18k satoshi?
5k is the max for this project
what do you meant about 5k coin the max for this project
total databits coin is 100 million not 5k coin , or equal 4.7k bitcoin in ico selling or marketcap suply
This is incorrect, see Geenstijl's post above.
They only raised about 895
1,000 BTC during the crowdsale, or in other words sold 15,217,819 DataBits. This is still worth over $1 million USD, so they are going ahead with the project and feel they can make this amount work. They are also reducing the funds they are keeping for development down from 30 mil to only 6,521,922 DataBits. This new number keeps the development fund at the original goal of 30% of all DataBits outstanding, so the net effect is a new reduced max supply of 21,739,741 DataBits.
The remaining 78 million or so DataBits will supposedly be burned at some point, this is yet to be confirmed (if they have been burned) though.
They also received some investment capital from their appearance on Shark Tank South Africa according to their
website, so they may be working with more than 1 million USD, but the tokens should remain as explained above. So thinking of this only from a cryptocurrency perspective, the new max coin supply is pretty much in-line with Bitcoins, so valuing this at only 5,000 satoshis, or 5 cents each seems rather low. I guess it depends on how big of an impact their game will make on the market. Myself, I see a lot of other alts based upon far less and they have much larger market valuations.
--EDIT-- I said 1,000 BTC above originally, but according to their
twitter they actually raised 895 BTC. I am assuming they sold while BTC was $1,118 or higher, as they claim they still reached their $1 million USD goal. Just wanted to have all of the correct facts out there.
--EDIT 2-- Reading the quote more closely, it appears Vinny Lingham only invested 500,000 ZAR, or roughly 59 bitcoins (~$60,000), for 20% of the business. Relevant quote from the
article below:
Shark Tank has recognized the huge potential of Augmentors, as the first Blockchain-based augmented reality game in existence. One of the five sharks is Vinny Lingham, a South African entrepreneur known for a string of companies including Gyft, Yola and now blockchain startup Civic. He also happens to be one of the most vocal supporters of bitcoin, having incorporated it into past products.
Joining Vinny on the deal is Gil Oved, he is the group co-CEO of The Creative Counsel, the largest African advertising agency. He is also a board member on South Africa’s second biggest venture capital tech fund, Grotech, giving him insight into South Africa’s most exciting venture capital companies.
In the clip, made available online by television network M-Net, Lingham tells the Augmentors founders: “The problem you’re trying to solve around creating rarity … can better be solved by using the bitcoin blockchain. So, my offer will be 500,000 ZAR, or roughly 59 bitcoins, for 20% of your business.” Vinny explained he was given confidence in his investment by the success of games like Spells of Genesis, a trading card game that integrates a blockchain-based token.
So it remains unclear if Vinny gets his cut now, or essentially takes $200,000 from the ICO, or if he is in it to the end. Either way, I am sure they needed the inital seed money to get this far, as clearly there is more development going on than just the DataBits portion. I am still excited about the project and its incorporation of a blockchain token.
So 21 million tokens in circulation, would give this coin a current marketcap of 3-4 million ? Well, looks like a neat project regardless, first Bittrex coin I have bought in awhile.
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