Example One: Simple and Pure

Token Sale: We will be offering half of our total one million tokens up for public auction over ten days. We will never issue more tokens. All tokens are fully exchangeable one-for-one if we decide to switch blockchain technologies. One quarter of tokens will be distributed to the founders. One quarter will be kept by the company as assets. If we have to sell any, it will be publicly declared at least five days before hand.

Bid Instructions: We have outlined a range of possible market caps earlier in this whitepaper. We will let the bidders decide the ultimate market cap. There is no price floor or price cap. Bidders will use the bidding wallet to transfer how much they want to invest and indicate the maximum market cap of of the public sale they are willing to tolerate.

Auction Overview: The auction will last from 12:30 GMT Monday, October 9th, 2017 until 12:30 GMT Wednesday, October 18th, 2017. All bids will be treated equally. The bids will be ranked by market cap in descending order. Bids of the same market cap value will be ranked randomly. The Smart Contract will calculate the maximum market cap that can be funded. Bidders whose market cap bid is under this funded market cap will be automatically refunded when the auction is over. Some bidders at the market cap may be refunded too, which will be determined by the random ordering. We will cover all transaction costs.

Commentary: This is a pure Uncapped Blind ICO Auction.