!!! Important: We have made some changes to our public crowdsale process. Please see all the updates here. !!!

!!! Important: This article has been updated on April 11th to reflect the fact that we will lock the Ethereum exchange rate at 800 $. !!!

As we are only a few days away from the start of our public presale, we wanted to give you a little heads-up and explain some of its terms and mechanisms. Our crowdsale consists of three phases — a private presale, a public presale and a public crowdsale. Below is a short summary of all three:

Total number of distributed ELI tokens in all three phases: 300 million ELI (total distribution of all issued ELI tokens can be found in our whitepaper)

All potential contributors have to pass our KYC process in order to contribute in any of the crowdsale phases (instructions for completing the process are available here).

Private presale: ongoing, ends March 19th; participation is possible with an invite only

Public presale: March 20th 12:00:00 UTC — April 10th 11:00:00 UTC

Phase target sum of contributions: Ethereum (hereinafter referred to as ETH) in equivalent of 16,000,000 U.S. dollars (for both the private and public presale phases together); a maximum of 216 million ELI tokens will be available to contributors in the first two phases

Minimum contribution: 0.1 ETH

Public crowdsale: April 17th 11:00:00 UTC — May 8th 11:00:00 UTC or until the hard cap of 24 million U.S. dollars is reached (hard cap is calculated for all three phases together)

Phase target sum of contributions: ETH in equivalent of 8,000,000 U.S. dollars (This target sum is only an approximation that can vary due to fluctuations in the ETH/USD exchange ratio. It will also be influenced by the fact that a total number of distributed tokens might increase by the number of unsold tokens from previous phases.); 84 million ELI tokens + all remaining ELI tokens from the first two phases will be available to contributors

Minimum contribution: 0.1 ETH

Evaluation date for all token sale phases: April 17th 8:00:00 UTC; we will lock the Ethereum exchange rate at 800 $.

Total token distribution

Here is a more detailed explanation:

Private presale

Our private presale has already started and will last until March 19th. A maximum of 150 million ELI tokens (including all bonuses) will be sold in this phase. If we receive ETH contributions for more than 150 million ELI tokens, we will calculate the exceeding percentage and return that same percentage of every contribution received in ETH, reduced by a transaction fee (gas), after the evaluation time and before the start of our public crowdsale.

Example: Let us assume we received enough contributions to sell 200 million ELI tokens. That means we exceeded our maximum number by 25 % and that we will return 25 % of each contributor’s amount. If the contributor would be entitled to 40,000 ELI tokens, we would accept only 75 % of ETH according to the evaluation, issue 30,000 ELI tokens to his wallet and return 25 % of his ETH contribution to him.

We have set our evaluation date for April 17th 8:00:00 UTC. At this time, we will lock the ETH/USD exchange ratio as listed on coinmarketcap.com. We will use it for calculating the number of tokens we issue and for all conversions during the public crowdsale. Users will receive their tokens by the time our public crowdsale starts, but those tokens will be locked (transactions with ELI tokens during this period will not be possible) for the duration of the public crowdsale and for a short confirmation period, in which we will check if the token distribution in all phases executed correctly.

Public presale

Our public presale starts March 20th 12:00:00 UTC and lasts until April 10th 11:00:00 UTC. Contributors will receive a 15 % token bonus for all accepted contributions in this phase. A total of 216 million ELI tokens is reserved for both the private and public presale phases (including all bonuses). If all 150 million tokens are not sold in the private presale phase, those tokens will be transferred to the public presale. All ETH contributions during this phase will be recorded and contributions will be accepted using the “floating maximum contribution accepted” me by the time our public crowdsale starts.

In order not to exceed the maximum number of tokens we are able to distribute, we will calculate a maximum U.S. dollar limit of an accepted contribution. All contributions equal and lower than this calculated limit will be accepted in full and converted to ELI tokens. Contributions of higher equivalent values will be accepted partially — the difference in values that exceeds the limit will be returned to contributors in the form of the exceeding ETH amount, reduced for a transaction fee.

Example: Let us say that the calculated maximum for each contributor is 11,400 U.S. dollars and the contributor sends ETH in the equivalent value of 9,000 U.S. dollars. In this case his whole contribution is accepted and converted to ELI Tokens. If he sends ETH in the equivalent value of 15,000 U.S. dollars, only ETH in the equivalent value of 11,400 U.S. dollars is accepted. The rest of ETH, reduced for the transaction fee, is returned to the contributor.

Users will receive their tokens by the time our crowdsale starts, but those tokens will be locked for the duration of the crowdsale and for a short confirmation period, in which we will check if the token distribution in all phases executed correctly.

Any unsold tokens from the first two phases will be transferred to the final phase, the public crowdsale.

Public crowdsale

Our public crowdsale starts April 17th 11:00:00 UTC and lasts until May 8th 11:00:00 or until all of our tokens are sold. In this phase 84 million + all the transferred ELI tokens from the two previous phases will be available. Crowdsale will be carried out in two steps. For the first three hours, we will set a low maximum contribution limit in ETH to assure that as many of our supporters as possible will be able to obtain at least a small number of tokens with the highest bonus of 8 % (please see all the available bonuses below). If a contributor sends an ETH contribution in one or more transactions that exceeds the maximum set amount, the exceeding amount in ETH, reduced by a transaction fee (gas), will be returned to his wallet. After the first three hours, we will remove the maximum contribution limit until the end of our crowdsale. Contributors will receive their tokens immediately after we receive their ETH contributions, however those tokens will be locked for the duration of the crowdsale and for a short confirmation period, in which we will check if the token distribution in all phases executed correctly.

Phase bonuses:

8 % of additional tokens for the first 20 million ELI tokens

6 % of additional tokens for the second 20 million ELI tokens

4 % of additional tokens for the third 20 million ELI tokens

2 % of additional tokens for the fourth 20 million ELI tokens

0 % for remaining tokens

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