Topic: [CROWDSALE] API Network releasing APIcoin on June 15th (Read 1632 times)
Website:http://www.apinetwork.co/
The goal of API Network is to take all the APIs out in the world, and provide a universal mechanism for querying them. APICoin will provide a transparent and distributed way to compensate developers and service providers for their effort.
The “APICoin Generation”
The API Network uses the Master Protocol to create a user currency identifer. These tokens are generated by the participants in the "API Address", a Bitcoin address starting June 15th 2014. The generation will continue until the end of the 'crowdsale' event until the target amount of funding is committed or the ending date is reached.
Initial distribution of APICoins will essentially be a effort to incentivize developers to write the software which fully implements the protocol. The issuance of tokens will proceed as the following simple steps:
Anyone sending bitcoins to the "API Address" before July 15th, 2014 is recognized by the protocol as owning 100x that number of APICoins. For instance, if the user sends 100 bitcoins to the "API Address" before July 15th, their bitcoin address owns 10,000 APIcoins after July 15th.
In order to encourage adoption momentum, buyers will get an additional 10% bonus APICoinss if they make their purchase a week before the deadline, 20% extra if they purchase two weeks weeks before, and so on, including partial weeks, prorating the total purchase accordingly. Thus, if I send 100 bitcoins to the "API Address" 1.5 weeks before the 15th of July 2014, the protocol recognizes my bitcoin address as owning 11,500 APICoinss (10000 + 15% bonus).
Attempts to send funds to the API "Address" on or after midnight (central time) July 15st 2014 (as determined by bitcoin block chain records) will not be considered APICoins purchases and shall be sent back to the originating Bitcoin wallets in the form of Bitcoin minus transaction fees.
In the event that a purchase has multiple inputs, the input address contributing the most funds is recognized as owning the APICoins.
Note that anyone who purchases APICoins also receive the ability to test new features before they are available for use in the API Network Protocol.
Developer APICoins (Dev Tokens)
For every 4 APICoin sold, an additional “Developer APICoins” will also be created, which will be awarded to the API Address slowly over the following years. These delayed API Tokens will ensure that the community can incentivize developers to increase the value of API Token by completing the features desired by users. The reward will be structured so that the distributed bounty system receives the tokens on a logarithmic scale: 50% of all the Dev API Tokens by one year after the initial sale, 75% by a year later, 87.5% by the year after, and so on.
SAFE coins generated by the use of API's published on the API Network will be sent to the API Network developer pool purchase APICoins on the Decentralized Exchange and hold them for release to contributors to the API Network open source code.
The “APICoin Generation”
The API Network uses the Master Protocol to create a user currency identifer. These tokens are generated by the participants in the "API Address", a Bitcoin address starting June 15th 2014. The generation will continue until the end of the 'crowdsale' event until the target amount of funding is committed or the ending date is reached.
Initial distribution of APICoins will essentially be a effort to incentivize developers to write the software which fully implements the protocol. The issuance of tokens will proceed as the following simple steps:
Anyone sending bitcoins to the "API Address" before July 15th, 2014 is recognized by the protocol as owning 100x that number of APICoins. For instance, if the user sends 100 bitcoins to the "API Address" before July 15th, their bitcoin address owns 10,000 APIcoins after July 15th.
In order to encourage adoption momentum, buyers will get an additional 10% bonus APICoinss if they make their purchase a week before the deadline, 20% extra if they purchase two weeks weeks before, and so on, including partial weeks, prorating the total purchase accordingly. Thus, if I send 100 bitcoins to the "API Address" 1.5 weeks before the 15th of July 2014, the protocol recognizes my bitcoin address as owning 11,500 APICoinss (10000 + 15% bonus).
Attempts to send funds to the API "Address" on or after midnight (central time) July 15st 2014 (as determined by bitcoin block chain records) will not be considered APICoins purchases and shall be sent back to the originating Bitcoin wallets in the form of Bitcoin minus transaction fees.
In the event that a purchase has multiple inputs, the input address contributing the most funds is recognized as owning the APICoins.
Note that anyone who purchases APICoins also receive the ability to test new features before they are available for use in the API Network Protocol.
Developer APICoins (Dev Tokens)
For every 4 APICoin sold, an additional “Developer APICoins” will also be created, which will be awarded to the API Address slowly over the following years. These delayed API Tokens will ensure that the community can incentivize developers to increase the value of API Token by completing the features desired by users. The reward will be structured so that the distributed bounty system receives the tokens on a logarithmic scale: 50% of all the Dev API Tokens by one year after the initial sale, 75% by a year later, 87.5% by the year after, and so on.
SAFE coins generated by the use of API's published on the API Network will be sent to the API Network developer pool purchase APICoins on the Decentralized Exchange and hold them for release to contributors to the API Network open source code.
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