Will there be a Swarm City tokensale? | swarm.city

Will there be a Swarm City tokensale?

No, there will not be a Swarm City tokensale, ICO, ITO, or any other token offering.

Between November 1 and November 30, 2016, there was a crowdfunded ITO to raise DApp development funds.

On January 1, 2017, there was a brand fork, the dev team and the Swarm separated from the CEO of Arcade City Inc, and rebranded into what is currently known as Swarm City. 

To enable the crowdfund contributors to hold value in their ARC tokens without being associated with the previous brand, a conversion tool was developed to convert the ARC tokens purchased during the sale into SWT, that are exchanged within the Swarm City DApp. 

The updated whitepaper covering the ARC to SWT conversion can be viewed on the Swarm City Github.

Most notably there will be no more SWT tokens minted. A total of 9,525,397 ARC tokens were minted, so at most only 9,525,397 SWT can ever be minted. This number includes the 16% tokens minted in addition to the ARC Token Sale and these are exchangeable as well. The amount of SWT created through the ARC token conversion will be the maximum ever created. ARC is exchanged for SWT at ratio of 1:1. The conversion is optional and has no expiration date.

The ether raised during the tokensale was used to fund the project until July 19, 2017, when hackers exploited an error in the Parity wallet holding the remainder of the budget. 

The team published a statement saying,

"The Swarm City Core team is more committed than ever to the development of Swarm City. The real value of our token lies in the community, and the technology the developers are creating. Black hat hackers, vulnerabilities, and bugs will not stop us from creating the decentralized sharing economy our community and the world craves."

...and the show "must go on"!


To learn more about the project history and stay updated check out our internal publications at Swarm City Times