Kleros’ Token Sale is Over: the Next Chapter Begins

“A journey of one thousand miles begins with a single step”. Lao Tze.

On Sunday 15th of July at 3:30pm UTC, Kleros’ token sale came to an end.

It was the first one ever to be conducted with the Interactive Coin Offering protocol (IICO), a new mechanism advocated by Vitalik Buterin and Jason Teutsch to make token sales more fair and egalitarian.

Here are some key facts:

• The sale ran for two months, from May 15th to July 15th.
• 160,000,000 PNK (16% of the total tokens) were sold to 218 contributors.
• The total amount contributed was 5794 ETH.
• 267 ETH were voluntarily withdrawn from the sale.
• 11 ETH were automatically refunded after the valuation of the project exceeded the personal cap selected by the contributor.

(We will soon publish a more detailed post with an analysis of user behavior in the first IICO ever).

Now that the sale is over, our immediate next step is Kleros’ launch into the mainnet and conducting our first cryptoeconomic experiment (details will be announced soon). Now that you’ve bought your PNK, you will be able to participate as a juror (if you want to keep updated with the launch, sign up here).

As we have explained, revenue from the sale will be used to move forward with our development roadmap, our research roadmap and the building of an ecosystem of companies and arbitrators that will leverage Kleros’ technology.

In this crazy world of ICOs, we are proud to have conducted our token sale with integrity and transparency.

We didn’t do any private pre-sale with deep discounts, we used a fair token sale strategy (to learn more, see this), and we presented a working MVP before the end of the sale (see this walkthrough by our dev Sam).

We hope our experience with the first IICO will also contribute to setting higher standards for all the ecosystem. The IICO contract was written by Clément Lesaege, Kleros’ CTO, and the team made the interface design and implementation (to learn more, go here). Other projects can use our code for their own token sales, should they choose the IICO route (Interested? Contact us).

As Chinese philosopher Lao Tze said:

“A journey of one thousand miles begins with a single step”.

A huge thanks to all of you who walked with us this first step and hopefully you’ll keep walking with us in the miles to come.

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