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Crowdfunding & token distribution.md

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Summary

  • Start: June 29th, 2017 at 1:00 pm GMT
  • Ending: in 28 days or when the Maximum cap is reached
  • Only ETH accepted
  • No minimum cap: The MVP for the protocol will be launched under any conditions before the distribution of tokens starts
  • Maximum cap: 83333,333 ETH
  • Token name: BET

BET is a token that powers DAO.Casino protocol. It is used as in game currency for games integrated with the system and as an incentive mechanism for the participants. It is implemented as ERC20 and the total amount of tokens is proportional to the amount of Ether contributed during the token sale period plus bounties. The campaign will start at 1:00 pm GMT on June 29th, 2017. It will completely end in 28 days or when the Maximum cap is reached. After that there is no more BET issued. This document explains the distribution of BET and the details of the token sale campaign.

BET price staging (exchange rate to ETH during the campaign period)

The first day will be power day. At this day the price for Dao.Casino token will be 2000 per 1ETH. Then the rate will change:

  • 1st day 2000 BET = 1 Ether
  • Day 2-15 1800 BET = 1 Ether
  • Day 16-18 1700 BET = 1 Ether
  • Day 19-21 1600 BET = 1 Ether
  • Day 22-24 1500 BET = 1 Ether
  • Day 25-27 1400 BET = 1 Ether

Contribution will be capped at $25,000,000 equivalent in Ether. Due to a recent ether's volatility, cap calculated in ether will be announced on the day of token launch. No more BET will be issued after token sale period is over.

Pre Sale

2400 BET = 1 Ether, 400 BET will be added, as a vesting. It would last for a half a year, with 3 month cliff.

Dao.Casino token(BET) distribution

70/10/10/10 distribution: 70% will go to the campaign participants, 10% to the legal entity, 10% bounties, and 10% to the founders and early contributors who have worked on the project. Founders and early contributors will all have vesting.

Founder vesting

Vesting is necessary, with no exceptions. It ensures, that founders would not cheat. Our main goal is to improve our project, save and protect it. That's why vesting is our way to show responsibility to all of our contributors. Founders and early contributors will have 2 years vesting with 6 months cliff. This means we will mature 25% of our tokens each 6 months.

Funds management

Funds raised in ether will be managed by a legal entity. Details about legal infrastructure and it’s governance will be published before the token sale campaign starts. Purpose of the legal entity will be protocol R&D. Amongst the activities of the organisation: releasing a standalone client, security audit and whitelisting of the games from independent teams and is able to distribute funds as grants to the independent teams working on different aspects of the system, provide consultancy on usage of decentralised protocols in the context of gambling industry.

Intended use of raised funds

  • 60% - Research & Development
  • 20% - Operation
  • 15% - Marketing
  • 5% - Legal