We at BitBoost are happy to announce the dates for the token pre-sale of The Block, our marketplace built on the Ethereum blockchain. We will offer BitBoost Tokens, called BBT, that will be needed to sell items through The Block. Pre-sale will begin on September 18th. Our main sale will be held in October.
The Block is a blockchain-based marketplace, built on the Ethereum public blockchain. The BitBoost token (BBT) will provide sellers with listing power: BBT will be used to pay the listing fee, in order to sell items on The Block. A total of 100 millions tokens will be issued on the Ethereum blockchain using a smart contract. Our BitBoost token (BBT) will comply with the ERC20 standard and will be freely transferable on the Ethereum platform. These tokens will be the only BBT ever issued. Token allocation during the sale will be as follows:
- 25 million BBT (25%) will be sold in the forthcoming token pre-sale. BitBoost aims to raise $5 million in this initial funding round. Subsequent token sales will be made at significantly higher prices.
- 41 million BBT (41%) will be reserved for the main token sale and future token sales and activities (see below).
- 12 million BBT (12%) will be reserved for future contributors (see below).
- 10 million BBT (10%) will be reserved for the founding team and partners, of which 8 million (8%) will not be tradeable for one year.
- 5 million BBT (5%) will be reserved for early angel token owners and advisors, of which 3 million (3%) will not be tradeable for one year.
- 5 million BBT (5%) will be reserved for existing NxT Freemarket holders.
- 2 million BBT (2%) will be reserved for bounty campaigns.
As stated above, 41 million BBT will be reserved for the main token sale. If part of these tokens are not sold during the main token sale, they will be used for future sales and will be locked for a minimum period of one year. These remaining tokens will be sold at a significantly higher price than the initial pre-sale of 25 million and the main-sale tokens. They may specifically be used for:
- Continuous business development of the BitBoost ecosystem after the launch of The Block, including strategic or business users, or token swaps with other blockchain and distributed ledger projects.
- Legal fees, compliance, accounting, and consultancy expenses necessary to ensure that BitBoost continues to operate in a lawful and commercially sound manner.
- Various marketing and promotional activities for BitBoost, such as media exposure, events, and PR.
Compensation for future contributors to The Block from the 12 million tokens reserved for this purpose is at the sole discretion of the founding team. Details regarding future asset sales or related joint ventures to fund the development of The Block advanced features will be announced in due course. The global promotion of the platform will be addressed at a later time, once all features outlined in the roadmap have been implemented.
For further information, please read our white paper. If you are interested in our token sale, please subscribe below to our token sale mailing list. We will send you updated information about this matter on a regular basis. Thank you for joining us on this first step to redefine e-commerce!!