Mithril Ore Token — Major Token Update
Monday, May 8th 2018 was a breakthrough news day for the use-case of Mithril Ore Token. Briefly, major information regarding the Ethereum Casper Upgrade was revealed (articles linked below). The basis of our token was three-fold, that Casper would be too expensive for the public, too technically difficult for the public, and not liquid enough for the public. Irrefutably, the information released this past week has at least proven true for two of the major tenets of our token (if not all three).
First, regarding the amount of Ethereum required to stake for the initial Casper upgrade is 1500 Ethereum (our initial whitepaper assumed 1000 Ethereum!!! This is drastically more than we had presumed!!!). This is approximately 1.2 million US dollars. This effectively prices out the general public from participating in the Casper upgrade without an Ethereum Pool. Mithril Ore token’s utility is stronger than ever. Realistically, the public needs a pool to participate in Ethereum’s Proof of Stake, and Mithril Ore Token is the first Ethereum Proof of stake utility tool on the market.
Next, when staking, funds are locked up and cannot be moved or even touched. In order to exit the proof of stake protocol and free up your Ethereum to exchange it — — can take up to 4 months. This freezes up one’s Ethereum (not liquid at all). Because Mithril Ore Token is ERC20 and easily transferrable, it is extremely liquid, therefore liquidity and proof of stake are not in conflict if Mithril Ore Token is utilized. We look at Mithril Ore Token as the best of both worlds — liquidity meets Casper Upgrade Proof of Stake/Staking Gains.
The Casper ugrade has been published (for peer review) including some pertinent details Coindesk article…
More Information regarding the Casper Upgrade can also be found here: https://www.ethnews.com/vitalik-buterins-five-steps-to-becoming-a-casper-validator
Lastly, we wanted to provide an update on the terms and conditions that are relevant to Mithril Ore Token “MORE” Token. We have now raised 510 Ethereum and counting.
Pertinent Terms and Conditions updates (can also be found on T&C on our website).
Addendum 1.0 — The cessation of the token sale has been to determined to be within 2 weeks of the Casper Upgrade, or when the crowd sale hard-cap is reached (46,500 Ether); whichever comes first. The crowd sale soft-cap is 1,500 Ether. Failure to reach soft-cap will result in return of all funds to the public Ethereum addresses from which they came.
Addendum 1.1 — In the event of unsold tokens — the remaining unsold tokens will be “Air-Dropped” based on token snapshot to be determined at a later date. The proportion of tokens held relative to the proportion of unsold tokens will determine the amount of tokens dispensed. Example — Someone purchased and continues to hold 2 tokens through the snapshot. If half of the tokens went unsold, they will get 2 additional ‘MORE’ tokens “airdropped.”
Addendum 1.2 — The current community of token holders has, without any objection, requested tokens be made available after contributions are made. We have termed this a “Rolling” token sale in that the market may be established while the tokens are still being sold and purchased. Tokens may be listed during this time on a digital market. None of the unpurchased tokens (available only through Mithril Ore Token) will be made available on the marketplace during the ICO period. Only dispensed tokens from participants can be placed on the market — at the token-holder’s discretion.
I hope all is well and we look forward to a bright future with Ethereum and Mithril Ore.
Laura Hopkins. CEO
Mithril Ore Corporation.