Update on the Lightstreams Token Sale
I would like to take this opportunity to update the community on the progress of the Lightstreams Token Sale and our recent change in strategy for pricing the PHT token.
Firstly, the private round of our Token Sale, which currently open to institutional funds and strategic partners has been extended for a number of days due to processing the backlog of interest. We are endeavouring to be fully compliant with regulatory bodies us to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. We do appreciate your patience at this time.
Secondly, as specified in the Lightstreams’ White Paper, the hard cap of the of the Token Sale is set at $20,000,000. This is the maximum amount of funds we believe the project needs in order to successfully launch the network and support its growth.
Over the last weeks, 90% of pledges to purchase PHT tokens have been in ETH. We have had a lot of concern by early purchasers about how the volatility of ETH/USD exchange rate could put them at a disadvantage. The concern has been around the scenario of the price of ETH/USD increasing during the Token Sale period and earlier stage purchasers then being penalised for buying PHT tokens at an unfavourable price in comparison to later stage purchasers.
Taking this into account and to provide as much transparency we are updating you with more details:
- The Token Sale hard cap is ETH 80,000 or $20,000,000, whichever is reached first.
- The Photon token price in ETH will be calculated at the Token Generation Event (TGE).
There are three planned rounds, a private sale, a pre-sale and a public sale. When the token price is calculated at TGE it will be applied the same to all rounds. The price in USD remains at $0.15, the final ETH conversion price set at TGE.
For clarity on the hard cap scenarios please refer to the table below.
The purpose of the ETH 80,000 cap is to limit the amount the project raises in the absolute worst case scenario of a drastic fall in the ETH/USD rate.
(A worst case price of a PHT to be 0.0006 ETH)
Finally, the most important points:
We are raising a maximum of $20m. Only 55% of tokens will be sold during the Token Sale. Metrics are consistent with the white paper.
We believe that this is the fairest strategy for all token purchasers and the project. If you have any questions or concerns about this strategy then please visit our Telegram group and our team will be more than happy to hear your concerns and answer questions.
Thank you so much for your continued support!
Michael Smolenski
CEO
