Sale Update — $15m sold with less than 1 day to go.

Using a utility token standard that ensures purchasers contribute to a consensus driven map of the world.

FOAM has successfully sold more than 34k ETH worth of FOAM Tokens, equating to approximately $15m, using a new token sale standard by Token Foundry. The sale requires that purchasers 1) pass a questionnaire to show that they are knowledgeable of the token and protocol and 2) demonstrate Proof of Use by using the token for its intended purpose within geospatial applications before the tokens become transferable. This decision is to help ensure that actual users of the protocol are the ones that are purchasing FOAM tokens and using them to help build a consensus driven map of the world.

So far –with less than two days left in the sale — more than 800 individuals (out of 2256 total successful registrants) have purchased over 65% of the total amount of FOAM tokens originally available. The token sale will run until August 10th at 10 AM EDT or until the sale target is reached. We welcome everyone to join the FOAM community and help fulfill the vision of a decentralized and consensus driven map of the world. We believe that people should own their location data, and there will be plenty of opportunities for anyone to help make that belief a reality as early testers in our protocol.

There are less than four days left to become one of the first cartographers in the FOAM protocol.

If the sale target of $24m is not reached, all 300M FOAM tokens being sold will still be distributed to purchasers proportionally regardless.

The final price per FOAM token will be determined at the end of the sale by dividing the final USD($) amount of tokens purchased in the sale by the 300M FOAM tokens being sold to purchasers in the token sale. The number of tokens each purchaser receives will equal the USD($) value of the ETH payment they submitted (with such $ value determined at the time of such purchaser’s ETH payment) divided by the final FOAM token price.

Example 1: Purchased $1,000 worth of FOAM tokens and the token sale sells out ($24 Million raised); FOAM token price will be: ($24M / 300M FOAM) = $0.08 per FOAM token; purchaser would receive ($1,000 / $0.08 per FOAM token) = 12,500 FOAM tokens. Example 2: Purchased $1,000 worth of FOAM tokens and only $10M is raised; the token price will be: ($10M / 300 million FOAM) = $0.033 per FOAM token; and you would receive ($1,000 / $0.033 per FOAM token) = 30,300

FOAM tokens are sold on a first come first serve basis to anyone besides citizens and/or residents of New York State, China, and certain countries and persons subject to U.S. sanctions and embargoes.