We would like to start this announcement with a big “Thank you” to our community. It’s great to see the number of our supporters grow, and we’re excited by all the creative ideas you are sharing with us!

When we started this journey, we could not imagine how our community would shape what we were doing and help us on the path to building a future of scalable blockchain. Hundreds of people have joined our mailing list, Telegram group, Twitter and Forum on our website, and we do our best to be there 24/7 to answer your questions and engage in productive discussions!

We have received a lot of questions regarding the details of the token sale, and today, after weeks of dedicated teamwork and interactions with lawyers and industry experts, we are ready to announce the final details:

We decided to change the ticker of our token from ORC to POA

POA essentially expresses and outlines the core principle underpinning our blockchain which is Proof Of Authority (POA) consensus. We decided to go with a name that would better represent the idea behind the project.

We changed Hard Cap from $25.0mm to $12.5mm or 41.6k ETH (based on the rate as of 11/08/2017)

We made this decision based on the thorough conversations with crypto funds, VCs, and crypto investors. Lower cap is better for the token holders, given the project is close to the launch of the mainnet and taking the market opinion in the account. Lower cap also imposes the necessary discipline and lean model that our team has always been a strong proponent of. We all mutually agreed that this is the best solution for future token holders and the project’s long-term development.

We don’t give any discounts

We carefully studied best practices on the market, and our view is that most discount policies lack transparency and, in the end, do not provide long-term value to the project and its supporters.

We won’t give any discounts on the pre-sale, no matter the contribution amount and/or timing. Even early investors, such as Satoshi Fund, are not entitled to discounts of any sort. The market recently saw some downward trends for tokens of the otherwise solid projects, which happened mostly due to speculations of the discounted tokens and led to tokens losing 10–50% of their value right after the token sale. We don’t want this to happen to our tokensale contributors and we prefer to start with 100% transparency and equal position for everyone.

Vesting for founders and foundation and unsold tokens

Founders and the team: 2 years vesting with distribution every 3 months starting on the 6th month after mainnet launch. First portion will be released in 6 month after the launch with the subsequent pro-rated 3 months distributions.

Foundation: 2 years vesting with distribution every 3 months starting on the 6th month after mainnet launch. First portion will be released in 6 month after the launch with the subsequent pro-rated 3 months distributions.

Unsold tokens will be transferred to the foundation with the above mentioned vesting terms and will be used for R&D only.

Pre-sale for participants with minimum contribution of 100 ETH

The pre-sale starts on November, 17 at 9am PST and ends on November, 30 at 3pm PST.

In order to participate, please, apply for our WhiteList.

If you have already done that and indicated the amount exceeding 100 ETH, we will email you with detailed instructions.

If you previously indicated amount less than 100 ETH and now want to increase it, you can fill out the whitelist form again, using same email and Ether address, so that we disregard the first entry.

Public token sale

The public sale starts on December, 1 at 9am PST and ends on December, 15 at 3pm PST.

To participate, please apply for our WhiteList

Min amount — 1 ETH

Accepted for contributing tokens — ETH

Total Token Supply — 252,460,800 POA

Tokens to be Sold — 176,722,560 POA (70%)

1 POA = 0.00023577 ETH (will be adjusted for the current rate)

UPD (11/14/17): for pre-sale Early Token Purchase Agreement, the price has been established as 1 POA = 0.000233 ETH (current at the moment of creating the agreement)

KYC

All the participants who made it to the whitelist (no matter which tier) will be notified by email with details on KYC process two-three days before the sale start. We also will post the information on our FAQ page and our website.

As our POA token is considered a utility token and our network will be launched during the sale, we accept contributors from most countries, including the the USA and China.

If you want to update your Ethereum address for the token sale, you will able to do so during KYC process.

Tokensale Security

Please be careful of potential phishing attacks and remember:

We will never send you a request to transfer ETH before official post on our website We never post our ETH contribution address anywhere but here: https://poa.network/tokens for public token sale The only address we will be using for token sale -related communication is office@oracles.org Don’t trust direct messages or emails from unfamiliar addresses Double check URLs that you click on, watch out for similar looking domain names Read our official channels such as Twitter, Telegram and Medium

Remember, there is no rush to be the first in line for the token sale, we allocated a reasonable amount of time for everyone.

Please be careful of direct messages on Telegram asking for contributions and report any attempts that you consider suspicious to our official channels.

Finally, let us outline POA Network key features:

We worked hard since 2016, and we are launching Core Network mainnet on 15th of December 2017 during the token sale, when you will get POA native coin compatible with all Ethereum wallets.

We developed cross-chain bridges (video here) and we will use this technology during our token sale. Contributions will be collected on Ethereum blockchain while native coins will be concurrently issued on the Core Network blockchain.

POA Network is the first Ethereum-based public network with Proof of Authority consensus, reached by independent validators. Proof of Authority consensus is a modified form of Proof of Stake where validators’ identity serves as stake and establishes the incentive model for validators to act in the interest of the Network. Such consensus allows for shorter block time and cheaper transactions.

Core Network is the first smart contracts blockchain secured by the US notaries staking their identity.

POA Network is a blockchain scalability approach, called “horizontal scalability.” POA Network allows launching any number of independent Proof of Authority with Identity at Stake networks and connects them via cross-chain bridges. Such “swarm” or blockchains allows to solve the throughput issue.

POA Network is one of few working blockchains for smart contracts among Ethereum, Ethereum Classic(see article here).

POA Network has an extensive potential use as a public chain for banks, healthcare chains, government authorities, etc. with their set of validators such as doctors, scientists, bankers, different government authorities

Update:

We would also want to be transparent and let our community know that our current whitelist is oversubscribed. Still, we keep the registration open as our approach is not to limit the number of participants but rather grow our community and help wider PoA network adoption. Therefore, we will structure our token sale in the way that all whitelisted applicants will be able to participate.

Update (11/15/17):

POA Network smart contract for pre-sale tier has passed the audit by the external auditor. The terms are outlined here: https://github.com/oraclesorg/oracles-presale/tree/master/audit According to the rules of the audited smart contract, signing the Early Token Purchase Agreement and passing KYC allows you to participate in the POA Network pre-sale with an amount not less than 100ETH. It means that your address has been added to the list of addresses allowed to participate. It, however, does not guarantee the participation. Should you wish to contribute more (but not less) than 100ETH during the pre-sale, you may do so, though we encourage the participants to stick to the amount initially stated in the agreement to give opportunity for others. In the event a change needs to be made, there is no need to resubmit an application, sign a new agreement and go through the KYC process again.

WARNING!

There will be no private telegram messages asking for contribution! We exchange messages with some of you. But we will NEVER ask for your address in the private telegram message. BEWARE OF SCAMMERS!

Website: https://poa.network/

Email: hello@oracles.org

Twitter: https://twitter.com/oraclesorg

Medium: https://medium.com/@oraclesorg

Forum: https://forum.poa.network/

Telegram: https://t.me/oraclesnetwork

Thank you all for being part of this exciting journey!