The Bee Token Pre-sale & TGE FAQ’s
For our beloved community members: we wanted to clear up some confusion for you as many of the questions you ask have similar themes. Hope this helps and please do not hesitate to ping firstname.lastname@example.org to help us add to this FAQ list!
Question: Why did you choose to make the minimum contribution for your public presale (starts on Jan 2nd at 12 PM PST) 50 ETH?
- Answer: We are limiting the presale to only accredited investors (from the U.S. and outside of the U.S.). Therefore, assuming that those who participate in our public presale are accredited, we believe that 50 ETH is an acceptable threshold to invest.
Question: When will you be listed on exchanges? Which ones are you talking to?
- Answer: We do not currently want to express intentions to list our tokens on an exchange. As such, any tokens that you may see listed on an exchange are not supported by Beenest. Beenest makes no representations or warranties regarding the safety or usability on the Beenest platform for Bee Tokens purchased on an exchange.
Question: Do you have a working prototype/ demo?
- Answer: Yes we do and we will be releasing it early January.
Question: Who can participate in the Token Generation Event on January 31st, 2017 at 12 PM PST?
- Answer: Anyone outside of the U.S., China, and a few other geographies can participate in the Token Generation Event with a minimum contribution of 0.1 ETH.
- The maximum amount will be determined based on the number of whitelist participants.
Question: What is the lock-up period for tokens?
- Answer: One month for bonus tokens.
Question: Why did you give higher bonuses to people in your private presale?
- Answer: Almost all of those who participated in the private presale were friends, family, and advisors who have supported us from Day One. We wanted to thank these parties and also keep incentives properly aligned so that they could feel properly invested in our success!
- Our advisors were also offered higher bonuses so that they could undertake the full due-diligence around investing instead of viewing their advisory role as an opportunity to receive free tokens.
Question: Can I get a bigger bonus than 30% currently offered by the January 2nd public presale?
- Answer: We are giving 40% to certain participants who we expect to take a larger participation role on the platform. For bonuses, 30% and 40% are the only bonus tiers we are offering at this point. If you feel that you qualify, please email Min H. Kim Head of BD at email@example.com with a one to three-page proposal in PDF on the top 3 things you can do to help grow The Bee Token community.
Question: Do you conduct KYC checks?
- Answer: Yes we do. We are currently using Onfido.
Question: Where is your whitelist for the presale? Where is your whitelist for the TGE?
- Answer: We do not have whitelists out, but we do have a presale interest form that you can fill out here.
Question: I really want to help you guys expand in XYZ region. Who do I reach out to?
- Answer: Feel free to reach out to Min H. Kim, Head of BD at The Bee Token at firstname.lastname@example.org.
Question: What is your max token supply and Hardcap?
- The overall number of BEE Tokens will be 500 million.
- Our overall Hardcap of our Token Offering, including Presale is $15M USD. The Hardcap for the public Presale is $5M USD. The number of tokens we are offering to the public is 150 million, which amounts to 30% of the total amount of BEE Tokens.
Question: Where is your company registered? Can I see proof?
- We are registered in Delaware under the name “Beenest, Inc.” Feel free to check the Delaware entity records here: https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx
Question: What is the vesting schedule for Team and Advisors token?
- 15% of the tokens will be locked up for our Advisors and our Team, and they are to be locked up on a 2 year vesting schedule, after a 6 month cliff the team will receive ¼ of their allocation, and then every month thereafter receive 1/24th of their allocation until the 2 years is up.
Question: Is your smart contract deployed for the ICO?
Question: Was your smart contract audited by an independent cybersecurity company?
- Yes; Hosho initially.
Question: Can U.S. investors participate in the sale? If yes, did you file a Form-D?
- Only accredited U.S. investors may participate and we will be filing a Form D notice with the SEC pursuant to Regulation D.
Question: Where is my money going and what will it be used for?
Question: Has the offering been structured to comply with the securities laws?
- Our presale agreement has been structured to comply with Regulation D.
Question: Your project is looks great, but can someone explain what the advantages are to the public presale and TGE participant??
- Bee Tokens are an important part of accessing our decentralized housing network. Our hard cap of $15M we believe is favorable.
Question: Can I take a look at your Github?
Question: Do you have a hard cap for the public presale so that we can participate in the TGE if we are not able to participate in the public presale?
- Yes, the hard cap for the public presale is $5M USD (collected in ETH)
Question: What happens if you reach the public presale hard cap of $5M USD (collected in ETH)?
- We will not accept further contributions at the terms of our public presale after reaching the hard cap to allow others to participate in the TGE on January 31st at 12 PM PST.
Question: How do I prove that I am an accredited investor? What documents do you need from me?
- Income test: reviewing copies of any IRS form that reports the income of the investor for the last 2 years and obtaining a written representation that the investor has a reasonable expectation of continuing to earn the necessary income in the current year; or
- Net worth test: reviewing specified types of documentation for assets dated within the prior 3 months, such as bank or investment account statements, and reviewing a consumer report from a nationwide consumer reporting agency and obtaining a written representation from the investor that all liabilities to make a determination of the investor’s net worth have been disclosed; or
- Written confirmation: receiving a written confirmation from a registered broker-dealer or investment adviser, licensed attorney, or certified public accountant that such entity or person has taken reasonable steps to verify the investor’s accredited status.
Question: I am an accredited non-U.S. investor. When asking for a letter from my attorney in Korean/Chinese/Japanese, etc. do I need to also get the letter notarized in English?
Question: How much was allocated in the private presale?
- $5M USD worth of ETH.
Question: What is the ETH conversion you’re using?
- The average ETH/USD rate based on the close price listed on coinmarketcap.com of the last 7 days of the Bee Token TGE currently set at February 22–28, 2018.