Bonded Token Presale approach
https://blog.dharma.io/tokenized-debt-payable-by-assets-dpas-ba61d968c401
https://blog.dharma.io/bonded-token-pre-sales-with-dharma-protocol-2e7ec73e2915
“A mechanism for financing token sales by issuing collateralized, tokenized bonds. These bonded token pre-sales, as we call them, are collateralized not by a company’s existing assets, but, rather, by the future proceeds of their forthcoming token sale.
In the most basic construction, these bonds would have some sort of fixed yield that would pay out on a non-amortized basis — i.e. if you invest X ether into the presale bond at a Y% yield, you receive tokens representing your rights to a future payout of X * (100% + Y%) when the eventual public token sale happens.
Notice that [in the ICO contract], until the repayment conditions defined in the terms contract are satisfied, the funds raised in the token crowdsale are frozen. Thus, companies raising funds in a bonded token pre-sale are strongly incented to repay their debts, lest they lose access to their eventual token sale proceeds.”
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