Token Sale Update

Published in

TriForceTokens

4 min readNov 14, 2017

Following from our IP audit process with Coventry University Enterprises a few key things were highlighted, that meant greater opportunities for the project to establish itself. This did however mean we had to delay to our token sale. We have also been gathering information from the ICO communities to see what investors really want to see from a token launch. It’s important to get this right, and so we are making key changes.

It’s important to note that we are a strong, resilient team with very exciting technology to introduce to the market. Doing this right takes time and patience. We want to ensure everyone who joins the project enjoys in our success for years to come. We don’t consider ourselves just another fly-by-night ‘ICO’, we have a long term four year strategy to execute.

Put simply, this is the best time to be joining us…

So what has the team been up to?

Firstly, we have been putting the ground work in place to fully launch beta versions of our technology stack. This has meant working on some subsidiary platforms and working out the marketing strategies behind it. As we and the community have always said, the success of a project lies in real user adoption of the technology. More details about our subsidiary platforms will follow.

Secondly, we have been looking at a restructure of our token sale, following from sound advice from expert advisers and the wider community. We want to ensure we check every box for a sound, investable project.

What does this mean?

Our smart contracts will be independently audited
We are in talks with at least two exchanges about getting listed once active
We will be issuing tokens immediately
Contributors will receive 6,000 TFT for 1 Ether (excluding discounts)
A new discount structure will be tied to supply sold (details below)
Supply of tokens set to 2Bn, with 1.5Bn available in the token sale
A preliminary token sale launch will take place on 20th February 2018

Smart Contracts

There’s been a lot of controversy recently over bugs/flaws in systems (parity cough cough..), even after supposedly robust testing. We have made sure our Smart Contracts will be safe from exploits or bugs, by keeping things simplistic, and getting full auditing from independent parties.

Our smart contracts are built on the Truffle framework, using proven open source libraries from Zeppelin Solutions.

You can explore our full smart contract code base on GitHub: https://github.com/TriForceNetwork/TokenSaleContracts

New discount structure

Something very important is taking place in the ICO area, that is causing some tokens to lose value incredibly fast after launch. This is due to high discounts put in place based on the time tokens are purchased during launch.

To avoid this, we are implementing a discount structure that is tied to supply instead of time. We have also assigned a very small percentage of total supply to the higher discounts. This means it’s a first come first serve basis to receiving that higher discount, as once that supply is sold, the next lower discount kicks in.

This means there is a limit to supply that has been bought cheap, and so protects against a massive sell off right after listing on exchanges.

How does the discount work in practice?

Let’s run through a scenario. The current supply sold is 569,000,000, meaning the current discount is set to 5%. You contribute 350 Ether for 2.1M tokens. This means part of your contribution would cross over to the next discount level of 3%. In this instance the smart contract will actually reward you the full 5% on 1M of the tokens, then 3% on the remaining 1.1M. In total you would receive 2,183,000 tokens (83,000 TFT Bonus).

Hence, the discount is tied very much to the supply availability and not individuals or time.

The other point to note is that only 8% of total supply will receive a discount of 10% or higher. The bulk of the supply (92%) will receive 5% or less discount.