Terms & conditions of CREDITS ICO campaign
Escrow for ETH received in ICO
Escrow is a way of blocking funds allocated in ICO by third-party people until the occurrence of certain specific conditions. Independent escrow person block ETH (money raised in ICO) until compliance with the conditions (obligations) can be verified. The team will not be able to spend the ETH raised during the ICO until the obligations for the development of the alpha version and release a full release of the platform are fulfilled.
Some ETH received in ICO will be frozen by four signatories of famous and well known people from the blockchain industry
- Escrow 1 - CRYPTO4ALL Paris (Escrow organiser)
- Escrow 2
- Escrow 3
- Escrow 4
- 50% - (up to a maximum of 10 mln USD) will not be frozen and will be used for the development and promotion of the project
- 30% - frozen until the release of the Alpha version (requires Escrow board confirmation and approval for release)
- 20% - frozen until the first full release (requires Escrow board confirmation and approval for release)
- ICO Feb 01st 2018 - Feb 28th 2018
- Soft cap $15 mln USD
- Hard $20 mln USD
- Minimum cap 1.5 mln USD (already achieved)
During pre-ICO and ICO, the company plans to sell tokens to raise between 15 and 20 million USD. During the first half of 2018, the company will only have access to 50% of the funds collected, and no more than 7-10 million USD. These funds will be used to finish development and promote the platform. Remaining, unspent funds will be unlocked after the Alpha launch and the full release of the platform.
We believe that the large funds collected in the ICO have a negative pressure on the potential growth of the prices of the token in the future.
ICOThe total number of issued tokens 1 000 000 000. The tokens exchange rate is 1 ETH = 5000 CS (CREDITS)
- ICO - 60%
- Bounty - 2%
- Bug bounty - 2%
- Founders - 15%
- Advisors - 1%
- Operation - 20%
Tokens left for operations.
According to the calculated budget of the project, the company will need 15-20 (soft and hard caps) million dollars for the first year of operation, as well as development and promotion of the platform. Over the next 2 to 5 years, the team will gradually sell the tokens earmarked for operations (20% of total) as needed and in small quantities so as not to provoke a decrease in market price.
The project's ICO model will allow the CREDITS team to quickly finish platform development and promote CREDITS use in the future.Unused operations tokens will be blocked for at least one year, according to the following schedule:
- 10% frozen through 1 Jan 2019
- 10% frozen through 1 Jan 2020
After the end of the crowdsale these tokens will be frozen for one year.
All tokens not sold by the end of the ICO will be destroyed or burned
ICO bonus - 0%
During the ICO period the token buyers who have registered in the WhiteList CREDITS ICO will be served first.