EDG token buyer’s protection

Edgeless ICO day is approaching, so we are going to release more information on our Edgeless Token.

Due to the many the poor ICOs that have come before, more and more token buyers are getting serious about their fundprotection. Since a crowdsale is a ‘product’ for participants, we will outline here the main crowdsale governance elements protecting token buyers from scams, token devaluation, or a failed ICO.

1. Smart Contract Escrow — The ICO is based on Ethereum Smart Contracts which automatically govern all ICO process. Contracts are uploaded to the blockchain. During the ICO it’s impossible to interfere with this process. It also works as an escrow. What that means for ETH is that the smart contract automatically sends EDG tokens to participants. Other famous projects which have used the same escrow system are golem, vDice, and melonport.

2. Smart contract protection from hacking: Edgeless ICO uses officially tested/ released Ethereum Foundation contracts. We also build our contracts on that. However, ICO contracts are relatively simple, so there are not so many points at which it can be hacked. Moreover, we are carrying out significant contract testing prior to the ICO, and our contracts will be audited by First Blood’s IT advisor — Mikko Ohtamaa. Similar contracts have been used by other successful ICOs, such as golem, vDice, melonport.

3. Early participant protection — ICO minimum goal. We set milestone 1 as a minimum ICO goal of 50 000 000 EDG tokens sold (41666 ETH — 50 000 ETH). If this minimum goal is not reached, the ETH is automatically returned to participants. This process is guided by a Smart Contract, and it also protects early token buyers in the event the project does not raise sufficient funds for development.

4. Unsold token burning — The ICO sells 440 000 000 EDG tokens. Unsold tokens are automatically burned by the Ethereum Smart Contract. Token buyers are thereby protected from possible token devaluation, for example, in the event that half of the tokens were not sold, and a development team was in a position to devalue the token.

5. The dev. team gets 10% of the EDG tokens. Tokens are automatically locked for 12 months by a Smart Contract. This means token buyers can be sure that the Edgeless dev. team has an economical incentive to increase the value of the token, and token buyers are also protected from the risk of immediate token dumping following ICO.

6. Instant Bounty participant payouts are made based on the ICO ETH raised. Other part is released over time. This protects token buyers from bounty participants dumping tokens early and devaluing the token.

7. What if I do not understand Smart Contracts and I cannot be sure that all the points mentioned above are actually programmed into the contract? Actually contracts are not that long, and we will release a medium post explaining which line is responsible for which of the above functions. Our contracts will also be audited by a 3rd party to confirm that all the token buyer protection functions mentioned above are actually programmed into the contract.

8. Profit sharing tokens risk NOT appearing on large exchanges. That’s why our project does not offer a profit sharing token or deal with exchanges beforehand.

9. Project communication after ICO: Following the ICO, weekly project updates will be issued via newsletter/ twitter/ blog and other channels. In this way the blockchain community and token buyers can see the direction of the project. Constant project communication also raises the value of the token and helps the project to grow even more.

10. Raised funds diversification. Cryptocurrency value jumps around quite often and there is a risk of ETH price going down. Therefore, to protect raised funds from unpredictable pricing, the fund will be diversified into several different assets.

What do you think about token buyer’s protection which is available due to power of an Ethereum Smart Contract?

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Latest comments
May 28, 2019 12:04 PM
From Edgeless: Thank you for participating in this competition. Before announcing the winners, we want to remind you the rules of this contest. To win for the player, it was necessary to do:- From the 20th of May 2019, deposit 300 EDG or more in one go and play Edgeless Dice. The deposit could be done with EDG, BTC, ETG, XRP, BCH, EOS or any of the other top 170 cryptocurrencies. - Till May 27, at 10 AM GMT +0 write his Edgeless username/ nickname + share your biggest win made with one roll in the comments section under this post. After reviewing all the results, who made a deposit and shared the biggest win, Edgeless would like to announce two winners - Boxter and Pandaontherock. Other participants of this contest did not deposit 300 EDG or more. Boxter and Pandaontherock will share the prize pool of 500 USD. Boxter will receive 65% of the pot, Pandaontherock will receive 35%. More information for winners will be send through emails.
From Edgeless: Thank you for participating in this competition. Before announcing the winners, we want to remind you the rules of this contest. To win for the player, it was necessary to do:- From the 20th of May 2019, deposit 300 EDG or more in one go and play Edgeless Dice. The deposit could be done with EDG, BTC, ETG, XRP, BCH, EOS or any of the other top 170 cryptocurrencies. - Till May 27, at 10 AM GMT +0 write his Edgeless username/ nickname + share your biggest win made with one roll in the comments section under this post. After reviewing all the results, who made a deposit and shared the biggest win, Edgeless would like to announce two winners - Boxter and Pandaontherock. Other participants of this contest did not deposit 300 EDG or more. Boxter and Pandaontherock will share the prize pool of 500 USD. Boxter will receive 65% of the pot, Pandaontherock will receive 35%. More information for winners will be send through emails.
May 26, 2019 9:03 PM
my nickname - TinyQueen104 , biggest win +1960 EDG
my nickname - TinyQueen104 ,  biggest win +1960 EDG
May 25, 2019 4:45 PM
My nickname is HotPulp52, biggest win +4900.00 EDG
My nickname is  HotPulp52, biggest win +4900.00 EDG
May 25, 2019 12:28 PM
Hello! My nickname is WisePrince3845. Biggest win +3458.42 EDG
Hello! My nickname is WisePrince3845. Biggest win +3458.42 EDG
May 25, 2019 5:20 AM
+695
+695
May 24, 2019 1:16 PM
Hi. My nickname is FastPie714. Biggest win +1376.90 EDG
Hi. My nickname is FastPie714. Biggest win +1376.90 EDG
May 24, 2019 12:08 PM
my bigest win is 300 edg my nickname is GreedyHorse41v
my bigest win is 300 edg  my nickname is 
GreedyHorse41v
May 24, 2019 11:26 AM
My nickname is Boxter. Biggest win +245 EDG
My nickname is Boxter. Biggest win +245 EDG
May 23, 2019 3:10 PM
My nickname is Pandaontherock. Biggest win +45.27 EDG
My nickname is Pandaontherock. Biggest win +45.27 EDG
May 20, 2019 1:30 PM
Here’s example: Hi. My nickname is User12345. Biggest win +300.80 EDG
Here’s example:

Hi. My nickname is User12345. Biggest win +300.80 EDG

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