We want to start by thanking the community which has been so supportive while we finalized the BNT creation event terms. We’ve been watching the evolving cryptocurrency landscape and listening carefully to everyone in all of our channels, in an effort to build the ideal configuration to ensure the long-term success of the project. We are happy to answer any questions so please keep them coming.
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.
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 ConsenSys, Nick Johnson and Martin Holst Swende from the Ethereum Foundation. Results of the audits will be published prior to the start of the token creation event.
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 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.
We have been evaluating liquidity pools across different exchanges (aka market depths) which are typically a small fraction of the traded coin’s market cap. We’ve decided to use an initial 10% Constant Reserve Ratio (CRR) for the Ether reserve of BNT. During an initial pilot period, the Bprotocol Foundation will oversee all aspects of the reserve, including monitoring of price stability and market depth. The Foundation may adjust the CRR as needed to accommodate market changes and maintain performance. Any such change will be communicated to the community via our official blog. After the pilot period the CRR will be immutably set.
Two days prior to the fundraiser we will announce the BNT fundraiser address. The only trusted sources for this information are:
As announced, we have assigned Bitcoin Suisse AG as an escrow agent and are CURRENTLY ACCEPTING deposits in BTC, ETH, CHF, EUR, USD, GBP, DKK and SGD. For non-US citizens only, this option is available to guarantee your participation in advance and hold your BNT until such time as you wish to take possession of the tokens. Please consult the Bitcoin Suisse terms and conditions for a full outline of their services, policies and fees.
As always, we welcome thoughts from the community through all of our channels (Slack, Telegram, Reddit, Bitcointalk, Twitter), or email us directly at [email protected].
About Bprotocol Foundation
The Bprotocol Foundation is a Swiss nonprofit foundation whose core objective is the establishment of the Bancor protocol as a global standard for intrinsically tradeable currencies. By contributing to the Bprotocol Foundation, users will generate BNT — the first smart token to be deployed using the Bancor protocol, establishing the Bancor network. The Foundation will collaborate with different contractors to achieve its goals, as well as governments, businesses, academia and NGOs committed to realizing collaboration potential in communities
around the world.
About Bancor Protocol
The Bancor protocol is a standard for a new generation of cryptocurrencies called Smart Tokens. Smart tokens hold one or more other tokens in a constant reserve balance which provide a mechanism for automatic price discovery and continuous liquidity. Bancor’s mission is to reduce barriers to entry, allowing the long tail of user-generated currencies to emerge. For more information, please visit www.bancor.network
