Why we offer $17.5M tokens for FREE (IFO)
70% of the total supply of ALICE tokens are distributed to users!
- ALICE tokens are offered for free every 24 hours to anyone who deposited DAI in proportion to the amount.
- 70% of the total 25 billion of ALICE tokens, which is 17.5 billion, are offered to users as IFO.
- The IFO will start on August 15, 2019 at 0:00 UTC.
Alice is a crypto finance protocol that anyone can trust, anyone can participate in and anyone can benefit from.
To make sure anyone can trust it and everyone can participate in it, Alice was built using blockchain technology. Of course, users don’t need to know about the technology. You just download the Alice app that provides the best UI / UX and then you can enjoy cryptocurrency financial services.
Then what are the conditions for creating a service that anyone can benefit from? First of all, Alice protocol should make profit by itself. Alice’s profit comes from the difference between the interest rate on the loan and that on the savings. For more information, please refer to How does Alice’s lending work?
The second condition is that the profit must be distributed fairly. If some actors change the way it is paid so that the economic system operates for their advantage, other participants would leave the system. It would be hard to say that anyone can benefit from such a system . Therefore, we need a system that doesn’t have any centralized entity, that gives opportunity to everyone fairly and that engages more people over time. The most effective way to design it is to have your own economy.
We will do an Initial Free Offering (IFO), which offers 70% of the total supply of ALICE tokens for free.
So we decided to issue ALICE tokens. What’s important is, we didn’t issue tokens to raise funds from public like most projects! Rather, we will do an Initial Free Offering (IFO), which offers 70% of the total supply of ALICE tokens for free. Over the long term, we expect ALICE tokens to be delivered to a large number of users so that they organically become customers of the Alice protocol.
ALICE Token in Ethereum: 0x33dcd369d697132de252884336225de31fb474b2
ALICE Token in PlasmaChain: 0x60f27e0a85c1f923ea29967c847245149d46cfee
IFO Contract in PlasmaChain: 0xc7bb19a92c1a050087b0633c6e4cb4bf363053d9
IFO(Initial Free Offering)
To date, most blockchain projects have issued tokens for a quick, easy and huge fundraising from the public.
But as a result, countless scam projects have been appeared, producing large numbers of victims who were forced to watch the price drop after purchasing at a high price on the exchange. Of course, there may be individuals who have made money through token investments, but there are much more investors who haven’t. This is a serious problem that public token sales have generated. It is primarily due to the large gap between the information that the selling side and the buying side have.
So, we do not plan to sell ALICE tokens to the public. Instead, we plan to raise funds by selling 10% tokens to institutional investors. If all are sold, it is approximately $2 million, which would support us for developing Alice protocol and mainnet for the next two years. If Alice’s mainnet is successfully developed two years later, the Alice project is transferred to the public. We have no privileges at all and will be a fully open project run solely by ALICE token holders.
The terms IPO, ICO and IEO have been heard by many, but the IFO will be quite new. Because it’s not trendy. An IFO is literally the way tokens are offered to users for free, not at a price. And the reason for this is to allow more users to access the Alice protocol. The most important customer for us is users, not token investors!
How and when to participate 📅
ALICE tokens are provided free of charge, but not all of them will be released at once. If that happens, the value of ALICE tokens in the market will drop to zero, so there is no merit to hold. Instead, over time, offerings will be made to participants who contributed to the Alice protocol. The IFO of ALICE tokens will start at 00:00:00 (UTC) on August 15, 2019.
How to participate
- You start DAI savings with the amount as you want on the Alice protocol.
- After 24 hours of savings, you will receive the same number of ALICEs as the DAIs saved. If you saved 10,000 DAI then 24 hours later you will receive 10,000 ALICE as a reward.
- And 24 hours after you get ALICEs, you can get them again. This process can be repeated indefinitely.
- However, ALICE offers have halvings. First halving occurs when the amount of ALICE that is equivalent to 8,750,000,000 DAI have been offered. In other words, initially 1 ALICE is offered for 1 DAI, but after 8,750,000,000 ALICEs have been offered, only 0.5 ALICE for 1 DAI starts to be offered. Then after 4,375,000 ,000ALICE, only 0.25 ALICE starts to be offered. This process is repeated 60 times, after which no more ALICE will be offered.
- The total number of ALICEs paid to participants by the halving of 60 times is 17,500,000,000. And no additional ALICE tokens will be issued.
To sum up, you can receive ALICE without any restrictions except the amount and date of your deposit of DAI. Most users will mainly use the Alice app, so if you press the ‘Reward’ button within the app once every 24 hours, you will continue to receive ALICE tokens! (Android, iOS)
When to participate
The IFO of ALICE tokens will start at 00:00 UTC on August 15, 2019. After installing the app, you need to create your private key and set a password. Therefore, if you want to participate, we recommend that you download the app in advance.
When does it end? No end date is specified. If all ALICE tokens are offered after the 60 halvings described above, the IFO also terminates. We can’t predict the end date either. If many people deposit a large amount of DAI, the IFO can be terminated quickly. Otherwise, it will be paid out in a relatively long time.
Below are questions and answers about the ALICE token IFO.
- If only 70% of ALICE tokens are offered for free, how are the remaining 30% used?
👉 The total supply of ALICE tokens is 25,000,000,000. 10% will be allocated to the team, 10% for fundraising, and 10% will be reserved. The rest 70%, 17,500,000,000 ALICE tokens are used in the IFO.
- Do I have to go through KYC, AML, etc. in order to receive ALICE tokens?
👉 Not at all. Alice is a DApp powered by smart contracts on the blockchain. The user can in Alice is identified only by his/her private key without any registration, identity verification, and so on. The same is true when receiving ALICE tokens.
- What is the DAI and how can I get it to receive ALICE tokens?
👉 DAI is a stable coin whose value is equal to $1. Therefore, it is the best cryptocurrency for savings. Exchanges where you can buy DAIs are HitBTC , Bittrex and Upbit. See CoinMarketCap for a complete list.
- Will I lose my DAI once I deposit?
👉 Not at all. The deposited DAI can be withdrawn at any time and at any amount. If you withdraw, you will not be able to receive the corresponding ALICE token. Also, if you deposit DAI, you will receive DAI interest at the interest rate calculated by the smart contract. To sum it up, you will receive DAI interest plus ALICE tokens as a bonus every 24 hours. And you can withdraw it anytime you want!
- If 70% of tokens are in circulation, will the value of ALICE tokens decrease? What are the advantages of holding an ALICE token?
👉 ALICE tokens are used for staking purposes in loans backed by collateral in the Alice protocol. In order for more tokens to be designated as collateral, more ALICE must be staked, leading to increased demand. The balance of this demand and the IFO supply will shape the market price. For more information, please refer to How does Alice’s lending work?
- The only way to get an ALICE token is by participating in an IFO?
👉 No. You can purchase 1 ALICE = 0.001 DAI from Alice Dashboard without participating in an IFO, and the ALICE provided here is part of the 10% fundraising quantity. The reason for this sale is not for the public token sale, but for the operators of Alice loans. To become an operator, you need to stake at least 25,000,000 ALICE tokens (0.1% of the total issuance), which may not be easy to obtain through IFO. To sum up, we have opened a window where operators can buy large amounts of ALICE tokens at a fixed price for operators.
- How is the initial price of ALICE tokens formed on the exchange?
👉 It is difficult to predict the price accurately, but the ALICE price in the Dashboard described above is a good indicator. The demand for ALICE tokens comes from operators, who will buy from the market if ALICE’s market price is lower than 0.001 DAI, otherwise from Dashboard. Therefore, if the supply and the demand are balanced well, the price can be expected to remain based on 0.001 DAI. Of course, if demand is greater than supply, prices will rise and that’s what everyone wants!
- What is the reasoning behind that 17,500,000,000, 70% of ALICE tokens are worth $17.5 million?
👉 This is the result of calculating the value the ALICE token on the Dashboard’s price: 1 ALICE = 0.001 DAI = $0.001.
- Where can I trade ALICE tokens?
👉 There are no exchanges where ALICE tokens can be traded yet. However, we promise to be able to trade on Ethereum decentralized exchanges such as IDEX, Kyber, Airswap, etc. as soon as possible.