Tezos fundraiser scheduled 1 July
Image: Tezos fundraiser will happen soon!
Tezos Foundation just sent out an email detailing the eagerly awaited ICO.
Text of the email:
Tezos Fundraiser scheduled for July 1
This is a message from the Tezos foundation.
The Tezos Foundation is pleased to announce that the legal structure of the Tezos Foundation, its fundraiser, and related contracts have been approved by the Swiss Foundation Supervisory Authority.
With this regulatory stamp of approval, we are now excited to announce the official start of the Tezos fundraiser on Saturday, July 1, 2017 at 6 am UTC. We chose this date to give everyone enough time to complete their funding arrangements.
We believe it’s important to do things right and protect our contributors and users from risk, which is why we went beyond current industry practice and waited to receive official approval before accepting contributions. We expect this high level of care to serve our technology, our community, and the world as we continue to build and grow this essential infrastructure for a free and prosperous society.
For technical information on how to participate in the Tezos fundraiser, please always refer exclusively to the Tezos website at https://tezos.com
Contributions will open at https://tezos.com on July 1 at 6 am UTC. In addition, we have approved our broker, Bitcoin Suisse, to offer its customers participation in the Tezos fundraiser for a fee. Note that only Bitcoin Suisse and no other service has been approved to do so, and that using such a service requires you to trust the service provider with your private keys.
If you would like to contribute, only do so through our own website https://tezos.com once the fundraiser opens, or through https://www.bitcoinsuisse.ch/tezos starting today.
No other websites are authorized to provide information on Tezos or accept contributions to the Tezos fundraiser.
To stay updated with developments, sign up for the mailing list at https://tezos.com.
The Tezos Foundation is extremely pleased with the fantastic community that is starting to sprout around the Tezos project. The interest in the Tezos fundraiser has been electrifying. It is an amazing vote of confidence in decentralized governance and in the world class team developing the project. That interest has been matched by engineering development resulting in a testnet that has been operating for several months already and a production version that is expected to ship later this year.
Johann, Guido, Diego, and the Tezos Foundation team
Note: If you intend to participate through Bitcoin Suisse rather than directly through https://tezos.com, bear in mind that funding arrangements can take longer than expected - in some cases, two weeks or longer. So if you want to ensure your participation, you should start the process immediately.
The fees and all
Some information about the Bitcoin Suisse way: There is a fee of 100 CHF (cca 100USD) and 1.25% fee on the money you want to contribute. You have to AML/KYC with your ID, selfie with ID and proof of address. They say they are getting a lot of requests.
To look at the numbers, if you want to send them 10K in bitcoins, your fee will be about 225 USD. You can also send them Ether or several kinds of fiat but in that case expect more haircut as the ICO is on BTC blockchain and all contributions will be changed into bitcoins.
What you get for this fee in pre-sale is that you are guaranteed to be put in the blocks that get a bonus:
The Tezos ICO is capped by transactions that will make it in between the first 2000 blocks after opening.
BTC Block # Bonus XTZ/BTC 0-399 20% 6’000 400-799 15% 5’750 800-1’199 10% 5’500 1’200-1’599 5% 5’250 1’600-1’999 0% 5’000
So for one bitcoin invested you are kind-of guaranteed to receive at least 5250 tezzies.
It is not clear how they are planning to do it, overpaying the fees on bundled transactions or what, to get the transactions confirmed, but that is the phrasing of it in the agreement:
Contributors who have signed up with and participate through Bitcoin Suisse AG, and who have completed their onboarding and funding at least 4 hours prior to the applicable rounds, is guaranteed participation in the “bonus” phase of the respective rounds.
N.B: In case of force majeure, no guarantees regarding allocation or pricing of tokens are applicable.
N.B: Exact conditions regarding the crowd sale may be subject to change from the side of TZ and founders.
Force majeure means ‘unforeseeable circumstances that prevent someone from fulfilling a contract’. That’s a normal condition to have in a contract but at the same time there is always a lot of unforeseeable circumstances in crypto.
Comments are disabled for this article.
Read about our content policy.
About the author
Written by KarlVonBahnhof
KarlVonBahnhof also on Reddit, Chris belongs to the crypto trader class of 2013. Located in the Americas most of the time, you're most likely to meet at r/BitcoinMarkets though.
Opinions are author's own.