EDONCOIN [EDON] is a project by Ion Sirbu from Chisinau, Moldova. Mr. Sirbu has an enhanced account on Bittrex meaning he submitted verifiable identity documents through the Jumio system.
Bittrex will host the EDON crowdfund. Participants are pledging BTC to the EDON team in return for EDON Coins. If you pledge BTC to the project, you will see a EDONT token in your currencies list. At the successful conclusion of the crowdfund, EDONT will be converted into EDON tokens.
The crowdfund will run for approximately 18 days, beginning April 18th 21:00 PDT and ending on May 5th, 2016 21:00 PDT.
To be considered a success, the crowdfund must raise a minimum of 100 BTC and the Edon team must provide a working wallet, blockchain, and blockexplorer within 4 days of the crowdfund completion. If the success conditions are met, Bittrex will transfer the crowdfunded coins to a publicly disclosed BTC address. There will be no restriction placed on the amount of BTC raised.
If the success conditions are NOT met, the BTC will be refunded through a buy wall. Trading fees are not refunded under any circumstance.
There will be 50 million EDON coins distributed via the crowdfund through Bittrex. Shares of the 50 million are allocated based on the following formula:
F = ( TBD * (100 / TB)) * DC
TC = 50 000 000
C = B * (((TC / TAB) * F) / TBD)
TB = Total amount of btc collected via Bittrex
TC = Total amount of coins distributed to buyers
TBD= Total amount of btc collected for x day( 1st, 2nd, 3rd.. 15th. day)
D = Day of purchase
DC = Daily Bonus coefficient (30% 1st day, 28% 2nd day, etc.)
TAB = Total Adjusted bonus. The bonus is applied for every day and summed at the end of the CFC.
B = Amount of Bitcoins sent by a buyer
C = Amount of Edon coins a buyer receives
F = Fraction of the buyer stake in total distributed
Examples of the formula
To encourage early support and adoption, the formula allocates a higher share to those who've pledged early. There is also up to 5% available for sales to Chinese users who cannot access the Bittrex site directly. Bittrex does not endorse or escrow any sales that happen off of the exchange.
To pledge BTC to the Edon project, see: https://www.bittrex.com/crowdfund/?marketName=BTC-EDONT.
As always, caveat emptor.