BlockCAT Token Sale Announcement — July 15th
The official and only BlockCAT token sale contract address starts with “0x56ba” and ends in “11A8”. Full address is found on our website.
We are pleased to announce the details and official date of the BlockCAT token sale. We thank all of our community members for being patient with the delay, and for sticking with us. We have an FAQ about our Token Sale you can read here. Any feedback, comments, or questions can be asked directly to our team by visiting our Slack channel.
Starting Ethereum Block: 4027470
Sale Date and Time: 20:00 UTC on July 15th, 2017
Sale Duration: 30 days, or until the hard cap is reached
Exchange Rate:
330 CAT to 1 ETH (first 24 hours)
315 CAT to 1 ETH (next 48 hours)
300 CAT to 1 ETH (rest of the sale)
Our whitepaper describes the goals and vision of the BlockCAT platform in more detail.
We will be selling the BlockCAT token (CAT). As part of this sale, a fixed pool of CAT will generated. No further CAT will be created in the future. Once the sale concludes, a portion of CAT tokens will be allocated and given to the BlockCAT team as an incentive for the success of our platform, and a separate portion will be held as a reserve pool and expenditure fund. The community will hold 79% of all CAT, the BlockCAT team will hold 20% of CAT (subject to a freeze period), and 1% will be allocated for the reserve pool.
CAT serves several key operational functions with respect to the BlockCAT platform for its holders:
- CAT will be the only means of paying for contract deployment.
- CAT owners will be allowed to participate in milestone completion votes, which will be used to unlock reserves for BlockCAT expenditure.
- CAT will serve as the primary mechanic for verifying third-party marketplace smart contracts in a decentralized and secure way.
When BlockCAT smart contracts are deployed by users, the CAT that is paid as a fee will be re-sold and circulated back into the ecosystem at market value.
CAT tokens will be offered at an exchange rate of 300 CAT for 1 ETH, for a sale duration of approximately 30 days. During the first 72 hours, all CAT purchased will be sold at a reduced rate. The sale is slated to begin on July 15th, at 1PM (GMT-7).
A hidden, undisclosed hard cap will be hashed using keccak256 and released as part of the smart contract and in this announcement below. If this cap is reached, then it will be revealed and the sale will immediately end.
0xd22f19d54193ff5e08e7ba88c8e52ec1b9fc8d4e0cf177e1be8a764fa5b375fa
Otherwise, the sale ends once the sale period has come to a close. The cap can be verified by comparing the revealed value with the hash included in the original contract. A security cap of 1 million ETH will be hardcoded into the contract, as a safety net against unforeseen complications. This security cap is not the hard cap for BlockCAT, and is not intended to be reached.
The BlockCAT team has pre-determined a minimum goal (denoted in Ether) that represents the runway necessary for the core BlockCAT platform to be finished and released. If the minimum goal is not reached by the end of the sale duration, then all contributed Ether will be marked for refund. Anybody who contributed will be able to withdraw their Ether from the sale contract.
Two bonus periods will be offered at the beginning of the sale to provide early bird contributors a small incentive. During the first 24 hours of the funding period, the exchange rate will be 330 CAT for 1 ETH, a 10% bonus. For the 48 hours after that, the exchange rate will be 315 CAT for 1 ETH, a 5% bonus. After the early bird periods, the price of CAT will remain at 300 CAT for 1 ETH for the rest of the sale.
Note: The exact start date, duration of the discount period, and duration of the sale will be determined by block numbers, and thus are approximated with an accuracy of a couple of minutes.
Half of the tokens (10% of the total token pool sold) retained by the BlockCAT team will be frozen for one year (12 months) from the end of the sale, with the other 10% remaining frozen for an additional year (a total of 24 months). This freeze period ensures that no developer tokens will enter circulation before the BlockCAT platform is live.
Any tokens purchased as part of the sale will be immediately allocated to the buyer, but will be locked from transfers until the the minimum goal has been reached. These tokens will be immediately spendable in the BlockCAT mainnet demo app, once the minimum cap is reached.
Our mainnet demo app represents the absolute minimum guaranteed value of the platform. Potential CAT buyers should first use the testnet demo app, which allows nearly free acquisition of testnet CAT, before making a purchase. CAT purchasers must understand and be responsible for all risks associated with buying CAT.
The BlockCAT team is committed to delivering on our promises. We believe in our product, and wish to show good faith by remaining accountable to its success. As a result, we are implementing a completion-based release model.
The BlockCAT team will lock 30% and 10% of the token sale proceeds until the completion of the first and second noted milestones. The specific amounts locked may change according to the results of the token sale and the BlockCAT team’s needs. Once finalized post sale, these numbers will not change. Active users who are involved in the BlockCAT platform will be given a vote in determining if milestones have been met. The BlockCAT team will open votes for each milestone as they are released, and BlockCAT users will have a window of time to signal the milestone as “complete ”or “incomplete”. If a majority of votes signal the feature as “complete”, the reserves associated with that milestone stage will be released.
In the event that a milestone is deemed “incomplete”, we will engage with the community for feedback to determine our shortcomings, and address those as necessary. The vote will then be repeated after a cooldown period, up to a maximum of three votes in total. In the case of three failed votes, the lock will be released at the discretion of the BlockCAT team, no less than one month after the final completion vote. This protects the long-term functionality of the BlockCAT platform from being locked over vote manipulation or contentious issues. The specific milestones that have voter-locked access attached are noted in our whitepaper.
