Due to USA regulations, complications arose with Poloniex hosting the ICO. I hope they come out of their communications blackout and are able to participate.
BTER has come to the rescue and has offered to host the ICO without any fees and on an non-exclusive basis in the spirit of UNITY! BTER is extending a hand of friendship to all other exchanges that want to participate. If you are an exchange, contact me for details on how to join.
I am very glad that the SuperNET is bringing together not just the crypto coins, but also the exchanges. It is too bad that USA is making it so difficult for everybody with such matters. However, it is such stifling rules and regulations that will gradually make the rest of the world more prosperous.
The details of the process is as follows:
The price starts at 0.01 BTC and linearly goes to 0.0115 over two weeks (14 * 1440 minutes) so each minute there is a small increase in price. At each minute there will initially be 1000 TOKEN available in each supported currency any unsold will carry over to the next minute, with a cap of 5000 TOKEN. If there is not enough or too much, the 1000 and 5000 amounts will be adjusted, probably no more than a few times a day to adapt to demand.
For non-BTC sales, a conversion rate is calculated using a slow moving average (eg. 24 hours) so somebody would have to be pushing the price for an entire day, just to get a lower effective price for their TOKEN. Clearly not practical. The NXT and BTCD conversion rate is adjust with the 5% bonus and the TOKEN is made available just like for BTC.
In the event fiat denominated TOKEN is available, the conversion process is used like described in the previous paragraph, but without any 5% bonus.
On the 14th day to the 26th day, a test is made to see if 3% of the total has been raised that day. If not the process stops 2 days later. 28 days is the max duration.
At this point I will purchase TOKEN at the 0.0115 BTC price using the my core assets and any other InstantDEX that is made available using the coinmarketcap price - 1/2 of the 24hr change. this is an easy to calculate average of the current price and 24hrs ago. The asset prices are more stable so using a reasonable market price average and as balanced of set of assets, but not exceeding 10% of TOKEN, I get my TOKEN. All excess TOKEN will be burned at this point, though it doesnt really matter as TOKEN is only good for a 1:1 swap with SuperNET asset. I am not sure if the exchange fee is coming when the donation is made or whether I am doing it at this point by issuing some SuperNET to cover the trade commissions. Each exchange will have their own fee, typically 0.0% to 0.2%
Now I can issue a matching number of SuperNET asset with 4 decimals and it is exchanged for the TOKEN on a 1:1 basis.
And the trading begins
you can see some demo version here
https://bter.com/trade/token_btchttps://bter.com/trade/token_nxthttps://bter.com/trade/token_btcdhttps://bter.com/trade/token_cnyNXT AE Official SuperNET NXT addr: NXT-MRBN-8DFH-PFMK-A4DBM
Official SuperNET TOKEN asset: 15641806960898178066
