ICO Updates - Week 13
Lots of news!
On Friday we learned the outcome SBC7. Unfortunately, The Unsinkable Project did not win any funding but this is not entirely unexpected as the SBC is really intended for functioning products. Hopefully in 3 months we will have complete HODL Wallet functionality when we resubmit.
However, I (Unsinkamoto) was mentioned as a community contributor so at the very least I am hopeful for positive feedback from the SBC judges
Still waiting on SSC functionality, but Abed has assured me we will have updates this month.
I updated the roadmap over the weekend.
I have been updating the white paper to include more info about "corporate" structure and voting mechanics, there will be another release within the next 2 weeks.
I have been thinking a lot about caps and ICO end date lately.
The $200,000 soft cap was chosen semi-arbitrarily. This was chosen because of a need for $100,000 24h trade volume, ICO/pre-ICO funding ratio, and need for usable funds.
$100,000 daily trade volume is needed for a coinmarketcap.com listing but that does not explicitly need to occur immediately after ICO. It will be helpful for raising awareness and interest in the token, increasing token price, and achieving listings. There are also other coin/token listings that do not have strict, arbitrarily-chosen 24h trade volume like livecoinwatch.
The major minimum needs of the pre-ICO and ICO crowdfunding are:
10x-50x ICO/pre-ICO funds raised (to ensure Unsinkable airdrop tokenomics)
SSC and Web Dev ($5,000 - $10,000)
Legal and ICO consulting ($5,000 - $20,000)
10x ICO/pre-ICO funding is the absolute worst allowable ratio. I would much prefer 20-25x, and 50x would be ideal.
XLM raised in pre-ICO is immediately available, but XLM from the UNSK ICO is only available if the owner immutably price-lock HODLs. Depending on XLM/USD price, the value of the pre-ICO hardcap, PICOUNSK, and the available funds ($) raised as XLM changes drastically.
So, UNSK softcap should really be 15-20x pre-ICO funds raised and $10,000-$30,000 available funds from PICOUNSK investors and UNSK HODLers.
The current softcap is intended to ensure minimum 10x funding ratio if we sell all 2.1M PICOUNSK. The "$200,000" softcap is intended to represent 700,000XLM (70,000*10). Due to the lack of participation so far, I am starting to worry we will not be able to achieve this much ICO contribution. Hopefully, once more functionality is built, this will change. However, if we limit PICOUNSK sales to half of what is "available," then the softcap can also be halved down to "$100,000." I would really prefer more than a 10x funding ratio, though, so perhaps the numbers should be adjusted to:
PICOUNSK hardcap - 35,000 XLM (1.05M PICOUNSK)
UNSK softcap - 525,000 XLM (15x) and $10,000 available funds.
The UNSK ICO will likely continue until these needs are met. If the "unofficial" end date of 1/1/19 is met before soft cap is reached, then it will be extended.
Ideally, we will see a BTC and overall crypto bullrun around the end of 2019 and UNSK can capitalize on that. If softcap has not been met by March 2019, the efficacy of TUIS and The Unsinkable Project will likely need to be re-assessed.