What a month it’s been. When our team first came together last year, we had the idea to build a simple group payment app on the blockchain. We prototyped, we iterated, and we discovered the power that smart contracts have when given a visual interface. This sparked the vision of BlockCAT: an entire marketplace of visual contracts that anyone can use.
Our ambition has grown, along with our community, who have been testing our alpha and suggesting exciting new features for our core release in Q1 2018. Our token sale has been a knockout success for many reasons, so let’s take a closer look.
Ether received: ~23,799 ETH — ($7,139,700 USD @ 300 per ETH)
CAT created: ~9,200,151 CAT @ $1 per CAT upon sale end
Marketcap: ~$39million USD @ $4.25 per CAT upon writing
This marketcap puts BlockCAT in the top 50 assets on coinmarketcap (pending CMC updating our circulating supply data).
When we started planning our sale, we had two goals. The first was a fair evaluation of the company. We’ve seen other companies complete behind-closed-doors deals to sell off large percentages of their tokens before the sale begins at huge discounts, artificially inflating the value of their marketcap at the expense of their dedicated fans and buyers. We were offered these same deals, and we declined them. CAT was to be firmly in the hands of our users and the people who believed in what we are building. The second was a widespread distribution of tokens, so we could truly build smart contracts for everyone, not just a handful who control and manipulate the supply.
We’re really pleased to say we achieved both of those goals. Only 6 wallets have a supply of CAT larger than 1%, not including the dev lock and reserve pools held by our company.
Largest blue section: “Other Wallets”, which make up 34% of CAT held by 3,671 people.
Smaller blue section (0x86d3effe…): “Dev Lock”, which contains 10%/10% locked for 1year/2years.
Colorful lower sections: “Top 100” wallets, only 6 of which contain more than 1% supply.
Check out the interactive chart on Etherscan
The average wallet purchased ~6.84 ETH worth of CAT. Compare this to a sale like BAT, where the average wallet purchased over 800 ETH worth of their token.
We achieved this wide distribution and fair evaluation by using a hidden cap, set high enough to ensure the sale would last its full 30 days duration. We opened the sale with very little advertising and exposure, and slowly scaled this up as the sale progressed. This gave everyone a chance to buy, and the final market cap actually represents the community valuation, rather than based on FOMO, huge buyers, and behind-closed-doors deals.
We hashed the hardcap using keccak256 and posted it publicly on our blog and inside the contract code, so we could later prove the value was never changed.
0xd22f19d54193ff5e08e7ba88c8e52ec1b9fc8d4e0cf177e1be8a764fa5b375fa
This hash can be confirmed to represent the following text using Remix, the online Solidity IDE and calling the keccack256 function:
The maximum cap of the BlockCAT token sale is 900,000 ETH, written this day on July 6th, 2017.
We understand the community may criticize the hardcap for being too high, and we simply hope the results speak for themselves that our hidden cap was successful in achieving exactly what we set out to do. We knew there was no chance the hard cap would actually be reached due to the small exposure of our project.
This graph makes very clear the difference in scale of website traffic when compared to the large marketcap sales.
The path to our core release
As promised, 40% of the Ether received during the sale will be locked until milestones have been reached. At that point, the community will vote to confirm the release and a portion of the locked Ether will be available for further development.
This means BlockCAT has 14279.4 ETH for the first milestone release. Our costs will be calculated based on a 90 day average of the ETH price, which totals $3,641,247 @ 255 USD per ETH. When aligned with our original roadmap, we’ve calculated this is enough to either accelerate the speed, or increase the quality of our release. We’ll likely attempt to find the happy medium between those two options.
If you’d like to stay updated on our continued development, then you can follow us on Medium to be notified when we post.
Two Final (and fun) facts
- As decided by our community, the official name of the smallest possible unit of CAT will be “kit” (1 CAT = 1 * 10¹⁸ kit).
2. We’re about 20% of Dogecoin’s marketcap. The true flippening occurs when cats replace dogs as the dominant animal on the blockchain. #catflippening
