The total supply will be 500 million ERC20 tokens called ‘Eat Tokens’ and will be issued by Home Eats. The purpose of the ICO and pre-sale of Eat Tokens is to give people the ability to purchase Eat tokens early to use in the Home Eats platform, to contribute towards Home Eats and to support the development of Home Eats.
The ICO and pre-sale is a crowd sale of Eat Tokens with a hard cap of $25 million equivalent of Ethereum’s Ether tokens (ETH). The maximum number of Eat tokens that will be available for purchase in the ICO and pre-sale (combined) will be 170 million. Thus, ICO and pre-sale participants have the ability to obtain EAT by exchanging ETH during the ICO and pre-sale periods.
Any unsold Eat Tokens from pool category one will be distributed towards category three and/or as bonuses to those ICO and pre-sale participants who are eligible for a bonus. If the amount of Eat Tokens in category one is not sufficient to fulfil the bonuses that eligible ICO and pre-sale participants are due, then category three will be used to fill the surplus.
The ICO and pre-sale prices will be announced closer to the date and will have different rates of bonuses during different time frames whilst the ICO is run. The bonus rates will reduce after each week of the ICO. Pre-sale participants will have an additional bonus to the ICO bonus rate.
Participants of the ICO or pre-sale will provide details for KYC and anti-money laundering checks. Those whitelisted by Home Eats will have the ability to obtain EAT by exchanging ETH during the ICO and pre-sale periods.