Terms Summary:
50/20/20/10 Token Distribution: 50% of BNT will be issued to the contributors in the fundraiser, 20% allocated to partnerships, community grants and public bounties, 20% to the Foundation’s long-term operating budget, 10% to founders, team members, advisors and early contributors. Founders and team contributors will be subject to a three year vesting schedule.
Fixed Price: 0.01 ETH per 1 BNT (i.e. 100 BNT per 1 ETH)
Hidden ETH Cap: revealed if 80% of the cap is reached.
Duration: The fundraiser will run for 14 days or until the hidden cap is reached, with a 1 hour minimum time.
How minimum time works? Read this: https://goo.gl/1lL0NY
Token Availability: BNT for ETH contributions will be distributed immediately. The ability to transfer, purchase and liquidate BNT through the smart token’s contract will be enabled gradually during a time span estimated at 7 days following the fundraiser closing.
Security: Funds will be held using multi-sig wallets according to industry best practices.
Team Vesting
Vesting is a governance practice designed to ensure long-term alignment of interests and is standard for any serious project. All founders and team members will have a 3 year vesting schedule with a 6 month cliff. This means we will mature one-sixth of our tokens every 6 months.
Security Audits
The BNT smart contract introduces new mechanisms never before deployed on the Ethereum blockchain. To ensure beyond any shadow of doubt that funds will be secure, we are working with some of the most respected Ethereum security advisors, including Nick Johnson and Martin Holst Swende from the Ethereum Foundation. The results of the audits will be made public.
Minimum Time
Update in regards to minimum time policy: https://goo.gl/1lL0N
Some concerns were raised by the community that “whales” might “eat up” the entire initial supply of BNT, leaving the small contributors behind. Like many of you, we’ve been watching how different fundraiser models have played out. We believe this exploration is healthy for establishing tested best practices in the industry, and want to make our small contribution to it. Since at its core, Bancor is about democratizing value creation and exchange, we want to make sure everyone who wants to participate has a chance to do so. For this reason, we’ve decided to allow a short, “minimum time” — 1 hour — during which all contributions will be accepted regardless of the hidden cap. After the first hour, the fundraiser will have a hidden cap that will be revealed only if the collected ETH reaches 80% of the limit. If funds collected in the first hour reach or exceed the cap, the fundraiser will end immediately thereafter.