The crowdsale has ended!
The goals of this crowdsale are to secure funding for the development of the Project Decorum protocol and software, and to provide an initial amount of Clike tokens to the community to kickstart their usage. These Clike tokens can be used as a special endorsement type in the Project Decorum protocol. Project Decorum hopes that these Clike endorsements will be especially attractive to larger organisations with a PR budget. Regular users may usually stick to the other endorsement type, whose weight is determined by a reputation system called a web of trust. You can read more about these topics here.
There is no minimum amount of funding required, nor is there a maximum of funding at which the crowdsale would end. Project Decorum will strive to realize its goals regardless of the amount of funding secured. Any funding allows Project Decorum to pay developers for their contributions, which will hopefully speed up development and increase product quality significantly. It may also let Project Decorum expand in scope after the initial products have been delivered. Any new goals would all resonate with the ideals of security, privacy and freedom to which Project Decorum and the SAFE Network hold.
Allocation of funds
Funding may be used for the following purposes:
- Developer wages
- Code contribution rewards
- Security bug bounties
- Any legal fees
- Marketing and community development
- Support of projects from which Project Decorum may directly benefit
- Other purposes that help Project Decorum achieve its goals
Fifty million (50.000.000) Project Decorum Coins (PDC) will be distributed amongst crowdsale participants. These PDC can later be exchanged for Clike tokens on the SAFE Network (for a period of at least 6 months following stable launch). The PDC will be sent to the address from which you contributed, so make sure you have direct access to the private key(s)! Note that the PDC exist on the Omni protocol, with ID #59.
The crowdsale will last until Bitcoin blockchain block number 409884, for a total duration of approximately four weeks. In the first week, contributions will receive a 15% bonus on the amount of PDC gained. In the second week the bonus is 10%, in the third week 5%, and in the last week there is no bonus. In terms of blocks, the bonus will start at 15% and decrease by 5% after the block numbers 406860, 407868 and 408876. Any contributions after block 409884 will be refunded to the originating address.
At the bottom of the page a block count down can be found.
Clike token details
Because a Clike token is permanently consumed when it is used as an endorsement, the Clike token supply cannot be static, or else they would go extinct at some point. Project Decorum discovered a way to let new coins/tokens created on the SAFE Network come into existence at a very constrained rate. This is achieved through a special mining protocol that decreases or even completely stops supply inflation when the tokens have a relatively low market price, and increases it (for a while) when the tokens have a relatively high market price. A short explanation is provided below.
SAFE Network tokens are actual data entities (files) which are cryptographically owned. They each have a unique number called an identifier. The special mining protocol allows individual tokens to be mined. This protocol states that the mining difficulty for a particular token is dependent on its identifier. The higher the identifier is, the more difficult it is to mine. The proof-of-work is stored inside data field of the token and is validated by user's wallets.
The first tokens (pre-mined and to be exchanged for DPC) will have the lowest identifiers. Any new to-be-mined tokens will have higher and higher identifiers, which makes them more and more difficult to mine. The mining difficulty increases exponentially to account for technological progress and subsequent cheaper mining power.
The image below visualizes this exponential increase. For every 5 million new tokens mined, the mining difficulty doubles.
So what will the base mining difficulty be, i.e. the difficulty for the token with identifier 50.000.000? To protect crowdsale participants from immediate inflation, the base mining difficulty will be set to a value that makes the first token ten times more expensive to mine (with the current level of mining costs) than tokens were sold for in the crowdsale. This means that before any significant supply inflation due to mining starts, the Clike tokens may be up to 10 times up in value!
Current mining costs are derived from Bitcoin mining statistics, and thus takes ASICs into account. We hold that 63.5 million GigaHash has a value of about 1 USD. So if at the end of the crowdsale we find that tokens were sold for say, 0.001 USD each, the base difficulty is set to 0.635 million GigaHash (0.01 USD). If you have any questions about this, please ask them on the SAFE Network forum.
Remember that Clike is consumed when it is used as an endorsement, which will continuously contract the supply as Clike endorsements are given. Project Decorum envisions that Clike will tend towards a price point where the contraction of the supply due to consumption roughly matches the inflation due to mining. At this point there would be no net expansion of the supply, until the price would leave its equilibrium by going up again.
Partaking in the crowdsale
Both BTC and MAID contributions are accepted. To calculate who gets how much Project Decorum Coins, BTC contributions will be converted (virtually) to MAID at the Poloniex BTC/MAID weighted average rate of the 24 hours prior to that specific BTC contribution.
This means that for MAID contributors, any price swings in MAID during the crowdsale have no direct effect on the size of their share. The final tally is measured in (virtual) MAID, plus any early participation bonuses.
To see for how much (virtual) MAID 1 BTC currently counts, see the following statistics.
Remember to send your coins to the appropriate address!
Make sure you yourself own the private key from which you send coins, don't send directly from an exchange!
Latest crowdsale statistics