Edit: Updated Token Sale information can be found here

Revamping The Varanida ICO Structure

Anji Ismaïl
Sep 11, 2018 · 8 min read

As we look towards the future, I wanted to share a few important updates with the Varanida Community.

The Current ICO Market

Our ICO is approaching the Soft Cap, but we realize that some of the interest has been coming from funds and “crypto-investors” who are just looking for a quick return on their investment. While we understand the importance of rewarding our early contributors, we also believe that an ICO shouldn’t be characterised entirely by its ROI.

Impact On The Varanida Token Sale

The considerations and decisions we made have impacted the structure of our token sale, so we are freezing our current Token Sale to give us time to adjust our Terms and Conditions accordingly, and for the ICO platforms to reflect these changes. However, we would like to emphasize that the Varanida project you have all come to know and love is not changing — we are simply restructuring the Token Sale to accommodate the current ICO landscape. We believe these terms are even more favorable to contributors, and reinforce our strong commitment to make Varanida the future of digital advertising. That said, if you have already contributed and would like to get reimbursed, you are free to request a refund that will reflect the ETH or BTC amount contributed.

Updated Token Allocation

Crowdsale

The Tokens on sale during the crowdsale will represent 53% of the total supply (compared to 67% initially): 530,000,000 VAD

Network Incentivization

We are adding the 14% difference from the updated crowdsale amount to the existing 3% “Community” token pool, to create a 17% Network Incentivization Pool! This pool will be used as follows:

Founders’ Tokens

We are adding an additional 12 months of lockup for the Founders, making it 3 years of vesting, with a 1 year cliff. We believe this shows our dedication and commitment to Varanida, and to our long term goal of changing the Internet for the better.

A Milestone-Based Token Sale

While our Soft Cap remains unchanged at 8M€, our Hard Cap is being reduced significantly. In fact, our Round 3 will be divided into 3 sub-rounds: 3A / 3B / 3C; each one associated with a specific milestone achievement. If these respective milestones are not reached, then our Soft Cap will become our Hard Cap, which still provides us with the minimum amount of funding we have estimated it will cost to build and scale Varanida.

Round 2

Today, we are freezing Round 2. It will re-open on September 28th at 15:00 CEST, and will close on October 13th 00:01 CEST (or earlier if the 8 M€ Soft Cap is reached) using a first come, first serve approach.

Round 3

Each sub-round will open as the project progresses, which will be measured by concrete achievements we’re setting as our milestones. These milestones will be publicly announced, and we will provide proof of our achievements when we reach them. We expect Rounds 3A, 3B, and 3C to open within the next 18 months as the project unfolds.

Proposition of Round Structure

Proposed Milestones Metrics

  • M.A.U (Monthly Active Users): The number of active users registered on Varanida Dapps or Varanida Network. The first Application is the Varanida Ad Controller.
  • M.U.V (Monthly Unique Visitors): The number of unique visitors to the Varanida Network, including all websites and applications using Varanida Dapps and the Verified Ad Protocol.

Contributions Will Be Refundable

The buying price of tokens in each sub-round of the 3rd Round will rise with each token, following a sub-linear curve that will start at the price of the previous iteration, and end at the final iteration price.

Conclusion

In the tighter conditions we are now experiencing in the ICO market, we feel that an original and incentivized contribution mechanism like this one is a good thing for everyone.


About Varanida

Varanida is a project working on a decentralized advertising and content solution that establishes an ecosystem where all parties are fairly compensated for the value that they bring to the network.

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Anji Ismaïl

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Utopian. Dreamer. Optimist.

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