♨️ Trace Token Sale: Presale min. contribution = 5 ETH, Discounts % and No Tokens Burned Policy
This is the moment you have been waiting for. We are revealing all the details about the OriginTrail token sale in this blogpost. As the title suggests, this defines details of the token sale of Trace tokens (TRAC) — utility tokens to be used interacting with the OriginTrail Decentralised Network (ODN) — storing data to the protocol or reading from it.
Key terms of the token sale:
Total token supply: 500,000,000 Traces
Minimum contribution target (soft cap): USD 5 million
Development target: $10 million
Total target (hard cap): $22.5 million
ICO price of token: 1 Trace = $0.10
Trace token ticker: TRAC
Currency accepted: ETH
OriginTrail token sale process is divided into 3 phases:
1. Whitelisting started on the 1st of December
2. Presale will start on the 15th of January
3. Crowdsale will follow latest on 29th of January
Whitelisting is the process of confirming your ETH wallet address to be able to take part in presale and crowdsale contribution phases. Why is it important?
It will save you a spot to take part once the contribution phase starts. Whitelisting for presale will be running until commitments reach the presale hard cap of $10MM. After the hard cap commitments for presale have been reached, whitelisting will continue for crowdsale. To save your spot, please whitelist at your earliest convenience.
During the whitelisting process, contributors will pass the necessary Know-Your-Customer (KYC) practices to conform with all the legal requirements. During the process, it is possible you get contacted by our legal team for additional/missing information. Please check your provided e-mail regularly for such feedback.
Presale process will start on the 15th of January and will be run through a smart contract, accepting ETH as the only currency. Only whitelisted ETH wallet addresses will be eligible to take part in the presale. As mentioned above, we will stop adding addresses to the whitelist after the commitments reach the planned hard cap of $10MM. During the presale, contributors that are already on the whitelist will have 1 full day (24hrs) to make their contributions. If there are any tokens left over after the 24h, all addresses that successfully passed KYC process will be added to the whitelist and will be able to contribute. The maximum running time of the presale will be 2 weeks with decreasing discounts after each week as described below.
Minimum contribution size in the presale is, following the feedback from the community, set at 5 ETH.
Individual contributions up to 150 ETH can be submitted directly. Contributors above that threshold will be invited to do a Skype call with the team to confirm strategic alignment with the project. No single contributor will be allowed to get access to more than 1% of total Trace supply.
The ETH:TRAC price will be fixed throughout the token sale and will be determined in the days before opening the presale. Maximum total contributions in the presale phase are limited to the equivalent of $10MM. ETH hard cap is set at the same time as ETH:TRAC price.
Presale Week 1: 20% discount
The contribution period will begin on January 15th at 15:00 UTC (block number TBD). Contributors will be sent invitation e-mails to enter their contributions up to what they committed in the whitelisting process.
Presale Week 2: 15% discount
The contribution period begins 1 week after the previous one, starting January 22nd at 15:00 UTC (block number TBD).
Any leftover tokens from presale will be offered in crowdsale up to the point of reaching the hard cap.
Crowdsale will start immediately after hard cap in presale has been reached or on 29th of January latest. It will run until total hard cap of $22.5MM has been reached or until 12th of February latest. Crowdsale will be done without discounts.
Minimum contribution for the crowdsale is 0.5 ETH.
Re-distributing leftover tokens
In the scenario where the hard cap is reached during crowdsale with additional tokens still available (due to discounts in the presale), any left-over tokens after the hard cap will be distributed among preICO, presale and crowdsale contributors in proportion to their ownership of sold tokens.
Both contribution phases, presale and crowdsale, will be managed by a smart contract with minimum contribution target set as a threshold for issuing the token. All smart contracts will be audited by a 3rd party with the audit presented before the contribution period starts.
Let me remind you again, to participate in presale as well as in crowdsale, you have to whitelist.
Distribution of Tokens
Presale and crowdsale — 50%
Half of the entire token supply will be offered to the community throughout the TGE. Any tokens remaining unsold will be distributed among preICO, presale and crowdsale contributors in proportion to their ownership of sold tokens.
Future development — 20%
The TGE entity will withhold 20% of the token supply for further development beyond 2020. Proposal for further development will be shared with the community in a timely fashion and voted upon by token holders.
Liquidity pool — 5%
Because Trace is a utility token, we need to make sure that there will be enough supply of it for potential users to obtain it at all times. To bridge the initial phases of potentially low supply, TGE entity will be able to provide liquidity using this pool.
Founders and preICO contributors — 18%
Token pool for founders and early supporters of the project that ensured early start of development and initial stability for the project. Both of the groups have their tokens subject to a vesting schedule. Founders’ vesting schedule is together with the team, receiving 12,5% of their tokens every 3 months (over first two years). PreICO contributors are vested over 6 months wherein they receive 20% with the TGE initial distribution, 40% after 3 months and 40% after 6 months from tokensale start.
Team and Advisors — 5%
Current and future team members together with Advisors will be awarded from this pool. Team members are vested and receive 12,5% of their tokens every 3 months after the tokensale start. Advisor tokens will vest over 6 months wherein they receive 20% of Trace with the TGE initial distribution, 40% after 3 months and 40% after 6 months from tokensale start.
Bounties — 2%
Bounties will be paid out for different tasks that will have to be carried out throughout the TGE process (e.g., translations, marketing activities, promotions…). If you want to help spread the message about OriginTrail, you can still join our bounty programs. Read more about Community Reward Program, Translation Bounty, and Ambassadors Program.
Thank you all for your support and interest in revolutionizing global supply chains one hash at the time. You are welcome to ping us anytime on Telegram if you need more information.
[UPDATE: additional information about important dates is available in this blog post]