Over the last year, as token sales have grown more prevalent, it has become clear that a major failure of most token sales is their inability to assure that every prospective customer has the opportunity to participate. Large buyers, known as whales, will often crowd out smaller buyers through extremely large purchases, in effect limiting the amount of buyers who can participate in a token sale. At BlockMason, we believe these limitations are contrary to the spirit of blockchain technology, which was established on the principles of economic decentralization and democratization. Therefore, we have dedicated significant time and energy to developing a system to ensure total participation for all prospective buyers.
Our proposal is simple: a token sale whitelist. Those wishing to purchase CP Tokens will sign up to the whitelist before the token sale through a smart contract that records the prospective buyers’ addresses. We will then execute a pre-sale of tokens available only to those addresses on the whitelist.
It likely has not taken you long to realize that a single buyer may sign up to the whitelist with multiple addresses. While we are aware of this possibility, and we are not fully satisfied with our solution, we feel the token sale whitelist is an important step toward democratizing token sale participation. With our method, we can guarantee each interested party may purchase some amount of tokens. While other companies have designed various participation schemes for their token sales, short of an uncapped sale, we at BlockMason believe no other existing methods guarantee total participation.
As a disclaimer, while we intend to utilize the whitelist, we do not guarantee that we will execute the token sale in this manner. Due to the possibility of Ethereum network instability, or other complications, we may change the parameters of our whitelist or alter the mechanism as necessary.