Block #4339820 kicked off a great Crowdsale for the Tap Project and the Tap Coin. With close to 600 transactions, approximately 1200 ETH, was contributed to the project and the vision of the Tap Coin. With that being said the team would like to thank all those that were able to support the project in the foreground and behind the scenes. We know that a long journey lays ahead and the team is ready to take on any obstacles that may come. As history states, with change and disruption comes resistance, and that is to be expected.
On October 5th we launched the early contribution period which gave supports the ability to receive a 30% bonus before our ICO. A week later we completed our early contribution period and surpassed 50% of our soft cap goal. We released our Conceptual Alpha and received an amazing response and feedback.
Users were able to create an account, view games on the marketplace, add games to their favorites, and most importantly test out the functionality of the Tap Coin. This allowed users to go into the selected games in the marketplace and input the amount of Premium or Earned Currency they have in those games, showing the Tap Coin valued outcome.
A few days prior to the end of our initial contribution period, we reached our 400K soft cap and the funds were unlocked for the project. Upon doing so the community requested a month long extension to use the funds for marketing and put the project on the map. We implemented the Tap Project Improvement Plan and asked the community if they had any feedback in regards to the contribution period. We brought all feedback to the team and had lengthy meetings and discussions about them. As a result, we lowered the hardcap and implemented a month extension with a waterfall bonus structure. With the month extension we wanted to ensure that those who contributed during the early contribution period were compensated for their early support and belief in the project. With that, we initiated a manual 50% retroactive bonus for those supporters, which was well received by the community.
During our ICO the Ethereum Network became bogged down and congested due to a recent product launch on the network. Thus we implemented an increased gas price of 50Wei.
Rise in Ethereum Price
Throughout our ICO we were faced with one major change, the price of Ethereum. When we first started our early contribution, ETH/USD pricing was approximately $300. However, during our contribution period, the crypto community saw ETH rise as high as $1600 within 2 months. Seeing as our price was fixed to ETH, the TTT to ETH ratio remained consistant throughout despite the rise in ETH pricing. Towards the end of our contribution we saw our ETH contributions decrease, but our USD value remained consistent.
ETH Accepted: Approximately 1201+ ETH
Transactions: 570 Transactions
Total TTT Created: 1.5 Billion TTT
Total TTT sold : Approximately 17Mil
All unsold tokens have been transferred to the Tap Reserve System to facilitate the Drip bonus and earned Tap payment system.
Lessons Learned & Takeaways
When completing any milestone it is important to look back at some of the things that worked and some that did not. From the beginning, the team has been very open and honest about strategies, goals and the ultimate vision of the project. We have accepted our shortcomings, listened to feedback and did our best to implement suggestions that were in the same overall direction of the project. In every situation, hindsight is always 20/20, therefore; it is obvious to say that we would not have changed the outcome of the project by any means, but we may have implemented some minor changes in the beginning. Experimentation is key in any advancements of technology, and one of the best ways to look for solutions is just to get out there and do it. It is important to mitigate risks while you do so, but experimentation fosters learning and ideas.
As a team is it important to reflect and work towards making changes in the future, as learning from your past paves the way for progress.
The Tap Coin is currently non transferable, however, over the next few days we will be conducting an internal audit of the Coin and once that is complete the Tap Coin will be movable and transferable to other wallets. Looking forward, the team is beyond excited to keep moving, signing partners and developing. As indicated above, throughout 2018 we will be releasing a MVP, a large update to the platform, Unity and Unreal Plugins, Tap Coin Drip, Tap Coin game, update to the platform, expansion to our SDK and many more updates. Additionally, in the coming months the platform will only be accessible to those that hold over 5000 TTT (this amount may be adjusted upon re-analysis of ETH pricing). 2018 will be the time of advancement for the project on a larger scope. Our recent partnership with Juego Studios marks the start of change and disruption into an industry that is fragmented and clustered.
With that being said, there will be bumps and challenges along the way as the Tap Project seeks to reach widespread adoption, but it is expected and we are poised to command and conquer.
Again we want to thank everyone that supported the project. We continue to encourage those to join our telegram group at t.me/tapcoin and join the discussion, provide feedback or observe the development of the Tap Coin. We will be hard at work and don’t intend on looking back.
“Fueled by gamers, inspired by the community, disruptive to all.” — Tap Project