We are happy to Announce
Token Generation Event Round 1
on 12th October
Papyrus Foundation Pte. Ltd. (Limited company incorporated in Singapore) is planning to use a milestone-based approach and schedule several TGE rounds to provide deterministic value for the tokens sold:
- TGE Round 1: Launch on 12th of October 2017 after the deployment of the initial scope of the Papyrus ecosystem prototype in Ethereum network.
- TGE Round 2: The TGE Round 2 will be launched after Papyrus deploys permanent version of the ecosystem smart contracts and successfully launches pilot integrations with target external advertising platforms and partners providing benefits in real use cases. Papyrus expect this will take place in the next few months
- TGE Round 3: Tokens allocated for this event will be locked until 2019. TGE Round 3 will be launched no earlier than in 2019 after Papyrus achieves significant market traction, grows its user base and ad traffic volume within the ecosystem.
The goal of
TGE Round 1 is to bootstrap the Papyrus prototype ecosystem and start pilot integrations with Papyrus partners, including antifraud vendors, publishers, SSPs and DSPs, as well as to attract early supporters of the project and accelerate the establishment and development of a Papyrus expert community.
Papyrus will be introducing two different tokens:
- PRP – Papyrus Prototype Tokens that will be used in the ecosystem prototype.
- PPR – Papyrus Permanent Tokens that will be used in the permanent version of the ecosystem. These tokens will be generated during TGE Round 2 and will serve as the permanent tokens of the Papyrus economy during its long-term development and adoption on the digital advertising market.
All
100% of prototype tokens emission will be exchanged to
15% of overall permanent tokens emission after
TGE Round 2. Papyrus plan to suspend support of the prototype ecosystem and continue with development of permanent ecosystem after TGE Round 2 is complete and the exchange of prototype tokens to permanent ones is opened. Both PRP and PPR are a
ERC20-compliant utility tokens usable within the Papyrus for:
- Making advertiser payments for ad campaigns;
- Compensation for publishers and users;
- Registration deposits (Proof-of-Stakes) for connected participants (Publishers, dDSPs, dSSPs, Auditors, Ad Agencies, Advertisers) to ensure fair play and secure Papyrus against fraud;
- Paying service fees to ecosystem participants, including dDSPs, dSSPs, Auditors, and others providers of specific services within the ecosystem;
- Governance of the Papyrus ecosystem, including votes for dispute resolutions, and votes for Papyrus protocol upgrade proposals, changes in basic fee limits and thresholds.
Each ecosystem infrastructure participant (Publishers, dDSPs, dSSPs, Auditors, Ad Agencies, Advertisers) needs to lock a specified minimum amount of Papyrus tokens as a security deposit (Proof-of-Stake) in Papyrus registry. This minimum amount depends on the volume of payments flowing through the participant, for greater volume participants needs greater PoS deposit. There is a default minimum for new registrants of each type. This ensures that demand for Papyrus tokens will grow with the growth of the amount of connected participants and volume of the payments going through Papyrus-enabled components.
For example, assuming $1B monthly turnover going through Papyrus ecosystem (~5% of worldwide digital advertising market) and PoS deposits equal to 2-months turnover - there will be at least $2B value in Papyrus tokens locked as PoS deposits.
The
TGE Round 1 includes sale of Papyrus Prototype Tokens
PRP with hard cap of
$5M. Any funds raised beyond this will be transmitted back at the cost of the contributor. The Papyrus reserves the right to choose a lower hard cap should it deem this reasonable.
Public phase of TGE Round 1 will start on
12th of October 2017 14:00 UTC and will end when any one of the following criterion are met:
- When the hard cap goal is reached;
- When the designated TGE Round 1 public sale period of 21 days ends.
The
PRP token allocation will have the following configuration:
- 80% will be sold during TGE Round 1;
- 20% will be allocated for advisory board, bounty campaign, Papyrus partners, pilot integrations with ad platforms, and the founding team.
PRP price is denominated in USD and is specified as follows:
- During first 2 hours of the TGE Round 1 period, the PRP price will be $0,8;
- From the 3rd to the 24th hour (both including) of the TGE Round 1 period, the PRP price will be $0,9;
- From 2nd to 7th day (both including) of the TGE Round 1 period, the PRP price will be $0,95;
- After 7th day and until the end of the TGE Round 1 period, the PRP price will be $1,00.
During public phase of TGE Round 1 any eligible customer can buy PRP tokens. Sale will be compliant with international regulations and could be restricted for some jurisdictions; also participants may require undergoing KYC checks for international anti-money laundering compliance.
All TGE Round 1 proceedings will be under the management of the Papyrus Foundation Pte. Ltd. (Limited company incorporated in Singapore with UEN: 201726387E) that has a mission to develop Papyrus ecosystem and promote it on the digital advertising market.
Approximate TGE Round 1 budget allocation:
- 50% will be used for Papyrus ecosystem marketing and promotion, hiring business developers and community managers in different regions around the globe, as well as in building relationships with expert advisors and companies from the advertising and blockchain industries, including making pilot integrations with ad networks, DSPs, SSPs, antifraud vendors and other ad market players.
- 25% will be used for research and development, including the hiring of development team employees.
- 5% will be reserved to cover infrastructure costs, such as hardware and office expenses.
- 5% is reserved for legal costs and counsel.
- 15% is reserved for motivation schemes for early project supporters and the project founding team.
Starting
15th of September 2017 Papyrus Foundation Pte. Ltd. opens private pre-order on Papyrus PRP[/b] tokens. Parties interested in buying PRP tokens for amounts of
more than $50k are invited to participate in a pre-order program of PRP tokens with a special discounted token price. In order to participate all interested parties should submit requests via email:
tokensale@papyrus.globalYou could find the full description of
Papyrus TGE in our official blog:
https://blog.papyrus.global/Additional details are provided on the project official website:
https://papyrus.globalUPDATE:As we got many questions about that, to simplify understanding of token swap between PRP and PPR we fix PRP token supply for the ongoing token sale with 5 000 000 PRP tokens and swap ratio with 1 PRP : 24 PPR. Unsold PRP tokens will be held by Papyrus Foundation Pte. Ltd. and may be offered during additional TGE rounds.
After Papyrus TGE round 2 (main ICO) these 5 000 000 PRP will be automatically exchanged to 120 000 000 of main permanent Papyrus tokens (PPR), which is 12% of total 1 000 000 000 fixed PPR supply.
Why conversion rate of 1 PRP : 24 PPR is beneficiary for token sale participants? According to our pricing policy 1 PRP token costs 1 USD without discounts. That means that to reach hard cap of $5M we need to sell at least 5 000 000 PRP or more in case that some tokens are sold with discounts. That means that the best case scenario conversion of PRP to PPR will be 1 PRP : 24 PPR according to initial terms. That is the case when we reach hard cap selling 5 000 000 PRP tokens for 1 USD each, issuing total 6 250 000 PRP (80% of PRP are sold and 20% are issued for advisory board, bounty campaign, Papyrus partners, pilot integrations with ad platforms, and the founding team, as stated initially) which are then converted to 150 000 000 PPR (15% of all PPR)). Papyrus team decided to fix conversion ratio at the best possible condition according to initial terms — 1 PRP : 24 PPR.
Also due to some technical issues during the launch of the token sale we decided to update discounts policy to be as follows, benefitting more participants of the token sale:
- During first 3 days of the TGE Round I, the PRP Token price will be $0.8;
- From the 4th to the 7th day (both including) of Round I, the PRP Token price will be $0.85;
- From 8th to 14th day (both including) of Round I, the PRP Token price will be $0.9;
- After 14th day and until the end of Round I, the PRP Token price will be $1.00.
