Orbis, a blockchain-based mobile mesh networking platform, has posted an update for its pre-sale of OBT tokens that was held on the 21st of January. The update notified contributors of its pre-sale that they would receive an additional 40% of their initial tokens, due to pre-sale contributors receiving less OBT per dollar than many crowdsale participants.
Pre-sale contributors were offered a 40% bonus on OBT purchase, with a minimum contribution amount far greater than its token sale. At the conclusion of Orbis’s pre-sale, however, the price of NEO fell at a rate greater than the discount offered, leaving pre-sale contributors with less value per token than crowdsale participants. Orbis noted that at its lowest point, NEO was trading at $67 during the crowdsale, meaning that crowdsale participants were acquiring OBT for 40% less per dollar than pre-sale participants, with the pre-sale bonus factored in.
The additional tokens will be issued to pre-sale contributors from Orbis’s company reserves. Also, no additional utility tokens will be minted, so the issuance of additional tokens should have no dilutive effects for other token holders. These amendments will be processed over the next 2-3 weeks.
Orbis delivers decentralized and open networks of Bluetooth communities that anyone can participate in. Orbis also aims to make Bluetooth mesh development accessible to third-party developers with implementations like IoT, crowd-gathered data, digital infrastructure, logistics, and systems management. For its users, Orbis will deliver applications that will bring unique functions to other Wi-Fi-based apps.
The Orbis OBT tokens are minted for both developers and consumers. Developers are minted new coins based on application usage to coin cap, and consumers are minted coins for running active mobile nodes through the OrbisMesh mobile app. OBT is also used to purchase paid applications on the OrbiStore and to purchase Orbis-Products.
The implementation of Orbis is its Orbis Web, using secure BLE connections to form local networks connected globally via the Internet. Using BLE connections, developers can use the network to create applications, mine data, and implement IoT projects.
Lastly, the OrbiStore is an application platform open to third-party development, compatible with Bluetooth and other network infrastructures. In the store, the application usage and downloads are implemented via the NEO smart contract.
Orbis Token Sale Details
During Orbis’s public pre-sale, 5,000,000 OBT were sold, and the company raised USD $1,500,000 from 121 contributors. The public sale was held on the 3rd of March and ran until the 31st of March, 2018. Orbis offered 40,000,000 OBT tokens, with a hard cap of USD $12,000,000. A bonus program of 5%,15%, and 25% was offered, determined by the contribution date and block. All unsold tokens during its token sale were burned.
Below is how the tokens were distributed during the token sale:
- Token Sale: 40,000,000 OBT (40%)
- Company Reserve: 35,000,000 OBT (35%)
- Community: 15,000,000 OBT (15%)
- Shareholder & Employee: 10,000,000 (10%)
More information on Orbis can be found at the following links.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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