by Collin Thompson and Intrepid Ventures
Token Sale Economics
Metabase A blockchain platform to build, scale, and monetize next-generation businesses
v1.2.4 – April 2018
Table of contents Token Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02 The Metabase (META) Token. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 The Metabase Token Offering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 Token Pre-Sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 Token Main Sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05 Token Sale Details. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06 Pre Sale Event. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06 Main Sale Event. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06 Usage Restriction - Discounts Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 The Token Offering – legal aspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 International Standards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Purchase Caps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Usage Restrictions & Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 09 Network Supply - Block Rewards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Network & Token Sale FAQ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
LEGAL DISCLAIMER: This document contains forward-looking statements, subject to risks and uncertainties that could cause actual results to differ materially. Please read the Risks and Features Sheet to apprise yourself of the risks and uncertainties involved. The economics (allocations, economic data, applicable formulae) set forth in this document are based on current economic assumptions which may change and which could cause the actual economics to differ materially. In any event, the delivery of all tokens is subject to the successful launch of the Metabase Network. Any updates to this document will be posted on the TokenDeck webpage for the Metabase Token Sale:
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Token Allocation The Metabase Token (META) will be distributed to the following participating groups. Token rewards for the Metabase miners will be coded into the protocol. Tokens for all other participating groups will be inscribed in the Metabase Genesis Block.
Total Token Supply : 8,000,000,000 ( 8 Billion Tokens) Token Allocation across participating groups as follows: 01 / 50% for Metabase Miners (4 Billion Tokens)
—— As Block Rewards 02 / 5% for Pre Sale Buyers (400 Million Tokens)
—— Genesis Allocation —— Usage restriction over a period of 1 year to 3 years 03 / 25% for Main Sale Buyers (2 Billion Tokens)
—— Genesis Allocation —— Usage restriction over a period of 6 months to 3 years 04 / 15% for Intrepid Ventures (1.2 Billion Tokens)
—— Genesis Allocation —— Usage restriction over a period of 3 years
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05 / 5% for Reserves (400 Million Tokens)
—— Genesis Allocation —— Usage restriction over a period of 6 years Usage Restriction Schedule options for participating groups
*usage restriction schedules are calculated from date of network launch
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The Metabase (META) Token Intrepid Ventures requires significant funding to develop, launch, and grow the Metabase network. We must deploy the network, facilitate its growth to large scale and bring key partners into the ecosystem. We must develop all the software required: 01 / Mining software 02 / Client software 03 / IDE and developer tools needed to support the Metabase ecosystem 04 / User interfaces and Dapps 05 / Network infrastructure and monitoring tools
and much more.
The Metabase Token Offering To raise funding, promote and grow the Metabase network, Intrepid Ventures is conducting a Token offering through ​www.tokendeck.io, our brand new platform for token offerings. The offer will happen in two parts 01 / A Pre Sale solely for accredited buyers and early Intrepid Ventures and
Metabase supporters.
02 / A Main Sale for accredited buyers and the broader community.
Check out Metabase’s Token Deck page: ​https://tokendeck.io/metabase. Please refer to the How to Purchase Metabase Tokens document for detailed instructions on how the offering will work.
Token Pre-Sale Our Pre Sale will be open to accredited buyers and key individuals that we feel will be a strategic fit for the Metabase network. This select group of individuals and organizations will be chosen based on their ability to help build the Metabase network, and/or who will make a strong longterm commitment to the development of the entire ecosystem. To incentivize early participation of such persons and organisations, pre-sale tokens will be discounted 04
0-25%. To secure their long-term commitment and alignment, Pre Sale buyers will be subject to usage restrictions periods of between 1 and 3 years.
Token Main Sale We seek buyers who have a high commitment and motivation to advancing blockchain technology, applications, use cases, and who can create added-value when expanding the Metabase network. We aspire to bring together a large and diverse group of buyers and participants from around the world who want to work closely with us to build the most powerful blockchain developer platform for building, scaling, and monetizing next-generation businesses. We have restricted our token sale to accredited buyers and non-accredited buyers who are willing to adhere to limits on their purchases and accept our risk acknowledgment agreements. Main sale buyers committed to the long-term growth of the network, may choose to purchase tokens subject to certain usage restrictions. In such instances, main sale tokens may also be discounted 0-25%.
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Token Sale Details Sale tokens comprise 30% of the total token supply, split across the following two sale events:
Pre Sale Event 01 / 5% of Total Token Supply 02 / 400 Million Tokens
Token price for Pre Sale (without factoring in discounts) is fixed at 0.02 USD/META (2 USD cents per META) A buyer in the Pre Sale event can’t purchase more than 10% of the total tokens allocated for Pre Sale.
Main Sale Event 01 / 25% of Total Token Supply 02 / 2 Billion Tokens
Token price during Main Sale (without factoring in discounts) increases linearly from 0.02 USD/META (2 USD cents per META) to 0.06 USD/META (6 USD cents per META). Formula for Price Determination in Main Sale Event
01 / Price is calculated at the time instance when the payment is received. 02 / The price per token remains constant for all tokens purchased in one single
payment.
03 / A buyer in the Main Sale can’t purchase more than 10% of the total tokens
allocated for Main Sale.
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Usage Restriction - Discounts Schedule The token sale price and gross amount will be determined without factoring in discounts. You can choose between a variety of different usage restriction periods options to get a discount on the final amount to be paid - in either USD, Bitcoin, or Ether. Main Sale - usage restriction periods and corresponding discounts
Usage Restriction Period
Discount
6 months
0%
12 months
7.5%
24 months
15%
36 months
25%
Pre Sale - usage restriction periods and corresponding discounts
Usage Restriction Period
Discount
12 months
0%
24 months
15%
36 months
20%
The Token Offering – legal aspects Since the Metabase network is in development and is not yet live, our offering is being conducted using a ​Token Pre-order Agreement. The Token Pre-order Agreement is a legal agreement between two parties, where one party (the Network token buyer) pre-orders tokens which will be delivered at a future date by the other party (the Company), after and subject to a successful network launch. You can find out more about the Token Pre-order Agreement by reading it together with the Metabase Features and Risks sheet. Together they contain a detailed description of our offering and a number of important legal disclosures.
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International Standards As yet, there are no official international token sale standards. Nonetheless, in structuring our token sale we have taken a long-term view with regards to the best interests of the Metabase network and the broader community at large. Accordingly, we have structured our sale based on the principles of transparency, frank disclosure and fairness. Indeed, in the absence of clear regulatory guidance we have decided to self-regulate by: —— using a pre-order agreement based on fair and understandable terms (Please see our Metabase Token Pre-order Agreement), —— including adequate and fair disclosure of relevant information (Please see our Metabase Features and Risks sheet), and —— imposing purchase caps on buyers relative to financial sophistication and means (Please see the section below) The above, we believe is a proactive way for blockchain startups to access global buyers, in a fair and transparent manner.
Purchase Caps We have organized our Token Sale to accommodate three types of buyers: Restricted 01 / May purchase £1,500 or USD equivalent per purchase. 02 / May purchase up to £5,000 or USD equivalent per annum. 03 / Must sign a ‘Risk Acknowledgement’ form.
Accredited 01 / Minimum of £100,000 or USD equivalent net worth available. 02 / May purchase £10,000 or USD equivalent per purchase. 03 / May purchase £50,000 or USD equivalent per platform per annum. 04 / Must confirm that they are experienced in making assessments on early
stage, high risk, illiquid businesses.
Unlimited 01 / Minimum of £500,000 or USD equivalent net worth available.
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02 / No limits on how much they may purchase. 03 / Must confirm that they are experienced in making assessments on early
stage, high risk, illiquid businesses.
We use the above framework to encourage and ensure responsible purchases on the part of participants and to satisfy ourselves that purchases are made by participants who have sufficient knowledge and understanding of the risks involved.
Usage Restrictions & Discounts Usage restrictions ensure that early network participants grow and enhance the performance of the Metabase network. As we say above, we are interested in participants who have a high commitment and motivation to advancing blockchain technology, applications, use cases, and who can create added-value when expanding the Metabase network. Intrepid Ventures is deeply committed to the long-term, which is why we have decided on a 3 year usage restriction period. To secure participants who the long term intrinsic value in our project and platform, all tokens are subject to usage restrictions. In addition, to incentivise and facilitate more sustained commitment by other participants, token sales with extended usage restrictions are discounted. The usage restrictions period for each participating group is as follows: 01 / Miners: Release half life of 2,000,000 blocks (~3.8 years) 02 / Buyers: 1 year minimum (Pre Sale), 6 month minimum (Main Sale) 03 / Intrepid Ventures: 3 years usage restriction period 04 / Reserves: 6 years usage restriction period
Usage restriction periods and discounts for buyers are defined in the Token Sale Details section.
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Network Supply - Block Rewards Similar to Bitcoin, Metabase will issue mining rewards as a deterministic number of tokens per block. What will be the total mining supply? The total mining supply ever will be 4 Billion tokens.
Details of tokens generated as block rewards are as follows 01 / Block reward per block for the first 2 Million blocks are fixed at 1000 META 02 / Block reward per block halves after every 2 Million blocks, hence block
rewards for different block numbers look as follows:
Block Numbers
Block Rewards For Each Of These Blocks
0 to 1,999,999
1000 META
2,000,000 to 3,999,999
500 META
4,000,000 to 5,999,999
250 META
...
...
03 / Each duration where the block reward is constant is referred to as a ‘Halving
Epoch’.
04 / The duration of a ‘Halving Epoch’ is 2 Million blocks.
Hence, block rewards per block for each of the halving epochs are as follows
Halving Epoch (h)
Block Numbers
Block Rewards For Each Of These Blocks
h=0
0 to 1,999,999
1000 META
h=1
2,000,000 to 3,999,999
500 META
h=2
4,000,000 to 5,999,999
250 META
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Halving Epoch (h)
Block Numbers
Block Rewards For Each Of These Blocks
h=N
(2 Million * N) to ( (2 Million * (N+1)) - 1)
1000 / 2N META
Note: The block rewards pattern is similar to Bitcoin, but with different parameters.
Bitcoin
Metabase
Block Rewards in First Epoch
50 BTC
1000 META
Blocks in Halving Epoch
210,000 (~ 4 years)
2,000,000 (~3.8 years)
Total Mined Supply
21 million
4 Billion
The following graph represents token distribution and network supply over time, assuming 01 / All buyers (Pre Sale and Main Sale) choose a 1 year usage restriction
period
02 / 1 Year = 525, 600 Block Numbers
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Network & Token Sale FAQ What is the token sale cap? The Pre Sale has a token sale cap of 400 Million tokens and the Main Sale has a token sale cap of 2 Billion Tokens. What is the total supply (ever)? The total token supply ever is 8 Billion Tokens. Is there a cap on purchases for buyers during the token sale? There is no cap for Unlimited buyers. There is a £10,000 or USD equivalent per purchase cap and £50,000 or USD equivalent per annum cap for Accredited buyers. There is a £1,500 or USD equivalent per purchase cap and £5000 or USD equivalent per annum cap for Restricted buyers. Beyond the caps mentioned above, —— A Pre Sale buyer can’t purchase more than 10% of the tokens allocated in the Pre Sale. —— A Main Sale buyer can’t purchase more than 10% of the tokens allocated in the Main Sale. What do the release schedules look like? The Metabase tokens will be released according to the release schedules described earlier in this document. It has a 3 year usage restriction for Intrepid Ventures, a 6 year usage restriction for the Reserves, usage restrictions of between 6 months and 3 years for buyers, and a mining release (with 50% of the supply in ~ 3.8 years). The usage restrictions lift linearly over the time periods enlisted. See the graph : Token Distribution and Supply Over Time for a visual representation of these schedules. Are we getting the token or paper right now? The Token Pre-order Agreement is a legal agreement which, subject to its terms and conditions, will entitle you to the delivery of the tokens pursuant to a successful network launch. We chose to use a Token Pre-order Agreement because we believe it most accu13
rately reflects the nature of the transaction and the interests of the parties. The Agreement clearly establishes risks, includes provisions that address risks of failure, and legally binds the Company. What do we do about keeping the token safe? Are there custodians? You do not have to worry about private keys and custody until we deliver the token. As we approach the Metabase network launch, we hope to work with popular crypto asset wallets to add support for Metabase. When do we get the tokens? All tokens are delivered on network launch and are subject to a certain amount of usage restriction. The period of usage restriction is selected at time of token purchase, commences at network launch, and ranges from a minimum of 6 months to a maximum of 3 years for buyers. How does usage restriction work? At the start of the usage restriction period (i.e. at the network launch - assuming float is 0), usage restricted tokens start off as tokens that can’t be sold, transferred, spent, or otherwise made use of on the Metabase network. As each block in the Metabase blockchain is mined, this usage restriction is lifted on a certain amount of tokens, making those tokens usable. The rate at which the usage restriction is lifted is per block and spread linearly over the usage restriction period.
Note:
usage restriction periods are only approximations in terms of calendar-years. Based on the average block generation time, the exact usage restriction schedule will be computed in terms of block numbers and hard-coded into the protocol.
Eg. assuming average block generation time of 1 minute of the Metabase protocol, exact usage restriction periods are as follows :
Usage Restriction Period
In Calendar Years (Approx)
In Block Numbers (Exact)
6 months
~ 0.5
262800
1 Years
~1
525600
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Usage Restriction Period
In Calendar Years (Approx)
In Block Numbers (Exact)
2 Years
~2
1051000
3 Years
~3
1576800
Eg. Consider a set of X tokens with a usage restriction period of 6 months, then the usage restriction will work as follows. (This assumes a float of 0. For when float is not 0, see next question )
Block Number
Tokens available for use from the set of X tokens
Block 0 (Genesis Block / Network Launch)
0
Block 1
(1/262800) * X
Block 2
(2/262800) * X
Block N (3 <=N < 262800)
(N/262800) * X
Block 262800
(262800/262800) * X = X
Block 262801 and greater
X
What will the float be at Network Launch? 0? No. We will make sure there is some float at network launch. Our current plan is to start off the network with a 1 month worth of usage restriction already lifted for all tokens under usage restriction. For such a float, usage restriction table for the example in the previous question will look as follows: —— X tokens with 6 months usage restriction period —— 1 month of usage restriction already lifted —— Assuming a block generation time of 1 minute, 1 month ~ 43800 blocks
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Block Number
Tokens available for use from the set of X tokens
Block 0 (Genesis Block / Network Launch)
(43800/262800) * X
Block 1
(43801/262800) * X
Block 2
(43802/262800) * X
Block N (3 <=N < (262800-43800) )
( (43800+N) /262800) * X
Block (262800-43800)
(262800/262800) * X = X
Block (262801-43800) and greater
X
How often are tokens released? Monthly, daily, or per block? Tokens are released per block. This means that some portion of tokens is released with each block in the Metabase blockchain. When do my pre-order and purchase price get confirmed? Pre-orders and prices are not final until after payment is confirmed. Token Deck will show you estimated Metabase Token amounts at the current price for convenience only. After payment is received (which can take several seconds for USD payments via pre-funded Token Deck accounts or up to 60-120 minutes for certain cryptocurrencies), the exchange rate and Metabase Token amounts are confirmed. As pre-orders confirm sequentially, each pre-order raises the price for all pre-orders following it. Let’s say a payment is initiated at price X and takes 30 minutes to confirm. During this time, any inflight payment that gets confirmed will increase price to X + Y. What are the confirmation times for each payment method? Each payment method we accept has different characteristics, particularly different confirmation times. For example, the Bitcoin block time is estimated to be around 10 min, and Token Deck payments clear with 2 confirmations, which means a Bitcoin payment is estimated to clear in around 20 - 30 min.
Warning: network congestion can make blockchains proceed much slower than anticipated! We cannot clear a purchase until it is fully confirmed.
Is there a minimum purchase requirement? There is a minimum purchase requirement of $100 USD in the Main Sale (or the 16
equivalent in cryptocurrency) and $50,000 USD (or the equivalent in cryptocurrency) in the Pre Sale. What happens if I send some payment, but not enough to cover the full pre-order? All pre-orders remain open until the full purchase price is received. This means any underpayment will keep the transaction open and uncompleted. You may still send additional money to the deposit address to complete the transaction until the sale closes, at which point any uncompleted transactions are canceled. We CANNOT issue a Token Pre-order for partial payments , because the legal agreements signed will be for the EXACT amount you entered and agreed to. What happens if I send more money than is required for the pre-order? Will I receive extra Metabase? No. Please send EXACTLY the amount listed on the Token Deck payment page. This is easy with USD, but many crypto token wallets force users to manually enter the payment amount to send. Please be careful and enter in EXACTLY the right amount (including any additional network transaction fees, if applicable). DO NOT send more than your pre-order amount. We CANNOT count it, because the legal agreements signed will be for the EXACT amount you entered and agreed to. If you would like more than the original requested amount, please create a new pre-order. I sent too much or too little money for a purchase. What happens to that money? Any funds sent for pre-orders that were NOT completed by the end of the sale (i.e. too little money) will be canceled. Any extra funds sent for a pre-order beyond the purchase amount (i.e. too much money) will not be counted. Those funds may be refunded to the purchaser. What happens to tokens left unsold in the sale events? Tokens that were allocated for the sale events but remained unsold would be alloted to the Reserves. For security reasons, we CANNOT return, use, or donate any such monies until after the sale has ended.
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Please do not ask us to. We WILL NOT make exceptions, as this is a very high security risk. â&#x20AC;&#x2039;
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