We recently released our Token Foundry Standards for selling tokens and launching networks, and last week we launched registration for FOAM’s upcoming token sale on July 31. We wanted to highlight some of the stats so far to show how our new framework is going.
2,135 registrants and counting
When we launched our Token Foundry Standards, one of the main concerns we heard was that a thorough vetting process during registration would deter people from registering for token sales. These registration numbers should alleviate that concern and show everyone that there are plenty of prospective token purchasers out there willing to complete the process to participate in the networks they support.
~25% of registrants have failed the questionnaire
We require all token sale registrants to answer questions proving they understand what they are buying– and that they actually have intent to use the tokens they are purchasing for their intended purpose.
So far, 25% of the people who have tried to register for the FOAM sale have provided answers that indicated they either don’t understand what the FOAM token is, or that they don’t intend to use it (i.e. speculators). Those people are now blocked from being able to participate in the FOAM sale.
The remaining 75% of registrants did provide proper responses indicating the breadth of their knowledge and their intent to use the FOAM network. We believe this will create a base of token holders for FOAM who will actually add value to the network, a point we feel is critical to the success of the network– especially at the launch stage. When a decentralized network starts strong, with thousands of informed and dedicated users, it is positioned to thrive in the long term. It’s not just an experiment.
~50% of registrants requested $1,000 or less worth of tokens
We love this. We feel it’s important to try to have a wide distribution of tokens, and as many informed token purchasers as possible. We want participants who are actually interested in using the network and adding value to it.
Selling all your tokens to a few large purchasers isn’t a great strategy to encourage broad network usage and adoption. It’s great to see smaller purchases being represented in the registrant base.
Large purchasers are leaving some encouraging responses
Sale registrants who request an amount of tokens worth over $10,000 are required to provide additional information explaining the reason for their purchase, and how they plan to use the amount of tokens they are purchasing. Some of the explanations are super cool. Below are a few excerpts:
I have already planned out areas of the UK where I have contacts that will allow me to place hardware devices. I have been in the crypto space since 2011, I run a crypto fund as a job and I feel that FOAM tokens are the best example of a utility token. I look forward to helping build the FOAM ecosystem here in the UK.
We are a community based in Moscow that strongly trust in FOAM project and is willing to deploy a network in Russia in following years. Me and my partners follow the info updates from FOAM and have potential technical resources to go on with hardware stage of the project.
I am hoping to lead verifying location points in New Zealand given I think there will be limited users here to begin (in this geographic location).
We are planning to set up check points in the state of Illinois, which would cover Chicago, Rockford and the surrounding suburbs.
I am interested to become cartographer to add many POI as well as signaling for the GCC region. In addition, run a zone anchors in my city with my friends and family.
...we have began to lay out a map of Victoria determining locations we are able to provide anchors and POIs. I aim to provide as widespread area of coverage as possible in the entire north and central area of Melbourne city.
I intend to stake most of my tokens to set up geographic points of interest throughout Lisbon and other places I visit.
100% of purchasers have to prove use
Before being able to transfer or resell any tokens, all token holders have to “prove use” proportionate to the amount of tokens they buy on the token sale. All successful registrants have fully acknowledged and accepted this. Proving use is done trustlessly, so registrants can’t just say they are going to use the tokens - they actually have to prove it.
Thank you for appreciating!
We’ve been thrilled with the public response to our Token Foundry Standards and the FOAM registration process so far. Here are a few we really liked:
Just went through the @foamspace registration process on @tokenfoundry and I'm pumped up!— Spencer Noon 🕛 (@spencernoon) July 16, 2018
+ all investors can participate (not just accredited)
+ purchasers have to prove they're actually using the protocol
+ protocol literacy is tested
This is the future of token sales.
Token Foundry is doing some pretty cool stuff with token sales, and I really hope it's the way the industry trends. Investment opportunity not based on accreditation status, but on protocol knowledge and actual utilization. https://t.co/vQDbDnqbRp— Crypto Bobby (@crypto_bobby) July 17, 2018
Was wondering what this was about until I checked my email lol. I agree @tokenfoundry registration was really nice. Future of ICOs?— bitbitbit (@coolbitbitbit) July 18, 2018
The Token Foundry registration process and it was one of if not the most thorough I've completed. Ditto for the @foamspace registration on TF which went a long way to requiring proof of brain and understanding of risk, restrictions, and participation. This is double plus good! https://t.co/M8TqPMyQnH— Simon Waddington (@enmodo) July 18, 2018
We love hearing from the community, so feel free to reach out with questions or to share your thoughts and feedback at any time. We will continue to iterate, and develop products and features that are helpful to both token issuers and token purchasers. We'll be incorporating user feedback directly into that process.
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