In the beginning of the week we sent out a survey to everyone registered on our whitelist and we would like to thank everyone who participated. We have gathered more than enough data now to make an informed decision when it comes to contribution caps and gas price limit. But, before we get to that, we have a big warning that everyone should read.
Fabric Token ICO Warning
Ever since our project gained some popularity, we have been seeing a steady stream of scammers trying to trick some of our community members into buying fictitious Fabric Tokens. So far, as far as we are aware, none of the attempts have worked.
However, as we approach the ICO, these scammers are getting more and more active and we have been seeing an increase in reports of fraudulent activity. To address that, we would like to state the following:
A Fabric Token team member will never send a direct message to anyone offering to sell Fabric Tokens via some sort of a private sale or in any kind of sale for that matter. All of the remaining FT will be sold during the ICO, which starts on February 15th at exactly 10:00:00 UTC. So, if someone approaches you with any kind of offer and they present themselves as part of the FT team, you can be 100% sure that they are a scammer. Simply ignore their offers or better yet, have some fun with them, if you have the time.
Okay. Now that that’s taken care of, let’s move on to the real reasons for this announcement – individual caps and gas price limit.
Minimum Contribution Cap – 0.1 ETH
One of the questions on the survey we conducted on our whitelist members asked for an opinion on minimum cap. The most popular answer, holding 38% of all the responses, was 0.1 ETH. It made a lot of sense, so this was an easy choice for us.
Maximum Contribution Cap – 9 ETH
The maximum cap on contributions was the parameter that we discussed the most. Since FT’s price is connected with that of USD and not ETH i.e., 1 FT will be sold for exactly $0.1125 USD during the ICO, we had to wait as much as we could in order to get this cap right.
We followed Ethereum’s USD price closely over that past few weeks and decided that setting a maximum cap of 9 ETH will be the best possible option for our ICO – most of the responses from our survey showed a preferred maximum cap in the bounds 6 – 12 ETH, so we decided to slice it right through the middle.
By our calculations, which include taking into account our community size and the survey responses on how much each participant plans on investing in our ICO, we think that a 9 ETH maximum cap on contributions is our best bet.
It is not low enough to make it hard for us to reach the ICO hard cap, but it is also not high enough to cause a swift end to our ICO that would deprive some of the people on our whitelist from the opportunity to participate. By our rough estimation, we expect that our ICO will end within a day or so, given these contribution caps, however, if most (or all) of the people on our whitelist make their purchase right after the openning, the ICO will probably end within minutes.
So we do recommend that everyone be fully ready on February 15th at exactly 10:00:00 UTC, just to make sure that they get their slice of the FT pie. Again, we believe that these caps are just the right size in order to allow everyone to get what they want and, if the data from our survey is correct, there won’t be any issues for anyone during the ICO.
Gas Price Limit – 50 Gwei
The gas price limit question’s responses in our survey were very straightforward. It was a simple yes/no question and 84% of the people responded with “yes”. So, just like with the minimum cap, this was an easy choice for us. During the ICO, transactions that have a gas price limit of more than 50 gwei will be denied by our smart contract.
The last unknown variables for the FT ICO are now set. The only thing left for anyone interested in participating is to wait for the smart contract address to be announced (around Tuesday next week) and on February 15th, 10:00:00 UTC, simply send ETH to the smart contract address. That’s it.
If you haven’t been whitelisted yet and you want to participate in our ICO, you need to go and fill out the form on this page and follow your KYC status here. If your status is verified, that means that you will be able to participate in the FT ICO.
Finally, we want to again warn about potential scammers. The general rule of thumb for next week is, if you are in doubt about something, simply go to our Telegram group and ask. We will be active all the time leading up to the start of the ICO.