Sikoba Token Presale

Sikoba - SKO token presale

To participate in the presale send between 1 and 250 ETH to:
0x812ade7bc90c34e8b2ca92590e525305c85f2d03
from a wallet whose private keys you control.

Criptonoticias: { Sikoba: un proyecto blockchain enfocado en los microcréditos } { Sikoba plantea una economía peer-to-peer con amplio uso de créditos }

Wanbizu: { Sikoba ICO : 基于区块链技术的去中心化P2P借据平台 }

Useful links: { sikoba homepage } { join the sikoba presale slack channel (這裡可以提問) } { twitter } { interview with Alex Kampa }

Sites mentioning the presale: { Smith + Crown } { Tokeninvestor } { TokenMarket } { Satoshi Fund }

Reddit AMA: { 18 April } - { 25 April }.

We are doing a token presale so we can continue building the Sikoba platform - a decentralised money platform based on peer-to-peer IOUs. ETH received during the pre-allocation phase are now hard-coded in the public presale contract which is deployed on the Ethereum blockchain at address 0x812ade7bc90c34e8b2ca92590e525305c85f2d03 The public presale has started on Tuesday 25 April at 12:00 UTC and will end on Tuesday 15 May at 12:00 UTC (or earlier, if the funding cap is reached).


Presale goals / Use of the Sikoba tokens / What are you getting in the presale / Example

The goal of the Sikoba token presale is to raise enough money to produce a MVP (minimum viable product), based on which a token crowdsale will then be launched before the end of 2017.

Sikoba tokens will be used to pay for transaction fees on the Sikoba network. In Sikoba, credit relations between users will be ruled by “credit scripts” of almost arbitrary complexity, and a payment may involve a chain of such credit relationships. Fees charged will be proportional to the computational complexity of a transaction. This will be similar to gas costs in Ethereum, where transactions involving complex smart contracts cost more gas than those with simple smart contracts.

What you get in this presale is more tokens per ETH than participants of a future crowdsale will get: either 60% more (during preallocation) or 50% (during public presale). What is not known at this stage are the terms of that future crowdsale.

Example: someone sends ETH 10 during the preallocation period, ETH 20 during the public presale. Later in the year, they participate in the crowdsale with ETH 40. They receive:

It is of course possible to participate in any one of these independently.


Token pre-allocation / presale concept

We have recently seen some ICOs sell out very quickly, sometimes in hours if not in minutes. Although first-come first-served sounds fair, it favours technically sophisticated buyers. Also, it limits the number of token holders and therefore reduces the potential network effect for the token seller.

Because projects may need funding before being ready for a token crowdsale, the concept of token presale (“presale”) has been introduced. We are adding a pre-allocation period to the Sikoba token presale so that all interested parties have a fair chance of buying tokens. They will not necessarily get all the tokens they want, but can at least be sure to get some.


Presale terms

In the presale, Sikoba aims to collect between approximately ETH 4,000 (the “funding threshold”) and approximately ETH 8,000 (the “funding target”). These amounts will be defined depending on the market price of ETH at the beginning of the public buying phase. The public buying phase will be done via an Ethereum smart contract (“the presale contract” or simply “contract”).

If the presale is successful, Ethereum addresses who sent ETH will obtain the right to receive 60% (pre-allocation phase) or 50% (public buying phase) more Sikoba tokens per ETH as compared to the number of Sikoba tokens received by participants of a future crowdsale.

Overall, we are looking to raise at least EUR 200,000 from the token presale. That budget will be enough to retain (and hopefully expand) the current team, deliver a MVP within 6 months and prepare for the crowdsale. If we raise more, this will allow us to hire additional staff and increase the marketing budget, which will help increase the probability of success of a future crowdsale.


The presale contract

The contract is publicly available on GitHub: Sikoba presale contract

Bok Khoo of Bok Consulting Pty Ltd has completed an audit of the Sikoba presale contract.

We have also set up a bounty program, with bounties of 1.40 ETH (~50 EUR) for minor bugs, 8.50 ETH (~300 EUR) for major bugs and 28.50 ETH (~1000 EUR) + 2% of the presale amount (if the presale is successful) for a severe bug found. Please visit the github page for more details.


The presale process

Dates subject to change, as we reserve the right to shorten or extend the various phases of the presale process.

Interest parties are invited to join the presale slack channel (preferred) or contact Aleksander Kampa / ak@sikoba.com / Skype: alex.kampa / +352 691 46 85 81.

[1] Pre-allocation phase – from Fri 17 March to Mon 24 April

In a first stage, interested parties are invited to contact us directly. By interacting with us, they can get more detailed information about the project while providing us with valuable feedback. Pre-allocation payments received during that phase benefit from a pre-allocation premium: every ETH sent will eventually be converted into 1.6 Sikoba tokens, as opposed to 1.5 Sikoba tokens for participants of the public buying phase (cf below). Note that if more than the "funding threshold" is received into the pre-allocation account, some of the funds will be returned to the senders.

Fyi, preallocation accounts are held on a Ledger Nano S device.

Pre-allocations in ETH

Pre-allocation payments can be made to the following address:

Please do not send funds directly from an exchange account (e.g. Kraken or Poloniex) as you do not have control over your wallet.

Pre-allocations in BTC and ZEC

Pre-allocation payments can be made to:

Before making a payment, we ask you to create an Ethereum address - instructions of how to do so can be found for example here - go to the section "How To Create A New Account In MyEtherWallet". Then, just before sending us funds, please send an email that will enable us to link your Ethereum address to the source of funds. Here is a suggested text of such an email:

"I am about to send you 5 BTC from address 1XYZ... , and I have used your instructions to generate an Ethereum address 0x123... of which I have backed up the JSON file and the private key."

You need to be aware that we will convert any BTC or ZEC you send us into ETH at the spot rate on Kraken. If funds later need to be returned, either because the presale is not successful, or because too much was sent to the preallocation account and a part needs to be returned, you will receive BTC or ZEC back at the then prevailing exchange rate to ETH - in other words, you are incurring an exchange rate risk.

Other methods of participating in the pre-allocation

If you want to contribute fiat, send ETH from an exchange or contribute other crypto or ERC20 tokens, please contact us and we'll try to accommodate you.

[2] Contract on the public chain – Tue 25 April

Based on ETH received during the pre-allocation phase, Ethereum addresses and amounts will be hard-coded into the presale contract and the contract launched on the Ethereum public blockchain.

[3] Public buying phase – Tue 25 April to Mon 15 May (3 weeks)

During the public buying phase anyone will be able to send ETH on a first-come first-served basis. Only payments between 1 and 250 ETH will be accepted (the minimum was originally planned to be 5 ETH, but Ether went up and we also had some requests for smaller participations, so this was changed before deployemnt). This phase will last for about 3 weeks, or until the presale account balance reaches the funding target.

[4] Distribution

If the funding threshold has not been reached at the end of the public funding phase, all funds will be returned to their sending addresses. If the funding threshold was reached, the funds will be released to Sikoba.

[5] Presale token issue on Ethereum

In the weeks or months following a successful token presale, Sikoba will issue presale tokens on the Ethereum network to all Ethereum addresses that made a payment to the presale contract. Pre-allocation participants will receive 1.6 presale tokens per ETH sent, while participants in the public buying phase will receive 1.5 Sikoba presale tokens per ETH sent. The time of this issue will be decided by Sikoba. When issued, these presale tokens will be tradeable and eventually exchangeable into Sikoba tokens at a fixed ratio of 1 Sikoba token for 1 presale token.


Risks and limitations

The Sikoba token presale (”Presale”) is organised by Sikoba Ltd. (”Sikoba”). Sikoba is a company registered in the UK with registration number 10283521. The registered adress is 1 Fore Street, London EC2Y 9DT (previously: 20-22 Wenlock Road, London N1 7GU). The laws of the United Kingdom apply to all aspects of this presale. The official website of Sikoba, as referred to below, is www.sikoba.com.

Sikoba reserves the right, at its discretion, to change, modify, add or remove portions of content under this section by posting the amendments on the Sikoba website. Information presented in this section, or elsewhere in any form or context, does not constitute a solicitation for investment, nor does it pertain, in any way, to an offering of securities or similar, under any definition in any jurisdiction.

The section outlines the Risk and Limitations of Sikoba with regards to its presale of cryptographic tokens (”Sikoba tokens”). The following section applies to purchasers of Sikoba tokens (”Purchasers” collectively, and ”Purchaser” individually). Ownership of Sikoba tokens represent only the right to use a distributed software system (the ”Sikoba network”) and ownership grants no right to claim value from Sikoba Ltd. or the Sikoba network in any way, now or in the future. Ownership of Sikoba tokens does not grant, expressedly or implied, any voting right or rights to capital or similar, in Sikoba or any other entity. Purchasers should have no expectation of influence over Sikoba Ltd. or the Sikoba network. Purchasers expressedly acknowledge and represent that they fully understand all risks, costs and terms which applies to purchasers of Sikoba tokens and agree to be bound by all applicable terms, express or implied, presented on the Sikoba website or in any other medium. Purchasers also represent and warrant, to the extent permitted by law in the United Kingdom that you or any representative are authorised to purchase Sikoba tokens and that you are of legal age, or that you have received permission from a legal guardian who has reviewed and agreed to all applicable terms.

Sikoba does not claim that presale tokens have, or will ever have, any value whatsoever. Sikoba assumes that all purchasers have considered all risks, but not limited to, those presented in this section and to the extent necessary has consulted an lawyer, accountant or tax professional.

You are responsible for your own purchases. You are responsible for conducting your own due diligence to ensure you are acting within any applicable law in your jurisdiction(s). The Purchaser understands that there is no warranty whatsoever on Sikoba tokens, express or implied, to the extent permitted by law, and that tokens are purchased on an ”as is” basis.

By purchasing Sikoba tokens, to the extent permitted by law, you are agreeing not to hold any of the Sikoba parties liable for any losses or any special, incidental or consequential damages arising from, or in any way connected, to the sale of Sikoba tokens, including any losses associated with all risks associated with the technology, specifically but not limited to, of Sikoba tokens.

By purchasing Sikoba tokens, the Purchaser:

Important considerations

Market potential

The Sikoba network aims to operate in the sector of peer-to-peer IOUs, a market with unchartered potential. Purchaser’s acknowledge that there is no guarantee that the market for peer-to-peer IOUs will grow or even exist in the future. Sikoba has no visibility as to when, if ever, the Sikoba tokens might gain acceptance and value.

Time to market

Purchasers acknowledge that any estimation with regards to time to market is an speculative estimation. As the Sikoba network still is in its infancy, the estimation may differ from day to day, as a result of the significant technological hurdles existant as a result of the functionalities the Sikoba network wishes to implement.

Complex operational technology

Purchases of Sikoba tokens should only be undertaken by individuals, entities or companies that have significant experience with, and understanding of the usage, intricacy and complexity of cryptographic tokens and in particular with the storage and transmission mechanisms of such tokens. Purchaser’s will be responsible for managing Ethereum accounts used to participate in the Sikoba token presale. Purchasers acknowledge the inherent operational risks involved in using Ethereum accounts, and the fact that Sikoba will not be able to assist in any way, in case a participant loses access to their Ethereum account.

Failure to launch project

The Purchaser understands that while the Sikoba team will make all reasonable effort to launch the Sikoba network, it is possible that an official completed version of the Sikoba network may not be finished, released or operational. It is also possible that a finished version will be shut down due to a lack of public interest, regulation or any other reason at the discretion of Sikoba Ltd. A failure to launch the Sikoba network, or a lack of public interest, may significantly compromise the value of Sikoba tokens.