Pocketinns is a company operating on the lines of Costco or Netflix where in this case it’s a true community driven peer to peer digital economy with multiple marketplaces that include Travel, Accommodations, ridesharing, car rentals, real estate, ecommerce and thousands of other marketplaces operating under one single ecosystem. These transactions under the Pocketinns ecosystem are supported between the buyers and sellers with its own supporting internal financial network and its own internal Pinns currency that powers this ecosystem. This ecosystem will be driven, controlled & majorly managed by its own community as the ecosystem grows.
There is no Pre Sale as the goal is to avoid any chances of pump and dumps and the founders and management team have invested and borrowed money to fund this operation from the last two year to fund this stealth project launched in October with currently 1800 community users.Token Auction Mechanism The tokens will be called PINNS, named short for Pocketinns. There will be no more than 150 million tokens created within the Pocketinns Umbrella Project. The PINNS token will be the lifeblood of the entire Pocketinns ecosystem and every financial transaction to happen on the Pocketinns Umbrella Project will require a PINNS token to complete the transactional process.The token auction will start on, January 15th, 2018 (10am EST) and the auction ends on January 31st ,2018 (10am EST) and will accept ETH as a form of funding The Pocketinns Umbrella Project. The hard cap for our token auction would be $ 46 Million USD and will run for a maximum of 16 days.
The ETH price for the token auction would be considered from the price at which the Ether price is trading a few days prior to the start of our token sale to be held on January 15th, 2018 (10am EST). This way, investors can make an informed decision about our ITO, contingent on the latest price available in the market. During the 16 days of token auction, if the price of ETH fluctuates, our smart contract will continue using the price considered before the start of the token auction.4.2 The PINNS Token Breakdown The PINNS token sale will follow the reverse Dutch Auction, similar to the one used by Gnosis. A Dutch Auction is defined as an auction in which an initially high offering price is lowered by increments until a buyer or, as in U.S. Treasury sales of securities, sufficient buyers are found. Thus, as per Dutch auction rules, the tokens will be sold in blocks.
Following are the rules of the PINNS token auction
1) A total of 150 million tokens will be created within the Pocketinns Umbrella Project
2) 30 Million (20%) Pinns tokens are allocated for the ITO
3) The Dutch Auction will conclude under one of the following three circumstances
a) ETH worth approximately $ 46 million USD are raised
b) 30 Million tokens are auctioned in blocks every day during the 16-day Dutch auction period and there are no remaining tokens to be auctioned.
c) After 16 days have elapsed,
4) 60 Million (40%) Pinns tokens will be allocated for community mining
5) 15 million (10%) Pinns tokens are allocated for the Founders, which would be Vested over 2 years
6) 27 Million (18%) Pinns tokens are assigned to be distributed between Current Employees, Future Employees, Consultants, Partnerships, Advisors, Communication and PR, Developers, Legal and Governance.
7) 3 million (2%) Pinns tokens are allocated for Bounty Campaigns
8) 10 million (6.666%) of Pinns Tokens will be assigned to the New Vendor Onboarding Incentivization Program. (NVOIP)
9) 5 million (3.333%) Goodwill Pinns tokens are assigned for the first 4 days for investors as bonus as part of a de-risking and investor protection strategy. This was designed by the founders for early participants based on the conditions listed in the NOTE below.
These have been designed for participants who believe in the project and want to avoid the possibility of the PINNS tokens being sold out, these participants/investors therefore may decide to rush and participate in the Dutch Auction in the first 4 days, therefore to ensure their protection the Goodwill bonus strategy was designed if the criteria’s mentioned in the NOTE below are met.
Note: a. The goodwill bonus PINNS tokens will be distributed amongst the investors, who participated in the first four days of the PINNS Dutch auction, only after 1 year.b. For the goodwill bonus PINNS token distribution criteria to be applied it is essential to note that the hard cap of $ 46 million USD is required to be met at any given stage of the Dutch auction.c. The final goodwill bonus token distribution to the eligible participants/investor will be done based on the block pricing defined at the time of the actual contribution made by the participant/investor, during the first 4 days of the token auction when the $46 million USD is raised.
For e.g. if the block pricing during one of the first 4 days of the token auction at the time of contribution by the participant was $10 per token, then at the end of the token auction if the hardcap criterias are met, then the goodwill token distribution will depend upon the ether contributed when the block pricing was $10 per token. Therefore, to explain it in more simpler terms, as a precondition, If a participant has contributed in the first 4 days of the token sale and the hardcap criterias are met then, the participant will receive the goodwill tokens at the end of the token auction based on the condition,
The total number of goodwill tokens received by the contributing participant will be based upon their ether contributed and the block price of the token when the contribution was actually made’.NOTE: To ensure transparency, block pricing will be disclosed after the end of the token auction only to eligible participants who contributed on the first 4 days of the auction.
Pocketinns will always try their best in educating and protecting investors from making wrong decisions but also informs investors/participants that they must do their due diligence, while participating in the Dutch auction and recommends investors have patience while investing their money in token auctions.Disclaimer: Your Pinns token can be claimed on your Ethereum public address. Please ensure that you always have a backup of your private key and ensure your private keys do not fall into wrong hands.
Pocketinns will distribute the Pinns token to your Ether wallet from which the funds (Ether) were sent to our smart contract 10) The minimum investment required would be 1 ETH