ICO Today Magazine News
The Interactive Coin Offering (ICO), which is the mode of our crowdsale, was first proposed by Vitalik Buterin and Jason Teutsch in order to turn crowdsales into a game of perfect information. They take the uncapped model and propose the following rules:
- Participants in the crowdsale submit both a bid and a maximum sale valuation at which they are willing to participateIf the sale amount reaches the maximum sale valuation,
- the participant’s bid is canceled and the investment is refundedIf they so choose,
- participants have the possibility to withdraw their bid from the sale until a withdrawal lock period is reachedA progressively decreasing discount is given at the start of the sale in order to motivate early investingIndividual buyers may place multiple bids at different valuations.