We are very happy to announce our Smart Contract for the SPRK token has passed a security audit that was conducted by SmartDec. In this article we will outline the structure of the crowdsale and hope to address all the questions we are receiving.
The crowdsale will begin Saturday 7th July at 9am British Summer Time (BST). The sale will be conducted in three separate rounds, each of which are detailed below. We will be pegging the price of the crowdsale to the market price of ETH at 9am on Friday 6th July. The minimum rate of SPRK to ETH will be 2,800 SPRK to 1 ETH, but could be higher depending on the price of ETH on Friday at 9am BST.
It was great to meet many of our community members in Amsterdam last week. We've listened to your concerns about a handful of contributors controlling large quantities of tokens, and therefore have structured the token sale to significantly reduce this risk.
In order to participate in the crowdsale you will need to complete KYC. KYC is open to all, so long as you do not reside in a restricted country. To begin your KYC, please apply here:
https://earn.sparkster.me/kyc
If you have already succeeded in KYC for the Crowdsale, you do not need to do it again.
Note that given the fall in the price of ETH, Sparkster's market value based on current ETH prices is only $20.28m. This is very far away from our initial hardcap of $30m. However, Sparkster has NOT raised the amount it will collect in the crowdsale. We are still only raising $5.7m.
The three rounds of the crowdsale are:
Round 1:
Opening Time: 9am British Summer Time (BST) on Saturday July 7th
Length: 24 hours
Participants: Anybody who won Proof of Love, Lottery or received guaranteed allocation by completing our Walkthroughs can participate. You must have successfully completed KYC.
Structure: This is a reserved allocation, there is no rush to participate.
Maximum Contribution: This will be displayed at earn.sparkster.me later on this week and is determined by how many points you have earned.
Gas Price Limits: 40 Gwei
Round 2:
Opening Time: 9am British Summer Time (BST) on Sunday July 8th.
Length: 24 hours
Participants: Anybody who successfully completed KYC.
Structure: This round is first come, first serve round, and will make available any unsold tokens from round 1.
Max Contribution: 20 ETH
Gas Price Limit: 40 Gwei
Round 3:
Opening Time: 9am British Summer Time (BST) on Monday July 9th
Length: 24 hours
Participants: Anybody who successfully completed KYC.
Structure: This round is first come, first serve round, and will make available any unsold tokens from round 2.
Max Contribution:150 ETH
Gas Price Limit: 40 Gwei
It is important to us that nobody owns enough tokens to control the market or individually influence the price of SPRK tokens. Therefore, we have decided to limit contribution in round 3 to 150 ETH.
Other important information:
- We recommend using a gas limit of 250,000 when sending your payment.
- The contract address, and your contribution cap for round 1 will be displayed at https://earn.sparkster.me/ closer to the start of the sale.
- Only people who have successfully completed KYC can participate in our crowdsale.
- Note that the channel will be muted prior to the start of the sale for your security.
- Tokens will be distributed 2 weeks after the crowdsale. You will not receive them immediately. Tokens will be unlocked at Sparkster's discretion.
- Any unsold tokens will be retained for a future sale.
- Price per token is $0.15.
- Any bonus tokens are locked for one month.
Thank you for your continued interest, participation and support of Sparkster's vision and mission. We look forward to a very successful listing.
The Sparkster Team