3 Weeks Before the End of STO Contest

July 18, 2019 STO

This June, we have launched STIP Sandbox — a virtual testing environment where users are able to launch their test fundraising campaigns without risking any funds. In addition, we are still holding the STO Contest with the overall prize fund of 10 000 Waves. In this article, we want to go over the results of our contest so far, issues that we faced and share some updates regarding the end of the contest.

Results

First, we would like to share the main statistics of STIP Sandbox from the launch to this point.

Registered Users: 1900
Campaigns Launched: 64
Campaigns Reached Soft Cap: 45
Campaigns Reached Hard Cap: 24
Investments made: 5900

We want to thank all users of STIP Sandbox for testing our platform and taking part in our STO Contest. Your actions and feedback helped us improve the final product and we can’t wait to release it next month!

Issues

With the release of the sandbox version, we had two main goals:
1) to give both companies and investors an opportunity to test our Security Tokens Issuance Platform without risking their funds;
2) to test all the main features of the platform and receive feedback from our users.

We are happy with the results so far, token issuance and marketplace have been working almost perfectly with some small bugs only. The feedback that you have provided us was amazing and helped us improve the final product significantly already. But we have faced some other issues that we want to talk about.  

Share your experience using STIP Sandbox

Rollback
Let’s start from an issue that we knew was possible before the launch of STIP Sandbox and unrelated to the release of the final product. As you might know, after the launch of STIP Sandbox, Waves Testnet block height was rolled back by 30.000 blocks which resulted in the deletion of all test STO campaigns launched on STIP Sandbox. As we were prepared for this and all data regarding the campaigns was saved, so all users were able to relaunch their campaigns in just 2 clicks. Please note that the rollback is impossible on the full version of STIP.

Bots
The next issue on our list is the manipulation attempt during the STO Contest. We have never talked about this issue openly before. From July 5th to July 7th, there were over 500 accounts created on STIP Sandbox using bots. As we have stated in the rules of our contest before, users are not allowed to use bots. As a result, we’ve deleted all accounts that have participated in this scheme. Please be aware, that we want to keep our STO Contest fair and we are constantly checking all campaigns and accounts registered on STIP Sandbox, we will do the same thing again, in case we will notice any other suspicious activity.

Contest Rules
Originally when we have created the rules of our STO Contest, we made one mistake by not indicating what is going to happen in case several projects will reach the maximum Hard Cap. We have already informed members of our Telegram chat that in this case, the winner will be chosen based on the number of investors that have participated in the campaign.

Why we’ve decided to use this criterion
When we realized that multiple campaigns will reach the maximum Hard Cap, we knew that we have to create additional criterion to choose the winner. Creating this criterion after the end of the contest would have been unfair.

We've discussed this matter internally before making the final decision. And we were down to a couple of options:
1) rank projects based on how fast they have reached Hard Cap;
2) rank projects based on the number of investors that have participated in the campaign.

During the discussion, we have realized that the first option is not entirely fair because some users might have had testnet tokens already and were able to transfer 10 000 Waves in a matter of one hour, additionally this situation would have created a barrier for new projects that launched their projects after those that have already reached Hard Cap almost instantly.

What’s Next

As we have announced previously, our contest will end on August 6th. After that, we will need some time to check the results, choose the winner that will get all the legal services required for the STO campaign on the full version of the STIP covered by Tokenomica and we will announce the winner in two-three weeks after the end of the contest, the exact date will announce on August 6th.  

How we are going to announce the winners
Our team will contact each winner personally via email, along with that, winners will be announced in our blog and social media.

STIP Launch

Originally, we have planned to launch the full version of STIP together with the end of STO Contest, on August 6th. After we received feedback from users of STIP Sandbox, we have decided to add more features that were requested by both companies and investors. To get the product ready for the launch, our team will need two more weeks meaning that the product will be released on August 20th.

The registration process on STIP will require KYC verification but you can do it before the launch of the final product by completing the registration on our Digital Assets Exchange. If you will face any difficulties during the registration process, feel free to contact our team using our support portal.  

Don’t miss a chance to test STIP Sandbox and win WAVES tokens. If you have any suggestions on how we can improve the final product or need any help launching your STO, feel free to contact us in our Telegram chat. Best of luck!