EthVest description
EthVest token (symbol VST) is a simple, prediction token that can be valuable for investors as for whole ethereum ecosystem. Is acts as an escrow for funds sent to it. Funds that you can anytime withdraw back. But for a time it holds your funds you can claim gain that is measured in units of EthVest Token. One VST for every second one ether of your funds escrowed in the contract. Exactly 60 VST for a minute, 3600 VST for an hour and so on.
The token is just an ERC20 compatible token, so that you can freely handle it in a convenient way.
ICO mechanics
To enlarge initial supply there will be an ICO. You can skip it without any harm and go directly to claiming token gains when the token contract will be fully functional after ICO. But if you want to get a lot of tokens you can take part in the ICO. During it you’ll get for one ether token amount equal to those you would get in 32 years of ordinary token claiming.
ICO will start on Wednesday 29th November 2017 12:00:00 AM UTC and will last 7 days and when it ends, EthVest contract will start functioning normally. ICO contract do not establish token sale cap.
To take part in the ICO you should send some wei along with sufficient amount of gas (80000 gas will suffice, unspent will be refunded) to ethvestico.eth (0xaD9B778c4c9621db20F8B2140e7fEdc19c179E1a) address. You’ll see tokens on the token contract address after your transaction is mined. You should not send any funds after ICO is finished, however in the case funds are not lost, but refunded and all gas consumed. After the ICO finished no one can mint tokens bypassing standard gain mechanics.
Token mechanics
Token contract is live on ethvest.eth (0x30F9FA2a99aBBa8091E681299a739d5a4AaE39C0) address. To interact with it and escrow funds in it you should send wei along with 100000 of gas or directly call invest function with the same amount of gas (unspent will refund). Now you funds escrowed. To claim token gains you call claim function (estimate of 60000 gas needed) and get 1 VST wei for 1 every ether wei and every 1 second. So you get 302400000 of VST finney for one week of 500 ether finney held in the contract.
When you decide you need your funds to yourself you can withdraw it by calling divest function (100000 of gas estimate). In the moment you get all due token gains and your funds back to you.
Economics considerations and usefulness
Investors gain benefits due to the fact they do not spend ether, they just escrow funds for a period they want at contract address.
Community gain benefits due to the fact market price of one ethvest token is roughly equivalent to an anticipated revenue from investment of one ether into ethereum ecosystem. Consider someone have one ether to invest into diversified portfolio of a number of ethereum instruments. Investor anticipates some revenue after a period of, i.e. 6 months (or 180 days), from such investment. In other words the investor returns own funds and gains some ether above. If the investor instead of investment into the portfolio does invest in the ethvest token after the period he returns back all his ether and get 180 * 86400 (15552000) VST tokens in addition.
In a state of equilibrium the investor wil have the same investment result from investment in ethvest token. And 15552000 ethvest tokens is roughly equivalent in value to anticipated return of 6 month’s investment of 1 ether into ethereum ecosystem.
Therefor by monitoring for ethvest token market prices one can estimate attractiveness of investments in whole ethereum ecosystem.
Security and migrations
While I have made an effort to create reliable contract, mistakes and security holes are possible. So there is a need in a plan how to make migration to new, more secure version of contract if needed.
Token contract is stoppable. If during some transaction self introspection will identify problem contract will be irreversibly stopped. This means that no more one can send ether to contract. Despite that contract will function as always and you can divest your funds or claim your token gain.
When new version of contract will be deployed everyone will have opportunity to migrate to new contract by burning tokens. Or if you want stick to old contract.
Further links
You can see the code in repository
https://github.com/EthVest/ethvest. Also you can see the same verified source code, bytecode and abis on etherscan.io Contract Source Code Verified pages for EthVestICO
https://etherscan.io/address/0xad9b778c4c9621db20f8b2140e7fedc19c179e1a#code and EthVest
https://etherscan.io/address/0x30f9fa2a99abba8091e681299a739d5a4aae39c0#code.
You can download printable version of this description here
https://ethvest.github.io/paper.pdf.
This description available at ethvest website page here
https://ethvest.github.io/.
