Indicium has now tentatively received minimum funding to go forward with the minimum viable product. This is a great success! Unless Peercoin and/or Bitcoin devalue to a large degree, Inidicium will not return the initial funds it has received and will instead proceed with the project. For reference, Indicium has received over $50,000 of funding at a Bitcoin price of $1200 and a Peercoin price of $0.80.
The initial announcement for Indicium Series A can be found here.
The Bitcoin/Peercoin price will be chosen on May 24th at 23:59 UTC 2017 no matter what pledges or bids we receive. This will be done by looking primarily at the last price on btc-e.com, as we feel it is most relevant to our project, but also including other price feeds and/or analysis mechanisms such as a moving average. Ultimately, the final prices will be chosen by consensus amongst the Founders, who are not exempt from participation in Series A funding.
The current state of funding can be seen at the following addresses:
Peercoin Multisig
Bitcoin Multisig
Upon reaching $150,000 of funding, or depending on the current market sentiments, Indicium will stop asking for funds to be sent directly to the above addresses, and will instead begin the process of making a “wait list”. At this point, all those who have pledged but not fulfilled their bid will be added to the beginning of the wait list. When Series A concludes, bids on the wait list will be totaled and those exceeding $250,000 will not be invited to send funds unless an earlier spot is opened on the list. We will provide pledgers with 7 days (one week) to respond to our requests for the pledged funds to be sent before we open the spot for the next person on the wait list. In this way, we hope to reach precisely $250,000 of funding on a first come, first serve basis.
In the extreme event where Bitcoin and/or Peercoin either gain or lose a vast amount of value by May 24th, Indicium will still return funds according to the initial Series A statement. As always, we reserve the right to reject any pledge or bid for any reason and return the funds sent to us.