BIOPset
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BIOPset

Tiered IBCO Details

Understanding the Initial Tiered Bonding Curve Offering is and what it’s for

This article explains the structure of the BIOPset’s IBCO (also called ITCO, Initial Tiered Curve Offering) how to participate and the purpose of this event.

How The ITCO Works

The Tiered IBCO is a novel funding mechanism based on the work done by others developing IBCOs. When compared to traditional IBCO implementations the ITCO is a more simplified edition. Instead of a dynamic curve that updates the price paid per token with sale the price only changes when a new “tier” is hit.

Each tier level, the amount of ETH that must be deposited to pass that tier level and move the pricing up to the next tier, is set at the start of the event and cannot be changed later on.

Tiers are priced inclusively, this means that if you make a purchase that moves the TIBCO from tier 2 to tier 3 you will receive all of your tokens from that purchase at the tier 2 price.

This simplified version of an IBCO is better for BIOPset because it sets a minimum to prevent all the tokens from being sold at a low price that doesn’t meet the goals of fundraising and is hopefully easier for people to understand so they can know exactly what is happening BEFORE they send a transaction.

For more information on the ITCO structure read this.

Why ITCO

BIOPset did not have a fundraising event for versions 2 or 3 why are we doing it now?

This version of BIOPset has been designed based on the lessons learned from those previous failed versions. One of those lessons was the importance of having sufficient liquidity right at the beginning so that one really good bet from a trader can’t wipe out the whole pool (which is what happened in v2/3).

How Will Funds Be Used

The first 50 ETH raised from the ITCO event will be used to get the protocol tested and deployed. It will pay for auditing the code for the fourth version of BIOPset. This includes repaying the benefactor who paid to have the ITCO contract audited from their own funds. The remaining amount of this first 50 ETH will be used to cover the cost of deploying the contracts, and initial marketing efforts.

After the first 50 ETH all ETH raised will be used to fund the protocol pool and the initial Uniswap liquidity. A maximum of 75 ETH will be used for Uniswap liquidity. This means that if there is 100 ETH to utilize after the initial 50 then 50 will go into Uniswap and 50 will go to the protocol pool, if 200 ETH is utilized then 75 will go to Uniswap and 125 will go to the protocol pool.

Primarily this event is designed to make sure that as much liquidity is available in the BIOPset version 4 pool at time of launch to allow for stable access to larger priced binary options then could be supported by versions 2 or 3.

For more information visit the docs page which is receiving active updates.

How To Participate

To participate in the ITCO event you will be able to simply visit https://biopset.com. Once you connect your wallet you will be greeted by a screen that looks something like this:

To make a purchase simply enter the amount of ETH you want to spend. The box with the “BIOP” label will display the amount you will receive for your purchase. When it looks acceptable to you press the “BUY” button to send the transaction to the blockchain.

Conclusions

The ITCO is a new take on a existing fundraising mechanism, this design is focused for the needs of BIOPset but is available to all. Funds raised from this event have specific predetermined uses. Anyone can participate and those interested in being able to access it right at the beginning should join the discord and follow on twitter to be alerted as soon as it starts.

Additional Links

Website: https://biopset.com/
Twitter: https://twitter.com/biopset
Discord: https://discord.com/invite/4SRYBNdE3r
Telegram: https://t.me/BIOPset
Documentation: https://docs.biopset.com/

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