About Bprotocol Foundation
The Bprotocol Foundation is a Swiss nonprofit foundation whose core objective is the establishment of the Bancor protocol as a global standard for intrinsically tradeable currencies. By contributing to the Bprotocol Foundation, users will generate BNT — the first smart token to be deployed using the Bancor protocol, establishing the Bancor network. The Foundation will collaborate with different contractors to achieve its goals, as well as governments, businesses, academia and NGOs committed to realizing collaboration potential in communities
around the world.
About Bancor Protocol
The Bancor protocol is a standard for a new generation of cryptocurrencies called Smart Tokens. Smart tokens hold one or more other tokens in a constant reserve balance which provide a mechanism for automatic price discovery and continuous liquidity. Bancor’s mission is to reduce barriers to entry, allowing the long tail of user-generated currencies to emerge. For more information, please visit www.bancor.network
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Do you know how many tokens there will be in total? Total supply.
They have
Hidden ETH Cap: revealed if 80% of the cap is reached.
In this case they have infinite token cap in first hour, and after that they close ICO if we reach in first hour their hidden cap.
Scam
wow so informative discussion!)