New ICO Review: Sapien ICO Review
Sapien Quick Facts
- A decentralized social news platform on the Ethereum blockchain
- Beta platform is currently live, register on the Sapien website
- Pre-ICO offers at least a 20% bonus, more for large contribution
- Team members are Y Combinator graduates
- 235,000,000 / 500,000,000 tokens available for contributors; more tokens distributed to value creators at a controlled inflation rate
What is Sapien?
Sapien is a decentralized, tokenized, reputation-based, self-regulated, social news platform that will reward millions of creators, share ad revenue with users, and fight fake news. Built on the Ethereum Blockchain, Sapien is powered by its utility token, SPN, and aims to bring a Blockchain-based social platform to the masses.
— Ankit Bhatia | CEO and Co-Founder
The pre-ICO begins on January 31, 2018 and ends February 15, 2018. The base rate for the pre-ICO includes a 20% bonus compared to the ICO. There is an additional bonus incentivizing large contribution amounts:
>$250,000 = 25% bonus
>$100,000 = 15% bonus
>$50,000 = 7% bonus
>$10,000 = 3% bonus
There are a total of 10,000,000 tokens available during the presale, with no minimum goal. Presale tokens will be distributed once the ICO ends. The pre-ICO token price will be calculated closer to the pre-ICO.
The ICO begins on March 3, 2018 and ends April 3, 2018. There is a hard cap of $30,000,000, that if reached will end the ICO immediately. Ether, Bitcoin and other cryptocurrencies through a Shapeshift.io integration are accepted as contribution. The final token price will be calculated closer to the start date of the ICO. The minimum goal is 50,000,000 SPN, which if not reached, will initiate a refund process. There is a bonus structure incentivizing early contribution that is as follows:
Day 1: 15% bonus
Week 1: 10% bonus
Week 2: 3% bonus
Token Distribution Information
There is an initial total of 500,000,000 SPN tokens being created, with 215,000,000 available across the pre-ICO (10,000,000) and ICO (215,000,000). Tokens will be distributed at the end of the ICO. Any unsold tokens will be transferred to the Sapien reserve. Additional SPN tokens will be issued and distributed to value creators at a controlled inflation rate that is equal to that of Ethereum’s inflation rate.
The full token allocation is as follows:
Public Contributors — 45%: SPN created during our token sale will be reserved for contributors who send ETH to the smart contract address.
Platform Reserve — 30%: platform reserve which will be distributed in our Token Sale Phase #2 to augment platform growth, distributed via Sapien, or burned to control inflation.
Team — 20%: SPN will be locked in a smart contract for the founders and team, subject to a 6-month cliff and 24 month vesting period.
Bounties — 5%: reserved for our bounty program, contingent on the total number of participants in the campaign.
Sapien tokens will exist in staked and unstaked forms. Staked tokens will provide users with platform functionality and unstaked tokens will be listed on exchanges. The token will keep track of a reputation within each community the user is part of, accumulating a score that reflects their expertise and reduces the spread of fake news.
Use of ICO Proceeds
Development for SPN, including core team and community developers. Funds will be liquidated as our company milestones are met.
We will encourage organic community growth and launch an incentivized referral program. Thus, we have a much smaller marketing budget than other similarly situated companies. Traditional media channels and Sapien will be used to reach our user base.
To ensure day-to-day operations run smoothly as the project grows.
Security Audits: 10%
A separate budget has been allocated for continually auditing any new smart contracts our team develops, both for the SPN token and the Sapien platform.
Compliance with the SEC and other regulatory entities will be a top priority for our token. Our budget is allocated to cover existing and any new regulatory laws applicable to SPN.
View Ankit Bhatia’s profile on LinkedIn, the world’s largest professional community. Ankit has 6 jobs listed on their…www.linkedin.com
View Robert Giometti’s profile on LinkedIn, the world’s largest professional community. Robert has 1 job listed on…www.linkedin.com
View Matias Dorta’s profile on AngelList, the startup and tech network – Marketing – Miami – Marketing Specialist with…angel.co
View Stefan Codrin Ionescu’s profile on LinkedIn, the world’s largest professional community. Stefan Codrin has 7 jobs…www.linkedin.com
For a full list of team members please visit the Sapien website.