BlockFoodToken

The BlockFood project is launching through the creation of a new crypto-currency, the BlockFoodToken (BFT), which fuels the platform.

The launch of the BlockFoodToken (BFT) will happen in two separate steps:

  1. Pre-sale

    • Kick-start the token-sale
    • Start: January 8th 2018
    • End: February 8th 2018
    • Minimum cap: 100 Eth or 60 000 $
    • Maximum cap: 200 Eth
    • Minimum contribution: 0.1 Eth
  2. Final token sale

    • Fund the project
    • Start: March 8th 2018
    • End: April 12th 2018
    • Minimum cap: 1 000 Eth or 600 000$
    • Maximum cap: 54 000 Eth or 24 000 000$
    • Minimum contribution: 0.1 Eth

If the pre-sale does not meet its minimum cap, the token sale will be postponed.

If the token sale does not meet its minimum cap, all remaining funds collected during the pre-sale will be returned to the early participants.

Pre-sale

A pre-sale is organized to help launch the final token sale.

The BlockFood team needs funds to finalize the white paper, kick-start the token sale and propel the project to its next phase. Funding gathered during pre-sale will be used for the following items:

  • Redaction of Terms of Service
  • Smart contract audit
  • Know Your Customer process
  • Marketing campaign

Pre-sale minimum cap is fixed to: PRE_SALE_MIN_CAP = 100 Eth or 60 000$

Pre-sale maximum cap is fixed to: PRE_SALE_MAX_CAP = 200 Eth

Minimum contribution is fixed to: MIN_CONTRIBUTION = 0.1 Eth

Pre-sale will start on 8th January 2018.

It will end either after 8th February 2018 or if the maximum pre-sale cap is reached.

Pre-sale smart contract

Here is an overview of the pre-sale smart contract:

Pre-sale_smart_contract

The participation in the pre-sale will follow this workflow:

  1. Participant register on https://blockfood.io/pre-sale

    • Participants need to provide following information:
      • Email
      • Full name
      • Country of residence
  2. Once all information is provided, participants will be able to interact with the pre-sale smart contract directly in their browser using the MetaMask plugin.

    • The participant has to make sure he has the MetaMask plugin installed
    • The amount of the participation in Ether can then be entered into the form
    • The participation is finalized when the "Apply" button is clicked
  3. For each applicant, an event is triggered on the smart contract.

  4. For each applicant, identity verification process is then triggered.

If the identity provided is valid:

  1. The accept(participantWalletAddress) function of the smart contract is called.

  2. The funds stored in the smart contract are transferred to BlockFood multi-sig wallet.

OR If the identity provided is invalid:

  1. The reject(participantWalletAddress) function of the smart contract is called.

  2. The funds stored in the smart contract are returned to the participant.

Pre-sale bonus

If the final token sale is a success, as a recompense for the early participation, all applicants will receive BFT with an important bonus.

The exchange rates for early applicants is: 1 ETH = 15 000 BFT

Example: early applicant donated 10 ETH to the Open Sharing Economy foundation, then when the final token sale ends, 150 000 BFT are deposited into the applicant wallet.

Pre-sale participation conditions / disclaimer

To participate in the token pre-sale, the User has to match these conditions:

  • The User is major in his country of residence.
  • The User resides in a country where token sales are not illegal.
  • The User is not a resident of the United States of America or the People's Republic of China.
  • The User has its own private Ethereum wallet and knows how to use it.

By participating in the pre-sale, the User accepts the following conditions:

  • The Open Sharing Economy foundation declines any responsibility for incidental or consequential damages and does not have any responsibility regarding the User's potential losses.
  • All funds are a donation to the Open Sharing Economy foundation and will be used for the token sale.
  • The User cannot ask for a refund of the donation.
  • The Open Sharing Economy foundation is not responsible for the wrong use of the pre-sale smart contract which could lead to potential money loss, including the use of a trading platform wallet instead of a private one.
  • The participation in the pre-sale offers no warranties. The information described in this document does not bring warranty nor implied warranty to the particular success, market fit, merchantability and development of the platform.

Final token sale

After the pre-sale, the final token sale will take place.

The token sale will last 5 weeks and is planned from March 8 2018 to April 12 2018.

The only accepted currency is Ethereum.

The official exchange rate for BlockFoodToken is: 1 ETH = 10 000 BFT

The minimum funding cap is: MIN_CAP = 1 000 ETH or 600 000$

The maximum funding cap is: MAX_CAP = 54 000 ETH or 24 000 000$

Due to the AML/CTW laws, all participants must go through a whitelisting process where their information will be verified by a third-party: Onfido.

Timeline

Here is the timeline for the token sale. Note that each date is an estimation and that the timeline can change without notice. BlockFood.io website is the central information point. Do not trust any information without validating it on BlockFood.io.

March 8th 2018: first round +20%

During the first week of the token sale, early contributors will receive a bonus of 20%.

1 ETH = 12 000 BFT
minimum contribution = 0.01 ETH

Start: 2018/03/08 15:00 UTC

End: 2018/03/15 15:00 UTC

March 15th 2018: second round +10%

During the second week of the token sale, contributors will receive a bonus of 10%.

1 ETH = 11 000 BFT
minimum contribution = 0.01 ETH

Start: 2018/03/15 15:00 UTC

End: 2018/03/22 15:00 UTC

March 22th 2018: last bonus round +5%

During the last bonus week of the token sale, contributors will receive a bonus of 5%.

1 ETH = 10 500 BFT
minimum contribution = 0.01 ETH

Start: 2018/03/22 15:00 UTC

End: 2018/03/29 15:00 UTC

March 29th 2018: last round

The final round will last two weeks and allow late-comers to still enter the crowdfunding.

1 ETH = 10 000 BFT
minimum contribution = 0.01 ETH

Start: 2018/03/29 15:00 UTC

End: 2018/04/12 15:00 UTC

Participation conditions / disclaimer

To participate in the token sale, the User has to match these conditions:

  • The User is major in his country of residence.
  • The User resides in a country where token sales are not illegal.
  • The User is not a resident of the United States of America or the People's Republic of China.
  • The User has its own private Ethereum wallet and knows how to use it.

By participating in the token sale, the User accepts the following conditions:

  • The Open Sharing Economy foundation declines any responsibility for incidental or consequential damages and does not have any responsibility regarding the User's potential losses.
  • All funds are a donation to the Open Sharing Economy foundation and will be used for the platform's development.
  • The User cannot ask for a refund of the donation, except in the condition of unmet minimum funding cap, in which case every participant will be able to get a refund by calling a function of the smart contract.
  • The Open Sharing Economy foundation is not responsible for the wrong use of the token sale smart contract which could lead to potential money loss, including the use of a trading platform wallet instead of a private one.
  • The participation in the token sale offers no warranties. The information described in this document does not bring warranty nor implied warranty to the particular success, market fit, merchantability and development of the platform.

Token sale details

The funds collected (BALANCE) will be used to cover all the costs generated by the development of the platform, described in the "Business model" section of this document.

Scenarios

If BALANCE < MIN_CAP at the end of the token sale

If during the five weeks of the token sale the MIN_CAP was not reached, all participants will be refunded. If the participant sent 1 ETH, he will get 1 ETH minus gas cost of operation in return.

If BALANCE > MAX_CAP during the token sale

If the MAX_CAP is reached before the end of the token sale, the participation in the token sale will no longer be possible. Sending ether to the smart contract will result in an error.

BlockFoodToken distribution

The BlockFoodToken distribution goes as follows:

  • 70% are distributed through the token sale to participants exchanging ether for BlockFoodToken.
  • 30% are distributed as follows:
    • 15% for the Open Sharing Economy foundation
    • 10% for the initial team, vested for 1.5 years
    • 5% for the community through bounty campaign and limited airdrops

BlockFoodToken supply

The BlockFoodToken supply will depend on the amount of ether donated by the token sale participants.

The maximum supply (given a maximum cap reached during the first week) is:

MAX_SUPPLY = MAX_CAP * 12 000 * 100/70 = 925 714 280 BFT

The minimum supply (given a minimum cap reached only during the last weeks) is:

MIN_SUPPLY = MIN_CAP * 10 000 * 100/70 = 14 285 710 BFT

The BlockFoodTokens will be minted upon ether being sent to the smart contract. The total supply is subsequently the sum of all donations multiplied by their exchange rates and the proportionally generated coins for the Open Sharing Economy foundation.

Given:

- R1 = rate for the first week
- R2 = rate for the second week
- R3 = rate for the third week
- R4 = rate fot the last two weeks
- E1 = Ether donated during first week
- E2 = Ether donated during second week
- E3 = Ether donated during third week
- E4 = Ether donated during last two weeks
- SUPPLY = BlockFoodTokens generated by donations
- TOTAL_SUPPLY = Total existing BlockFoodTokens

We have:

SUPPLY = R1 * E1 + R2 * E2 + R3 * E3 + R4 * E4
TOTAL_SUPPLY = SUPPLY + SUPPLY * (100 / 70)