DAO.Casino Token Sale Summary
DAO.Casino Token Sale began June the 29th and ended on the 21st of July. The campaign raised 56,370.777896189830879 total amount of Ether in 7823 transactions.
Token sale ended a few days earlier due to a vulnerability in Parity client, but even so, the campaign turned out to be more than successful. We would like to thank all our supporters, because without you, DAO.Casino would not have existed!
Now the project is ready for a long term development and research. First of all, we are planning to expand our ecosystem with various partnerships. Secondly, we will be moving ahead with the technical solutions implementation. Also we are planning to expand our team with highly skilled specialists.
- Number of tx: 7823 transactions
- Total amount of Ether raised: 56,370.777896189830879
- Total amount of BET in existence (including vesting and bounty): 167270820.687908580232679286
- Contract Address: 0x8aA33A7899FCC8eA5fBe6A608A109c3893A1B8b2
Security audit of the contract was conducted by BokkyPooBah and the website infrastructure by a separate team — Digital Security Russia. We went to the leading security audit team that also audits IT infrastructure for largest russian banks such as VTB and Sberbank and works with over 500 companies around the world.
It is important to remember that apart from on-chain infrastructure — contracts related to tokensales, your tokenholders interact with traditional IT infrastructure — a website hosted on a server. That’s why we worked with a separate team that made sure that we haven’t missed any potential exploits.
Even at the start of the project, we chose a fixed supply for BET token. Fixed supply is simple and easy to understand. It also favors early adopters and gains trust from the community.
Total BET supply is 167270820.687908580232679286 and proportionate to the amount of ether contributed during the campaign (56,370.777896189830879). There will be no more BET issued.
BET will be used as an ingame currency and power circulate in a reward distribution system. Potential loss of BET tokens by token holders is not an issue since the token is divisible. Also a reward distribution system that we’re building is customisable.
Word on phishing attacks
Coordinated phishing attacks during token distribution campaigns became a serious problem. Most of the time such attacks start with someone creating several accounts with the aliases resembling the name of the project.
One phishing attack, for example, started with number of accounts created in our Slack channel. This particular attack used our team members names and their pictures taken from the official website. As soon as this “swarm” started posting it was immediately reported as scam.
Despite of the community efforts to prevent those attacks, we learned that Slack channel is really not built as a public channel, since the permissions settings are limited and had to temporarily close new registrations.
There are quite a few takeaways from our token sale experience:
- Beware of phishing and coordinated scam attacks. Walk an extra mile to protect your future token holders even if it means sleepless nights and taking shifts looking after all your communication channels.
- Make sure that you create very easy and straightforward tutorials explaining how to contribute. Unfortunately not everyone is reading t&c. Keep your t&c short. Crypto-tokens are now hitting the mainstream, that means some of your token holders might not have basic understanding of what private keys are and, for example, attempt to send ether from exchanges.
- Monitor what’s happening with the software that you have recommended to your token holders — if there is a vulnerability detected you will be able to communicate to your community promptly.
- Slack is not an ideal tool for a public communication channel. Slack was conceived as a team communication tool , but it is hard to manage permissions, therefore it is vulnerable to phishing attacks in public channel, PMs and via SlackBot.
- Do not start a token sale campaign if you’re not sure that enough crypto-savvy people are following your project. Those people help a lot to prevent phishing attacks and scams and protect the newcomers.
- Remember that Ethereum itself is an experimental software and don’t hesitate to remind your token holder community about it. Despite of the fact that the brightest minds are now working to make Ethereum stable and useable, things like recent Parity exploit can happen. You have to be prepared. Make sure that your dev team is active in protocol level Gitter channels. In case of protocol level exploits you will know what do do.
- Nevermind the trolls. Don’t start flame wars and make sure you answer all the hard questions well. Sometimes your best supporters will ask the hardest questions — these people are not trolls, but those who will help you long term to communicate your project better.
- Make sure that everyone who follows your project knows how the crucial information about your token sale will be distributed: official website, an email from a specific address, etc.
Token sale campaigns aren’t quite a walk in the park. It would be much harder without a strong community of people truly interested in the project who helped us to answer a huge amount of questions about the project coming 24/7 to all our public channels and, most importantly, prevent phishing attacks. We would like to thank all the vigilant folk reporting suspicious accounts to our team and passing on links to tutorials and updates to the newcomers.
Special thanks to
- DAO.Casino team, community and all contributors
- Tomoaki Sato
- Eric Benz
- David Choi
- Theo Goodman
- And all the amazing folk that supports our project!
BET handling tutorials
Step-by-step tutorials for MyEtherWallet, Mist and MetaMaskmedium.com
DAO.Casino Essential Links
White Paper: https://github.com/DaoCasino/Whitepaper/blob/master/DAO.Casino%20WP.md
Slack Invite: https://dao.casino/slack-invite.html