Streamr ICO in Retrospect

Dear community,

We’ve never worked so hard, so focused, and so inspired than during the past one and a half years or so. During that time we have fallen in love with the decentralised and blockchain technology, and found a way to apply our expertise, backgrounds, and existing technology in that space to produce completely new infrastructure, tools, and opportunities for application developers and data owners.

Our team is incredibly grateful and humbled by the encouragement and attention we have received during the past months. The support, not only for our platform, but for our mission to build a decentralised real-time data economy, is truly inspirational and an unforgettable benchmark in the evolution of data infrastructure. While our ambitious goal leaves us with a long journey ahead, this early success is a huge leap in making that dream a reality.

Thank You.

We made our first public blockchain-related appearance, demo, and pitch at EDCON in Paris in February this year. Since then we have developed our idea and roadmap further, published the white paper, presented at various meetups, launched R&D collaboration with Golem, done quite a bit of interviews, built Ethereum integrations into our Engine product, gathered funding from early supporters – and finally – completed the crowd contribution phases of the Streamr DATAcoin token launch. And this is just the beginning!

Token Launch in Retrospect

Overall thousands of people have visited our websites, signed up for the product, emailed or instant messaged us, and joined our community chat for technical and visionary conversations. 1369 people made it into the contribution periods in total, including 33 private precontribution participants, 120 public precontribution participants, and 1216 crowd contribution participants.

The hard cap of 30 million CHF (Swiss franc) equivalent in contributions, including all the contribution periods, was successfully reached. The proceeds have been earmarked towards research and development of the Streamr protocol and the technology stack.

All the phases saw way more demand than there was supply. The public precontribution period was registered full in 25 minutes after opening on September 14th. The crowd contribution period began on October 12th with a 24 hour exclusive period for small contributors, all enjoying guaranteed participation. After the exclusive period ended, and larger contributors kicked in, the period was full within 90 minutes.

Some experimentation and novel choices took place in the implementation of our token launch. Our pre-contribution period was the very first project to launch on the new Bitcoin Suisse ICO Platform. Our crowd contribution period utilized a hybrid model of passing KYC/AML on the platform, while executing the token creation and distribution traditionally via whitelisting approved participants on a smart contract. We also experimented with two separate contributor tracks: one for small cap contributions up to 5,000 CHF, and a large cap track for contributions up to 50,000 CHF. This split structure allowed for optimisation of manual work processes involved in each track. It enabled us to set a minimum contribution as low as 500 CHF equivalent, while still keeping the high KYC/AML standards we chose to enforce. From the contributors’ point of view, this helped to implement a smooth process for both tracks.

Streamr may have been the first ICO in the world to enforce full manual KYC/AML checks on all participants. Doing so is a tradeoff which affects contributor experience, privacy, and the legal safety of the project and its contributors. It increases the threshold of participation, and decreases the associated legal compliance risks. For overall long-term benefit of the project, we decided that this would be the most future-proof way to carry out the token launch.

What’s Next?

Within the next few weeks, the following will happen: Bitcoin Suisse will distribute the precontribution tokens, and once everything is done and checked, the tokens will be released for transfer. Devcon3 is just around the corner, and we will be speaking there. Henri will present in a P2P breakout track, and Risto will share the stage with an upcoming project that builds on Streamr. We are an Ecosystem Sponsor for the event, as a minor but immediate way of giving back to the Ethereum community.

We will continue work on our roadmap, and to step up development, we are hiring! Please let us know if you’d like to work on Streamr and/or blockchain/decentralised tech in general, and are skilled in frontend development (React, Redux), backend development (Java, node.js), smart contract development (Solidity), devops (Docker, CI tools, test frameworks), P2P networks, or cryptography/security research. We’d also like to find a community manager. We are based in Zug, Switzerland, and also work with an external team located in Helsinki, Finland.

We have received some inquiries about if and when the token will be listed on exchanges. Listing a token is completely up to the exchanges. Watch this space for announcements in the near future! Meanwhile, you might choose to be proactive and let your favorite exchange know that you’d like to trade the token!

We will continue building partnerships and collaborations in the space. We recently joined the Trusted IoT Alliance, an open source software consortium which aims to create a secure, scalable, interoperable, and trusted IoT ecosystem. Founded by industry leaders such as Bosch, BNY Mellon, Cisco, Gemalto, and U.S. Bank, the consortium seeks to standardize an open source blockchain protocol to support IoT technology in major industries worldwide.

We also have a nice little surprise up our sleeve. Please stay tuned.

Stay Safe

Before, during, and after any popular ICO, scammers emerge. Please do understand that there are no second chances to participate in the Streamr contribution periods. Any communication which indicates that Streamr DATAcoin tokens are still available is a scam.

Streamr official channels are: our website, this blog, our Twitter, and #announcements channel on our community chat. No other trustable channels exist. Beware of a known scam on Telegram!

See you at Devcon,

Best regards,
Henri

Crowd Contribution Details

TL; DR: Registration period Oct 6-9th, Contribution period Oct 12-26th.

Dear community, registration for the Streamr crowd contribution period will begin on Friday, October 6th at 12:00 UTC. Mark your calendars!

Our pre-contribution period was a success beyond expectations, but even so, there were several things we wanted to improve for the crowd contribution period. We wanted to have a minimum contribution limit much lower than 5,000 CHF. We wanted to add transparency to the process, and to cut down on manual work where possible. Where not possible, we wanted to have significantly more resources helping with onboarding and support to deliver a better participant experience. And to do all this without skimming on compliance! The following model should achieve these goals pretty well.

The crowd contribution period will have two tracks:

  • Small Cap track for contributions between 500 – 5,000 CHF (equivalent), and
  • Large Cap track for contributions between 5,000 – 50,000 CHF (equivalent).

The Small Cap track will have a faster KYC/AML process, and a 24 hour exclusive contribution period before the Large Caps can participate. Registration for both tracks will begin at the same time on October 6th. If you wish, you can register and participate in both tracks.

Registration cut-off time is Monday, October 9th at 12:00 UTC. Registrations correctly submitted before this deadline are guaranteed to be processed by the start of the respective contribution periods. We will accept late registrations after the cut-off time, but they are not guaranteed to be processed and whitelisted before the contribution period opens. Late registrations will be processed on a best-effort basis, and whitelisted once per day after approval.

Approved registrants in either track will have their Ethereum addresses whitelisted, which allows them to send ETH to the contribution smart contract. Non-whitelisted addresses can not participate. The contract address will be available later on our contribution website.

The contribution period is planned to start on Thursday, October 12th at 12:00 UTC. Whitelisted Small Cap participants have an exclusive 24 hour period. In other words, whitelisted Large Cap registrants can participate after the 24 hour period has passed on Friday, October 13th at 12:00 UTC.

Due to the recent press release by FINMA, the Swiss financial regulatory authority, we may want to seek their guidance before starting the contribution period. For this reason, the October 12th date should be regarded as tentative.

Registration and KYC for both tracks will be handled by Bitcoin Suisse. Below you will find instructions on how to prepare for each track. There is no race to register in either track. Just make sure you get there before the cut-off time.

Small Cap Registration

The Small Cap registration will happen through a fast-track process. This track is only available for individuals, not companies or other entities.

If you are already signed up and approved on the Bitcoin Suisse platform, you can participate in the Small Cap track there, as this is the best option for you. However, in case you are not on the BS platform, you can use a fast alternative process. You can enter your details and upload documents using a simple web form, and wait for confirmation of whitelisting via email. Passing KYC is always a pre-requisite for whitelisting.

The registration will open on October 6th 12:00 UTC, and the link will be available on our contribution website.

The following will be needed in the Small Cap registration process via the web form:

  • Picture/scan of passport or valid national ID
  • ID-selfie: Picture of your face with the same ID document next to it
  • Proof of residence (utility bill, banking statement, governmental document, etc.)
  • Picture/scan of Form A signed by hand
  • Bitcoin Suisse framework agreement signed by hand
  • An Ethereum address you will send ETH from and receive the tokens to. This cannot be an exchange address. Otherwise you will not be able to access your tokens. Instead, it must be an address for which you hold the private key.

You will need a translation for documents in non-latin alphabet. We recommend this translation company.

Large Cap Registration

The Large Cap registration will happen through the Bitcoin Suisse platform only. If you are not yet signed up, you should do so now at ico.bitcoinsuisse.ch, and provide the KYC documents requested there. If you have already signed up and passed KYC on the platform, you don’t need to identify yourself again. Approved KYC is a pre-requisite for registration.

Registration will open on October 6th 12:00 UTC, at which time the Streamr crowd contribution period will be unlocked in the platform. The following will be needed (in addition to the materials requested when you sign up):

  • Bitcoin Suisse framework agreement signed by hand
  • An Ethereum address you will send ETH from and receive the tokens to. This cannot be an exchange address. Otherwise you will not be able to access your tokens. Instead, it must be an address for which you hold the private key.
  • Origin of funds, if requested by Bitcoin Suisse.

You will need a translation for documents in non-latin alphabet. We recommend this translation company.

Contribution

Whitelisted Small Cap registrants will have a window of 24 hours (planned to start on Thursday, October 12th at 12:00 UTC) to send ETH to the smart contract before any Large Cap registrant can do so. The contribution period for Large Cap registrants starts on the next day after the 24 hour Small Cap period has expired: Friday, October 13th at 12:00 UTC.

The price is defined as 1 CHF = 18.25 DATA. The ETH/CHF rate will be locked 6 hours before the start of the Small Cap contribution period and will remain the same until the end. The tokens are available for whitelisted participants in a first come, first serve fashion.

The contribution period will end on Thursday, October 26th 12:00 UTC or as soon as it is full. The contribution period is full when a total of 30 million Swiss Francs has been reached over all contribution periods, including pre-contribution periods.

Staying Safe

The address of the smart contract will be published on our official channels:

There are no other official channels. For example, the “Streamr ICO” channel on Telegram is a scam!

Do not trust addresses or information you find elsewhere, and always validate the address from multiple sources before sending ETH. We will provide instructions for popular wallets.

Disclaimer: This blog post is a declaration of intent, and does not constitute an offering. Detailed terms and conditions of the crowd contribution periods will be available on the website published by Streamr Network AG.