In this document, we describe the token sale specification and implementation, and give an overview over the smart contracts structure.
The code has been audited by Quantstamp (Vajih Montaghami, Ed Zulkoski and Steven Stewart), Clement Lesaege, CTO at Kleros and Iexec (François Branciard and Gilles Fedak)
The token sale is open only to registered users. Every user has the same individual cap for the amount of Ether he can contribute. In the sale, a capped number of tokens is offered (e.g. there is a hard cap for raised Ether).
In the first 24 hours user contribution is limited by the individual cap. In the second 24 hours, the individual cap doubles. In the 24 hours thereafter, the individual cap doubles again etc.. until token supply is depleted.
Preminted tokens are allocated to 4 different addresses.
- 500000000 REQ (50%) are sent to the token sale contract
- 150000000 REQ (15%) are sent to the team vesting contract
- 150000000 REQ (15%) are sent to the foundation multisig wallet
- 200000000 REQ (20%) are sent to the early investors multisig wallet
The start time of the token sale is denoted by T.
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On T - 5 days, we deploy
RequestTokenSale.solwhich will deploy alsoRequestoken.sol. Then, we list users for the whitelist. The listing is done by us with a standard private key. Upon deployment, preminted tokens are already distributed to 4 different addresses. We manually verify that preminted tokens were assigned to the correct addresses. Token transfers are enabled only for the early investors multisig wallet, the foundation multisig wallet and the token sale contract, We start to give the token to the early investor via the early investors multisig wallet. -
On T - 3, we compute the individual cap and set it up on the blockchain thanks to the entry "RequestTokenSale/setBaseEthCapPerAddress()"
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On T-1, baseEthCapPerAddress and whitelist are not modifiable anymore. We check the cap and the whitelist.
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On T, the sale starts. At this point users can participate according to the individual cap. It is possible to buy several times, as long as cap is not exceeded.
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On T+1, the sale continues but the individual cap is doubled.
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On T+2, the sale continues if the hard cap is not reached with the individual cap being doubled again.
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On T+3, the sale continues if the hard cap is not reached with the individual cap being doubled again.
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On T+4, token sale is over. We transfer the tokens that are not sold to the foundation multisig wallet with the entry RequestTokenSale.drainRemainingToken()
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On T+7, tokens are tradable for everyone.
The system has 2 modules : the token sale (RequestTokenSale.sol) and the token (RequestToken.sol)
Implemented in RequestTokenSale.sol.
It inherits from StandardCrowdsale.sol by Open Zeppelin with small changes (see REQUEST-NOTE in comments) providing the basic check for the token sale
It inherits from CappedCrowdsale.sol by Open Zeppelin providing the hard cap
It inherits from ProgressiveIndividualCappedCrowdsale.sol developped by Request, providing the progressive individual cap.
It inherits from WhitelistedCrowdsale.sol developped by Request, providing the White list mechanism
It uses SafeMath.sol by Open Zeppelin
Owner can list and delist users until the last 24h before the token sale. Owner can modify the individual base cap until the last 24h before the token sale.
Because we expect > 10k users, we must start uploading the users before we have a full list. For this reason we also have an optimized version of listing which can take an array as input.
Implemented in RequestToken.sol.
It inherits from StandardToken.sol by Open Zeppelin (ERC20 standard token)
It inherits from Ownable.sol by Open Zeppelin
It uses SafeMath.sol by Open Zeppelin
The token is fully compatible with ERC20 standard, with the next two additions:
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The tokens become transferable 7 days after the token sale start. To be more precise, only the token sale contract, the early investors multisig wallet and foundation multisig wallet are allowed to transfer tokens before.
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A draining function (for ERC20 tokens), in case of.
We use open-zeppling code for SafeMath, Ownable and StandardToken logic (and as base code : StandardCrowdsale.sol).
testrpc --account="0xad34324f7371dbe4504d3a10239dc1b539839a40ab5ce5938027b1c9dc3430bd,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0x1ba414a85acdd19339dacd7febb40893458433bee01201b7ae8ca3d6f4e90994,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0x48b97a730734725f3e7cc91cdee82a59c93c1f976c811a4a8b790602e7fd619f,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0xb383a09e0c750bcbfe094b9e17ee31c6a9bb4f2fcdc821d97a34cf3e5b7f5429,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0x5f1859eee362d44b90d4f3cdd14a8775f682e08d34ff7cdca7e903d7ee956b6a,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0x311b38806f4fe591edee839fc7240cd4cf136a81dc69444fcf3c4ce8aba20e0c,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0x3b1b8f928630142d62878e521161780a873961d70002c4d7dabd8e4eea35982f,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0xaea22713416604d48ef525a7c65aea87a638227fb6e42f22e9f412fa99151ec4,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0x69ce511e39c01aabc46bf6280ed0454f83f174a70448b2496e294f359af9d484,10000000000000000000000000000000000000000000000000000000000000000000000000000" --account="0x97292cc6c00ec2cb8be515be4d6af2ed15e5466587408f57cb2ff46a57c8b5a2,10000000000000000000000000000000000000000000000000000000000000000000000000000"