News update! The ESL Coin ICO will last for three weeks from
November 13 to
December 3. No new coins will be created, and the pre-mine will be distributed as follows:
- ICO backers: 50%
- ESL Coin dev team: 10%
- Third-party app devs: 10%
- Try English team: 10%
- Marketing and PR: 10%
- ESL Community Grants: 10%
ICO Process
ESL Coins will be sold throughout the crowdsale for a constant price of
1000 satoshis (0.00001 BTC). The total supply will equal twice the number of ESL Coins purchased; once the ICO is over, the second half will be created and properly distributed, and then coin creation will be locked.
Example: suppose 1 billion ESL Coins are sold for 10,000 BTC. Another 1 billion ESL Coins will then be created for a total of 2 billion, with 200 million each going to the ESL Coin development team, third-party app devs, the Try English development team, marketing, and the ESL community.
All grants, bounties and the development fund will be controlled by the
ESL Coin Foundation. Its directorship is currently made up of the Try English team, but others may be admitted to the board for reasons such as having made a large ESL Coin investment or developed a third-party app. Other reasons for admission and specific procedures will be outlined in another post.
All funding from the ICO itself will go to the Try English team with app development as the immediate and primary goal. If funding from the ICO exceeds our goal of
$10 million, excess will all be given to the ESL Coin Foundation to be used at its discretion. The crowdsale will close prematurely if a maximum of
$100 million is reached.
Grants and Bounties
Grants will be given to
ESL Meetups, groups, clubs and student bodies based on their size and activity levels with the expectation that they will participate earnestly in the ESL Network, which may include acceptance of ESL Coin. By the time we run out of funding, the network effect will already have taken hold.
Third-party developers and marketers will be on a bounty system.
Developer bounties (one of which will be received by the Try English team upon the app’s completion) will be sized according to the scope of their project, and marketing bounties will be given to
translators--who will be highly significant--as well as
writers and for
social media and
forum activity.