Announcing the FOAM Token Launch

Spatial Protocol for Proof of Location

The Foamspace team is excited to announce the date and details of the FOAM Token Sale and MainNet Launch of the FOAM protocol.

Purchasers of FOAM Tokens will be required to go through a registration process hosted by Token Foundry that will start July 16th. Once purchasers complete this process and become registered, they will then be able to participate in the FOAM Token Sale starting July 31st. FOAM Tokens will only be sold to registered purchasers that intend to use them to curate the network map and contribute to the long-term development of the FOAM protocol. The FOAM Token Sale has been designed as part of the Brooklyn Project Framework and intends to implement certain relevant provisions from the Token Foundry Standards for consumer tokens. The specific details of the FOAM Token Sale are contained in the terms of sale available to registered purchasers prior to purchase.

The design of the FOAM Token Sale process makes clear that the FOAM Token is not intended to be an investment and that every participant in the FOAM Token Sale is able to pay the same price. We are endeavouring to ensure that people who want to contribute to the development of the FOAM network have the opportunity to do so. We are hopeful that the FOAM Token Sale process allows the FOAM protocol to launch with a set of dedicated stakeholders committed to building a consensus driven map of the world. As part of this design, registered purchasers must answer and pass a questionnaire, be otherwise approved, and finally, demonstrate `Proof of Use’.

This Proof of Use is enforced automatically by a smart contract, before the transferability of their FOAM Tokens is enabled. This requirement will exist alongside the initial use period referred to below, and in FOAM Token purchasers’ case, they will be expected to contribute as Cartographers through the static proof of location functionality or signaling mechanisms to prove use. As part of our drive to ensure FOAM Tokens are used as intended by purchasers, there will also be an Initial Use Period (i.e., a 45 day period) where FOAM Tokens are usable, but not transferable outside of the FOAM protocol. This Initial Use Period is to ensure users participate, gain a deeper familiarity with the FOAM protocol by engaging with the interface and work flow, and use FOAM Tokens as intended.

Key Points:

Mandatory Registration hosted by Token Foundry: started July 16th

FOAM Token Sale begins: July 31

Purchasers will have access to their FOAM Tokens shortly thereafter

To transfer their FOAM Tokens, purchasers must satisfy the Initial Use Period and the Proof of Use requirement on the MainNet

30% of the FOAM Token supply will be sold to purchasers during the FOAM Token Sale.

Please note that the above dates, requirements and other details within this blog post are subject to change without notice at Foamspace’s discretion. We will of course endeavor to keep the community updated should any necessary changes arise. To learn more about the technical aspects of the FOAM protocol and the role of the FOAM Token within the FOAM protocol and network, see our Product Whitepaper.