SENC Token Sale has successfully raised US$14.4m
Dear Sentinel Chain supporters,
We have successfully raised US$14.4 million during this ICO.
I would like to say a big THANK YOU to the community for the successful completion of our crowdsale! I would also like to thank the Sentinel Chain team for their tenacity and perseverance in helping us achieve this important milestone. I want to give special thanks to our Community Managers for their dedication and hard work in not only supporting this community but sharing the message and mission of Sentinel Chain; a team I am truly proud and honoured to work with. I would also like to thank the unsung heroes that have been working tirelessly behind the scenes without whom I will not have the privilege to announce this success today. Last but not least, I want to give my heartfelt gratitude to Fenbushi Capital, iGlobe Partners, Block Asset and other early supporters who have given us their unwavering support through our ups and downs over a 9-month period for this moment!
The success of our ICO was achieved through the hard work of the team, the confidence of our investors and the true strength and support of our community.
Our Early Supporters and Crowdsale
It is important to highlight that Sentinel Chain public sale was originally planned for September 2017 but was postponed to March 2018. The pledges for participation have started way ahead in August last year.
We could have easily achieved our target goal during our Pre-Sale without the need for a public sale.
However, the true essence of Sentinel Chain is about building an inclusive community and the fair opportunity for everyone within this community. Hence our decision to go ahead with the public sale. Our early supporters have graciously waited since July last year in spite of the price uncertainty. We are also grateful to some of our bigger supporters (a.k.a. “whales” and “whale pools”) for sacrificing their large guaranteed allocations to give others a chance to participate.
It is not difficult to achieve a reasonably low hard cap of US$14.4 million. The real challenge lies in how not to create a crowdsale that will last for just a few seconds and forcing everyone to enter into a gas war.
On Proof-of-Support Campaign
That being said, with a low hard cap, the public sale would have been over in seconds — meaning, a massive gas war. With a community of more than 13,000 members, the challenge lies in designing the best distribution method to give everyone a fair chance of participation.
To mitigate this, we have designed the Proof-of-Support (POS) model to create a mechanism that allows us to determine the level of allocation based on effort, accuracy, quality and reach. The idea of POS was not just about your social media competencies or marketing. POS is about encouraging the gesture of participation and appreciation of the value behind the project beyond being a mere token sale. Sentinel Chain Token Sale is not any ordinary ICO. The Sentinel Chain POS has fostered a vibrant community on Medium, Reddit, YouTube and a few other channels. Thousands of supporters from around the world contributed various well-written articles, in-depth reviews, and impressive illustrations to support the Sentinel Chain project.
POS has strengthened the pillars of Sentinel Chain and gave the true supporters a fair chance at token allocation.
In my article last week, I mentioned that
“The team and I have been so touched by the overwhelming number of heartwarming, creative, funny, and accurately academic Proof-of-Support submissions that we have received during the few days of our campaign.”
We had not anticipated the overwhelming number of high quality submissions that our POS campaign will generate. These submissions have way surpassed our expectations.
We did not anticipate that POS model will generate a lot of high quality submissions that has way surpassed our expectations — and as such, we had to delay the crowdsale for three days to review all the allocations. In the end, we had to relax the restrictive tier system and make the painful decision to move the participants who have not submitted any POS into the final day reserved for non-guaranteed allocations.
On Pricing Model
Another great challenge is to ensure the price fairness for our early supporters, Pre-Sale and crowdsale participants. With a campaign that has stretched for nine months, the price volatility of ETH remained our biggest issue. We had to design a pricing mechanism to ensure fairness for both pre-sale and public sale buyers. This has been explained in my article Sentinel Chain Token (SENC) Pricing Model published on March 4.
Conclusion
This is a very special day for us. Today marks the successful completion of our SENC token sale campaign. More importantly, it also marks the beginning of a much longer and ambitious journey ahead of us. The Sentinel Chain team will continue to deliver our best to exceed the expectations of our supporters.
We have a few projects under our belt and we’re looking forward to watch this channel grow with exciting announcements of our milestones and achievements.
Roy Lai
