Tap Coin Contribution RecapBlock #4339820 kicked off a great Crowdsale for the Tap Project and the Tap Coin. With close to 600 transactions, approximately 1200 ETH, was contributed to the project and the vision of the Tap Coin. With that being said the team would like to thank all those that were able to support the project in the foreground and behind the scenes. We know that a long journey lays ahead and the team is ready to take on any obstacles that may come. As history states, with change and disruption comes resistance, and that is to be expected.
Contribution RecapOn October 5th we launched the early contribution period which gave supports the ability to receive a 30% bonus before our ICO. A week later we completed our early contribution period and surpassed 50% of our soft cap goal. We released our Conceptual Alpha and received an amazing response and feedback.
Users were able to create an account, view games on the marketplace, add games to their favorites, and most importantly test out the functionality of the Tap Coin. This allowed users to go into the selected games in the marketplace and input the amount of Premium or Earned Currency they have in those games, showing the Tap Coin valued outcome.
A few days prior to the end of our initial contribution period, we reached our 400K soft cap and the funds were unlocked for the project. Upon doing so the community requested a month long extension to use the funds for marketing and put the project on the map. We implemented the Tap Project Improvement Plan and asked the community if they had any feedback in regards to the contribution period. We brought all feedback to the team and had lengthy meetings and discussions about them. As a result, we lowered the hardcap and implemented a month extension with a waterfall bonus structure. With the month extension we wanted to ensure that those who contributed during the early contribution period were compensated for their early support and belief in the project. With that, we initiated a manual 50% retroactive bonus for those supporters, which was well received by the community.
During our ICO the Ethereum Network became bogged down and congested due to a recent product launch on the network. Thus we implemented an increased gas price of 50Wei.
Rise in Ethereum Price
Throughout our ICO we were faced with one major change, the price of Ethereum. When we first started our early contribution, ETH/USD pricing was approximately $300. However, during our contribution period, the crypto community saw ETH rise as high as $1600 within 2 months. Seeing as our price was fixed to ETH, the TTT to ETH ratio remained consistant throughout despite the rise in ETH pricing. Towards the end of our contribution we saw our ETH contributions decrease, but our USD value remained consistent.
https://medium.com/@Tap_Coin/tap-coin-contribution-recap-69c4901830a7