70/15/15 distribution: 70% will go to purchasers, 15% to the Foundation, and 15% to the founders and early contributors who have worked on the project. The founder and early contributors will all have vesting.
Uncapped, but with a hidden cap + hard cap for security
4 weeks long: It will run for 28 days, or when it reaches the hidden or hard cap
Two price stages:** 100 ANT = 1 ether** the first two weeks, then 66 ANT = 1 ether. Like the Ethereum's sale.
We plan to also accept other cryptocurrencies by using ShapeShift
Vesting is a must. There are no excuses not to do it. It aligns everyone's incentives and ensures that no founder dumps happen.
Founders (Jorge and me) will have 2 years vesting with 6 months cliff. This means we will mature 25% of our tokens each 6 months.
Early contributors, presale partners and advisors will have 6 months vesting with 3 months cliff. This means they will mature 50% of their tokens at the end of month #3, and the rest on month 6.
The blockchain space is so new that putting exact numbers was hard. The rules are still to be written. Yet we feel that the numbers are very reasonable. We want vesting to be a standard for blockchain projects, and we support it since Aragon's first version.
Almost uncapped, but capped for security
The beautiful thing about token sales is that everyone can take part. Yet lastly it feels like only whales and technical users could, since most of the top ones closed in hours or minutes.
We want our token sale to last so we can onboard to our community as much people as we can. So uncapped was the obvious choice.
But since we don't want another The DAO scenario to happen, a security cap is a must.
So we will place a hidden cap. The cap will be cryptographically sealed, and revealed after the sale. If it's reached, we will issue an emergency stop that will stop the acceptance of new purchases.
Since we take security seriously, we will also set a hardcoded cap into the sale contract, just in case.
We don't want to put the Ethereum network at risk in case something goes wrong.
The pricing structure will be exactly the same as Ethereum's sale.
The first two weeks, 1 ether buys 100 ANT.
The last two weeks, 1 ether buys 66 ANT.
This incentivizes early contributors while giving enough time for everyone to take part.
We will post more documents — such as the Development Plan — and expand on the Intended Use of Revenue during next week.
We are also undergoing security audits, and will publish the token sale contracts very soon.