WINGS pre-Beta: Bancor crowdfunding price discovery and AMA
Earlier this week we had the great pleasure to announce our very first use of WINGS DAO which marks the beginning of a limited pre-beta production release of WINGS DAO functionality on the Etehreum mainnet for providing feedback and valuation of the Bancor crowdfund which will occur on Monday, June 12, 2017.
As many of you are keenly aware many crowdsales and ICOs on the Ethereum network have reach their caps in matters of seconds. In our opinion this means that the teams and their advisors have no easy way to value their crowdfund. By not being able to price their ICO to market sentiment they are thus leaving potential early adopters stranded, and selling coins for cheap that could have been used for protocol or Dapp promotion an development. We believe that WINGS solves this weakness during a bull market; and in a bear market the leveraging of the WINGS DAO members social graph will bring extra liquidity to deserving projects.
Bancor Network Token (BNT) fundraiser price discovery reward
As stated in the joint press release there will be up to $250,000 in BNT and ETH tokens allocated to WINGS DAO members who accurately forecast the amount of the Bancor Network Token contribution fundraiser. The reward to the WINGS DAO will be based on the following logic:
- 1% at $10m funded = $50k Bancor tokens + $50k ETH
- 0.5% at $20m funded = $100k tokens + $100k ETH
- 0.4% at $30m = $120k tokens + $130k ETH
- Cap of $250,000 forecasting reward
Since this particular due diligence and valuation opportunity is happening before the launch of the WINGS Beta, and Bancor is using their own smart contract with WINGS integration, the reward will not automatically flow from their smart contracts into the WINGS reward smart contract, which is not online yet. After the conclusion of the Bancor fundraiser and once the team has the chance to have the WINGS rewards contract system running on Ethereum mainnet then we will inform the community how to go about collecting your ETH, BNT and WINGS forecast ratings rewards.
Also do note that the terms of the Bancor fundraiser are such that there is at least 1 hour of availability to participate, and there is a hidden cap that kicks in at the 1 hour mark so do your due diligence and value accordingly.
The WINGS team will host an AMA with the Bancor founders on Wednesday June 7, 2017 at 8pm (Israel) / 7 PM (EU) / 1 PM (Miami) / 10 AM (Pacific).
The AMA will start with a 45 minute Q&A using a video livecast
And then move over to Reddit. To have your question selected head over to Reddit: