UPDATE: ONSTELLAR — Hardcap Decreased, ICO Pricing Lowered
Initial Coin Offering of ONSTELLAR — Where the Unexplained Lives
Hardcap & Token Price Lowered
Today, ONSTELLAR announces a decrease of its Hardcap of tokens sold in order to reduce overall supply outstanding for ONST token holders as well as a commensurate lowering of the pricing available during the ICO. These actions have the effect of lowering the overall capital raised during the ICO to $10,000,000.
Our initial influx of username registrations driven by the amazing reach of our Key Contributors caused ONSTELLAR to create very aggressive marketing plans and technology development plans. However, the risk to capital associated with such an aggressive rollout is very significant. We made changes to mitigate this perceived risk. Additionally, our offering size appeared like a money grab. This isn’t the image ONSTELLAR wishes to convey to our community or the larger crypto-sphere.
The Hardcap
The ONSTELLAR Hardcap was lowered from 132,000,000 tokens sold during the ICO to 50,000,000, an amount less than half of the previous total. We capped the amount of the ICO tokens to 50,000,000 in order to reduce the overall token supply which protects long-term value for all token holders. This action also reduces the capital ONSTELLAR is seeking from the market.
The Token Price
Our planned rollout of the Steemit, Inc’s Smart Media Token (SMT) offers a financial derivative feature which allows pricing support based upon other assets. We had intended to deploy a contract structure allowing a peg to the USD, giving our ONST token a means of support, at least in theory. ONSTELLAR still intends to deploy this structure but for purposes of the ICO, we have structured a token bonus which effectively offers ICO pricing at $0.20 USD per token. This carries two benefits: (1) lower pricing increases the attractiveness of the utility token to platform users, and (2) lower pricing lowers the overall intake of capital by the company which lowers risk for ICO participants.
About OnStellar
From the paranormal to the metaphysical, ONSTELLAR is the world’s first social network where the unexplained lives. The ONSTELLAR ecosystem is tailored to engage members in the exciting world of cryptocurrency, while at the same time providing opportunities to meet new people, engage with industry professionals, and gain access to products, services and events for our community. Connect and collaborate with others like you and be rewarded for creating and discovering content.
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It just means your ICO is failing?
No, not at all. Our pre-ICO was even finished early.
Much respect for your changes. They show that your mission is most important and that you did acknowledge that it looked too much like a money grab in the original format. Well done to you for recognizing the importance of reconfiguring.
Thank you, we want to make the idea a reality and work with the community to manifest it together.
You have received an upvote from @nicestbot. I am an automated curation bot trying to make minnows happy.
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Good news, I think it will be easy!
So will ONST function like SBD or will it funstion similar to Steem?
There will be ONST tokens and ONST Dollars - just like on Steem.
how long should it take to receive tokens once the ETH is sent from myetherwallet to Onstellar? I transacted first thing this morning, the ETH is gone from my wallet but no tokens are showing in my onstellar account.