As of early morning EDT on Wednesday, July 2, Swarm’s crowdsale stands at 31.5% of its goal of 4500 BTC raise.

On Friday, July 4, Swarm will ask its users to vote on whether to halt the fundraising at that 4500 BTC target and stop issuing SwarmPre tokens after that round.

“If agreed upon by a simple majority, Swarm’s founders will commit themselves to release a working product solely using the funds raised to that point,” the company said in a statement released Monday.

How This Will Work

On that Friday, new coins called SwarmProposal1 coins will be issued to anyone holding a SwarmPre coin at a 1:1 ratio. Anyone who votes “yes” to the proposal should send all of those SwarmProposal1 tokens to an address that will be specified later.

If you vote “yes”: You are in favor of halting the crowdfunding after the first round.

If you vote “no:” You are in favor of continuing the crowdsale with a second round immediately following the close of the first round.

Voting will close at midnight GMT on July 6 (that’s 8:00 PM EDT on Saturday, July 5).

Swarm

Swarm, which we first reported on in June, is the first distributed incubator that allows companies to raise funds by issuing their own coins. The crowdsale, in which 100 million SWARM coins were made available, was originally scheduled to run through July 20.

“Swarm’s projected 18-month expenses include developing the core infrastructure and usability to allow for the creation of new coins,” the company’s home page reads. “With a full raise of 21,500 BTC, Swarm will be a true incubator, helping get projects and new coins off the ground.”