Last updated: April 29th, 2018
We are pleased to announce the upcoming token sale for the Gen token (GEN), the native utility of the DAOstack ecosystem. Below you’ll find some commonly asked questions and their answers as of April 29, 2018. We will update this document from time to time. You should periodically check our website for updates.
Please note that the sale of GEN is subject to the GEN Distribution Terms & Conditions that we will post on our website prior to the commencement of the token sale. In the event that there are any inconsistencies between these FAQs and the GEN Distribution Terms & Conditions, those Distribution Terms & Conditions will be controlling in all respects.
When is the GEN token sale?
The main token sale and token generation event (“the TGE”) is currently scheduled to begin on May 8, 2018, at 4:00 a.m. GMT. It will remain open until the aggregated contribution and payments received for GEN amounts to our hard cap (see “Will there be a hard cap?” below), or until 30 days is reached, whichever is sooner.
In addition, we are also planning to open a presale (“the presale”) on May 1, 2018, at 4:00 am GMT. Anyone who is on our token sale whitelist at least 24 hours prior to that time will have the opportunity to submit a purchase request during the presale. The presale will remain open for 48 hours and will have a cap to be announced prior to the commencement of the presale. Requests accepted during the presale will be filled during the TGE.
How can I request to join the whitelist?
You can now request to be whitelisted at https://daostack.io/whitelist.
All purchasers will be subject to our KYC/AML policies and procedures and such other due diligence as we may decide to conduct in our sole discretion.
DAOstack reserves the right to reject any potential purchaser in its sole and absolute discretion. All purchasers will be required to agree to, and be bound by, the GEN Distribution Terms & Conditions.
Will there be a discount/bonus for the presale?
There will be a 10% bonus for the presale relative to the main token sale.
DAOstack is committed to raising no more than the ETH equivalent of USD 30,000,000 (the “hard cap”) from selling GEN — including advance and private purchases, the presale and the main token sale — as calculated according to the ETH-USD closing price on coinmarketcap.com for the day prior to the presale.
Does being on the whitelist guarantee an allocation in the presale?
GEN purchasers accepted onto our whitelist will be guaranteed an allocation during the presale (the “guaranteed allocation”), equal to the maximum amount of ETH receivable during the presale (the “presale cap”) divided by the number of purchasers accepted onto the whitelist.
To be more specific, such whitelisted purchasers will be able to send ETH according to the amount they wish to use to purchase GEN. If the presale cap is not exceeded during the 48 hour period, we will accept and fill all presale orders during the TGE. If the presale cap is exceeded during the 48 hour period, we will fill everyone’s order up to the guaranteed allocation, then divide any additional allocation available in a pro-rata fashion among the purchasers who have partially unfulfilled purchase requests. Following that process, any purchaser who still has unused ETH will receive a refund of that amount in ETH within 72 hours.
What will be the price per GEN Token?
Overall, DAOstack is selling 40M GEN for $30M, including all advance and private purchases, the presale, and the main token sale. The price of GEN in USD will be determined upon the main token sale and will be calculated based on the amount of tokens sold and offered as bonuses during previous sales. Given these factors, we estimate the price of GEN in USD during public sale will be in the neighborhood of $1.00. We emphasize that this is an estimate, and that the actual price of GEN in USD may vary substantially from that estimate.
The price of GEN in ETH will be calculated based on the ETH-USD conversion rate at the close of the business day prior to the presale, as published on coinmarketcap.com.
What business entity will be issuing the GEN tokens?
GEN tokens will be issued by DAOstack Limited, a Gibraltar non-profit company.
Will U.S. persons be allowed to participate?
No. U.S. persons will not be able to purchase GEN at the moment. It is possible that U.S. persons may be able to buy GEN in the future, if DAOstack decides, at its sole discretion, to allow sale of GEN to U.S. persons, subject to the then-applicable U.S. legislation and regulation.
Will there be a lockup period for tokens purchased through the presale?
No, there will not be a lockup period. The GEN purchased during the presale will be distributed at the end of main token sale.
However, all purchasers shall only sell, assign, transfer or trade GEN to other non-U.S. persons.
Will there be a minimum purchase requirement?
There will be a minimum purchase requirement of 1 ETH for the presale and 0.5 ETH for the main token sale.
What will be the supply of GEN, and how will it be distributed?
The supply of GEN will include:
- 40M GEN made available for purchase, including advance and private purchases, the presale and the main token sale.
- 10M GEN for DAOstack existing contributors, including the founding team, advisors, and service providers. Team and advisor tokens are “locked”, meaning unable to be transferred, for two years from the main token sale.
- 10M GEN for DAOstack future contributors to the DAOstack ecosystem, to be managed by the DAOstack non-profit.
In addition, the Genesis DAO, a community-managed fund in which anyone can participate, will eventually have the ability to mint and allocate additional tokens, up to a maximum of 40M, once it demonstrates stability and security. Until such a time, the ability to mint tokens will be held by the DAOstack non-profit.
How will the funds received be used?
DAOstack intends to use approximately USD 10,000,000 for the development of the DAO stack and ecosystem.
The balance of funds received will be reserved for eventual management by the Genesis DAO, a decentralized fund in which anyone can create proposals according to the Genesis DAO’s governance protocol. Funds will be transferred to the Genesis DAO by the DAOstack non-profit gradually as it demonstrates stability and security. The Genesis DAO will serve to advance the DAOstack project and ecosystem, and will be investing primarily in proposals related to:
- the extension of the components of the DAO stack
- collaborative applications (Dapps) and interfaces that will integrate with the DAO stack
- support for/investments in organizations built on the DAO stack
Will GEN be an ERC-20 token?
How can I stay informed about the GEN token sale?
How can I learn more about DAOstack?
- Check out this article that explains DAOstack in fairly simple terms.
- Browse our website, where you’ll find links to the whitepaper, which may be updated from time to time, and many other materials.
- Watch this short film.
- Visit our Youtube channel, where you’ll find keynotes, product demos, AMAs with DAOstack architect Matan Field, CTO Adam Levi and other interviews.
- Browse our Github.
- Follow us on Twitter.
How can I get involved in DAOstack?
- Join the conversation on our Telegram group. This is the main channel for questions, answers, and discussion about DAOstack.
- Join the DAOstack Pollinators, a group of blockchain and DAO enthusiasts who help spread the word about DAOstack. We do offer rewards to the pollinators. Email us if you’re interested in details.
- Be part of the Genesis DAO, the first DAO within the DAOstack ecosystem. The Genesis DAO will soon be piloting the DAOstack and its native front-end application, Alchemy, to collectively manage an initial fund. Stay tuned by signing up for email updates on our website.
Beware of scams, and especially of scammers posing as DAOstack team members. The only way to purchase GEN in the private sale is by contacting us and speaking with one of our team members. The only way to purchase GEN in the presale or the main token sale is by requesting to be added to our whitelist, and then, if whitelisted, by following the procedure that will be available in our website. We will never post wallet addresses online.