RootProject’s ICO is Heavily Over-Subscribed and We are Imposing an Individual Token Purchaser Hard Cap
The author, Dr. Nicholas Adams Judge, is a political economist and cofounder of the nonprofit RootProject. The other cofounder, Chris Place, is a Y Combinator Fellow. Their pre-ICO reached 512% of its goal. Dates for their ICO will be announced in the final week of January.
Two months ago we began testing ad campaigns with tiny purchases, but we have yet to make a single significant ad spend. A set of major announcements — partnerships with world-famous nonprofits, major private token purchasers, more great advisers, etc. — have only just begun. We huddled with Strategies 360, and came up with a plan to keep a lot of information quiet, coordinating a campaign that would build towards the announcement of our ICO dates in Davos during the World Economic Forum.
We’ve organized, made some great hires internationally and grown our telegram group to a fun community, but the real campaign is only now beginning. Despite this, we’ve seen so many reservations for our small ICO ($4 million public; $9 million private pre-sale) that we are now many times over-subscribed.
After the reaction to our most recent announcement, it became clear that we would have to impose a per-token-purchaser hard cap. Otherwise, our token will not be distributed widely enough, harming our network and holders of ROOTS tokens in the long run.
We’ll settle on a precise number in the coming weeks. For now, if you reserved a spot on the whitelist for amounts in excess of 10 eth, thank you for your support, sorry for the inconvenience, and we will offer you an extra 5% bonus on your capped investment.
The cap does not apply to investments already made during the pre-ICO. Thank you again to our epic community of pre-ICO backers for your early belief in us, and look what you’ve helped build!
We’re headed to Davos with a large team from the San Francisco-based social impact crypto hedge fund I’ve helped start — more news on that next week. From Davos we’ll make an announcement about previous private sales and about our ICO dates.
It’s time to put the power of markets and investors behind nonprofits. Help us use crypto to level the playing field between for-profit and social and environmental good projects. Help us build a decentralized, tokenized ecosystem for nonprofits.
You can, subject to the investor hard cap, still reserve a place in the ICO (subject to the cap) please visit RootProject. For more information, please contact Jason@RootProject.co
