It’s been a tough job negotiating the terms of our IEO in a very unstable market and we’d like to thank the community for its patience, but we have come up with the best solution for our investors and the wider Resistance community.
We were accepted on a number of exchanges but the token price for the IEO proposed was lower than that given to our private sale investors, and we didn’t think that was fair. So, in the spirit of decentralization, and in opposition to the poor terms we have been offered, we are holding the Resistance IEO on the Resistance platform on 2nd August 2019.
The Resistance IEO will be a little different and take place as a Dutch Auction, with everything you need to participate built into our desktop application.
In our Dutch Auction, the price of RES will be set and gradually lowered until a bid is placed which exceeds the reserve price. This will take place over a series of auctions beginning on 2nd August.
We strongly believe, in adherence with our decentralized ethos, that the price of RES should be determined by the market and not the core team. Furthermore, a Dutch Auction mechanism creates a level playing field where everyone who purchases RES during an auction pays the same price.
There will be four auctions in total, with the first taking place on 2nd August 2019. Following that, there will be a week’s interval before the second auction, another week before third, and another week before the final auction. Only after the final auction ends will the Resistance IEO complete. Specific parameters will be announced prior to each auction including:
- Auction Supply
- Starting price
- Reserve Price
- Start Time
All bids are tracked via the Ethereum blockchain and are submitted to Ethereum accounts that have satisfied our KYC/AML requirements. Once a bid has been recognized by our auction server, your contributions will appear in the auction interface.
31st July: Release Mainnet
31st July: Release Desktop Wallet
31st July: Release CPU Miner
31st July: Release Proof of Research on Mainnet (respool.io)
31st July: KYC for IEO opens
2 August: 1st round of IEO (Dutch Auction) — 300,000 RES available
9 August: 2nd round of IEO (Dutch Auction) — 600,000 RES available
16 August: 3rd round of IEO (Dutch Auction) — 1.5 million RES available
23 August: Final round of IEO (Dutch Auction) — 2.4 million RES available
25 August: Release Masternodes
25 August: Release Resistance Decentralized Exchange (ResDEX)
25 August: RES release schedule begins
How Will the Resistance Dutch Auction Work?
Duration, Supply, and Price
There will be a predetermined amount of RES available for a fixed period of time during each auction. The price of RES will be set at the start of each auction and gradually decrease until the reserve price is met, or all available RES is sold at the clearing price.
Each user bids during the auction by pledging the maximum they are prepared to spend in ETH. The collective amount of ETH all users are prepared to spend is referred to as commitments.
Access to the website, Desktop Application, and participation in the Resistance IEO is strictly restricted to persons who are not U.S. citizens and who are located outside of the U.S. Otherwise, any users who successfully pass Know Your Customer (KYC) and Anti-Money Laundering (AML) checks — integrated into the Resistance Desktop Application — can participate.
Achieving a Fair Price
While the price of RES decreases, users pledge ETH, and the amount of RES sold at the auction increases. In turn, the amount of available RES also drops.
As the amount of ETH committed during an auction never decreases but the price of RES is in constant, linear decline, the current demand increases with time as the price drops.
The auction will end when:
- Current demand meets or surpasses supply
- The reserve price is reached
If a situation arises where current demand surpasses supply, then user bids will be accepted on a first come first served basis. After the auction ends, users are able to see how much RES they have received. Everyone pays the same clearing price per RES.
Step-by-Step Guide: Participating in the Resistance Dutch Auction
Here is a list of steps needed to complete the Dutch Auction:
1. Download Resistance Desktop Application and Navigate to the Dutch Auction tab.
2. Click ‘Get Started’ and complete the KYC registration process.
3. Once you have completed KYC, you will have access to the Dutch Auction pane showing your deposit ETH address, an input box to enter the Resistance address you want to receive coins to, and the timer counting down to the next auction.
4. Once the auction begins you will see the current price per Resistance coin in ETH. If you would like to buy Resistance at the current ETH price, send the number of ETH desired to the ETH address listed.
5. Once you send ETH and our auction server detects that the transaction is approved, your wallet interface will reflect this by showing the amount of ETH you have committed and the minimum amount of RES you will receive.
6. As time goes on, the price of Resistance will drop until the total auction supply of Resistance is purchased or the reserve price is hit. Once these conditions are met, your contributed ETH will be used to purchase Resistance coins at the lowest price reached during the auction. The coins will be sent to the Resistance address you enter into the interface.
Keep an eye on our official Telegram channel for the latest auction updates, details, and times.