So, you've reached this panel of our application, and are not sure about what the Flat Rate Crowdsale is. Worry not.
The purpose of this article is to educate the reader on various aspects of crowdsales, as well as to help him decide if this particular type of crowdsale is a right fit for him. The best approach for this is to dive into each particular property that this type of crowdsale has to offer. So without further ado...
Crowdsale rate is tightly coupled with the price at which the tokens are being sold. The rate dictates the number of tokens sold for one Ethereum. So, for example, if you set the rate to be 10, the price of your token will effectively be 0.1 ETH. As the name suggests, in flat rate crowdsales, the price of the token is immutable during the crowdsale life span.
Crowdsale cap or hard cap (as referred to in some cases) represents the threshold in Ethereum raised, which, when reached, effectively renders the crowdsale successful and ends it.
Not to be confused with the crowdsale goal or soft cap (as referred to in some cases). If the crowdsale goal is reached by the end of the crowdsale, it will be considered successful, but unlike the cap, reaching the crowdsale goal during its life span will not stop the crowdsale.
Crowdsale cap must be higher or equal to crowdsale goal.
Minted crowdsale implies that the tokens are not pre-created. As the name suggests, they are being minted by each individual purchase. The institution allowed to mint tokens is the one that has been granted a MinterRole. Specifically, with YJFB crowdsales, the only party that is allowed to mint coins is the crowdsale contract itself. In case of the successful crowdsale, the total amount of tokens released will equal to the amount of tokens sold.
Refundable feature is an industry standard introduced to protect the investors in case of a failed
crowdsale. After the crowdsale has ended, it allows the investors to retrieve their Ether by invoking the
IMPORTANT: it is investors responsibility to claim their Ether back, after the failed crowdsale.
In addition to aforementioned properties, YJFB crowdsales have a post-delivery
feature. What this means is that the funds are frozen during the crowdsale lifespan. The total supply of the
tokens will be 0 until the crowdsale has finished. After the crowdsale has
finished (regardless of its success) it is necessary to call its
finalize method. Anyone can
call this method, but it will only execute if the crowdsale has ended. Crowdsale creator can execute
finalization from YJFB ICO dashboard.
Once finalized, in case of success, the investors should claim their purchased tokens by invoking
withdrawTokens method of the crowdsale contract. Should the crowdsale fail, as already
explained, the investors should call the
claimRefund method. Either way, it is investors
responsibility to claim their funds upon crowdsale end.
Create your own Flat Rate crowdsale using YJFB app.
If you've completed this tutorial, we recommend you follow up with these tutorials: