BOScoin Fundraiser Wrap-up
That was quite the event! I’d like to start by thanking the community for contributing to the project. It took close to a week to wait for all the funds to finally confirm. Due to the huge inflow of funds into the Bitcoin network over the past couple of months, transaction times have gone through the roof. A large number of our transactions took more than five days to confirm, despite having reasonably high transaction fees. Irregardless, we waited for the dust to settle and now we can finally release the official results!
Fundraiser Overview
Overall, we exceeded our goal of 6,902.34221965 BTC which is equivalent to roughly USD $12.2M in 16 hours and 14 minutes. Totaled with the pre-fundraiser which consisted of 133,906,311.214 BOS result in the 410,000,000 BOS out of the 500,000,000 BOS for the Genesis state. 82% of the BOS tokens are owned by the users that participated in the fundraiser events.
There were 3,458 accepted contributions and 2,466 unique users! This actually turned out to be much higher than we anticipated, which is great for the ecosystem. The larger the pool we start with, the more potential the ecosystem has to grow!
The account that holds the 6,902.34221965 BTC is as follows. The account is a multisig account held by multiple directors in the foundation.
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Contribution Timeline
There were a number of contributions that were sent after the officially Fundraiser ended. The following describes which contributions are accepted and which are being refunded.
Contributions can be categorized into three types; ‘Valid Contributions’, ‘Over-Contributions’ and ‘Invalid Contributions’.
1. Valid Contributions
Valid Contributions are contributions made before 16:14 GMT when the Fundraiser hit 100%. Contributions made within this time are all valid. Due to incredibly long confirmation times despite reasonable transaction fees, we decided to accept all contributions made within this period.
2. Over-Contributions
There was a short term after 100% and before we officially stated the Fundraiser was over at 17:00 GMT. This period is the over-contribution period. There were 57 transactions totaling 9.38 BTC. Transactions within the ‘Over-Contributions’ period will be subsidized from the bounty pool.
After witnessing distressingly random confirmation times that seemed to ignore transaction fees, we decided that having more participants to boot the system will lead to a healthier ecosystem(some transactions in before the first minute, took up to five days to confirm). Users that contributed during the ‘Over-Contribution’ period will be able to keep the displayed BOS.
3. Invalid Contributions
Transactions that took place after we officially ended the Fundraiser and removed the Bitcoin contribution address, are ‘Invalid Transactions’. ‘Invalid Contributions’ of Bitcoin will be refunded and the BOS will be invalidated. Do not resend Bitcoins to previous contribution addresses. We will return all Bitcoins and not distribute any more BOS tokens.
To summarize, transactions made before 17:00 GMT are all accepted and the BOS received are final. Transactions that took place after we officially ended the Fundraiser and removed the Bitcoin contribution address, are all invalid. These contributions will be refunded and the BOS will be invalidated.
Refund Process
The Fundraiser officially ended at 2017 May 10th 17:00 GMT. Contributions made after this point will be refunded. We will be contacting the individuals through email and process them until the end of May. On the dashboard, these funds will have a ‘refunding’ status.