Token Distribution Information
ALL DISTRIBUTIONS OF BLT TOKENS ARE SUBJECT TO THE TERMS AND CONDITIONS RELATING TO TOKEN SALES ("T&Cs") AS PUBLISHED FROM TIME TO TIME ON THE BLOOM WEBSITE. BY MAKING A CONTRIBUTION TO BLOOM LIMITED FOR THE PURCHASE OF BLOOM TOKENS ("BLT" OR 'BLT TOKENS"), CONTRIBUTORS WILL BE BOUND BY THE T&Cs. BY ACCEPTING SUCH T&CS, CONTRIBUTORS WILL BE ENTERING INTO A BINDING AGREEMENT WITH BLOOM LIMITED. THE T&Cs CONTAIN PROVISIONS WHICH AFFECT THE LEGAL RIGHTS OF CONTRIBUTORS AND CONTRIBUTORS MUST READ, ACKNOWLEDGE AND AGREE TO THE T&Cs BEFORE RECEIVING BLT. IN THE EVENT OF ANY INCONSISTENCY BETWEEN THE T&Cs AND THE INFORMATION BELOW, THE T&Cs WILL BE CONTROLLING.
Token Distribution Overview
- Token Symbol: BLT
- Total Token Supply: 150,000,000 BLT
- Hard Cap: $50M
- Minimum Purchase: 0.001 ETH
- Accepting: Ethereum
- ERC20 Token: Yes
- Individual Cap: None
- Countries Allowed: As determined in the sole discretion of Bloom Ltd.
When does the Token Sale begin and end?
The BLT distribution began on November 30th, 2017 at approximately 9:00am PT and closes on January 1st, 2018 at 12:00pm PT except as otherwise provided in the T&Cs. Due to how the smart contracts handle times, it's important to know that these times are targets. Depending on Ethereum block times, the sale may be a few hours earlier or later.
How do I get a spot on the Whitelist?
Whitelist applications are now closed.
What is the utility of BLT?
Ownership of BLT carries no rights, whether express or implied, other than a limited potential future right or expectation to use and interact with the Bloom platform as may be made available from time to time, if and to the extent the Bloom platform is successfully developed and deployed. Any potential future right or expectation relating to the provision and receipt of services on the Bloom platform shall be subject to any restrictions and limitations set out in the T&Cs and any Bloom platform terms (as applicable). BLT Tokens are intended to have the following functionality:
- Network Currency: identity attesters and risk assessors on the Bloom network will be able to set prices and receive payment for their services in BLT.Distributed Scoring Enhancements: BLT will also perform the function of a voting token and serve as a proposal mechanism for instituting changes to the BloomScore phases and algorithms. This proposal mechanism allows Bloom to maintain a credit scoring system that evolves according to the needs of its users. It is important to note that the voting functionality grants holders of BLT no rights in Bloom Ltd., and BLT are not to be interpreted as shares or an entitlement to shares, voting, management, dividends and/or other rights in respect of securities issued by Bloom Ltd. Specifically, voting rights granted by BLT on the Bloom platform will be restricted to those users acting as lenders, identity attesters, and risk assessors, who will be restricted in their exercise of any voting to proposing and voting on the changes they would like to see happen at a credit scoring level and on the Bloom platform itself.
- Bloom Invitation System: In order to mitigate against the risks of cyber-attacks associated with a network in its infancy, the Bloom protocol will have an invitation system in which BLT users will be required to put a fractional amount of BLT up as collateral for users who they invite. This is not collateral to ensure that invited users do not default on loans in one-off instances but rather collateral to serve as protection against a mass-scale network of malicious accounts. It is intended that any BLT collateralized in the invitation system will be returned to the sending users after 6 months.
Is the Coinbase wallet supported?
The Coinbase Ethereum wallet is not compatible. BLT is an ERC20 token and any ERC20-capable wallet will work such as MyEtherWallet, Mist, or MetaMask. If funds are transferred from a Coinbase wallet, you will not be able to retrieve your BLT.
How will Bloom use the funds?
Funds will be used primarily for the methodical orchestration of business development, user acquisition, legal, and compliance work in each of the new markets we enter. For more detail on our use of funds, please read this blog post.
How will BLT be distributed?
- 75M (50%) of BLT to be distributed in BLT token sale.
- 60M (40%) of BLT to be locked in a multi-sig wallet and held by Bloom Ltd., for long term expenditures and network updates.
- 15M (10%) of BLT to be distributed for bounties and to the Bloom protocol community, including key advisors, lenders, partners building on the Bloom.
Where can I look to as trusted sources for accurate and reliable information about the sale?
NOTWITHSTANDING THE FOREGOING, IN ALL CASES THE T&Cs SHALL BE BINDING WITH RESPECT TO ALL TOKEN SALES. IN THE EVENT OF ANY INCONSISTENCIES BETWEEN ANY OF THE ABOVE INFORMATION SOURCES AND THE T&Cs, THE T&Cs SHALL PREVAIL.