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A smart contract for Pooling funds from investors during pre sales of big new projects.

Many ICOs have a high pre sale requirement, 5 or 20 ETH, making them out of reach, certainly for a lot of new investors. Pools are a great way of spreading risk and including the less wealthy.

I have used pools in the past where I sent my money to a smart contract, along with many others I don't know, the smart contract becomes the main investor therefore passing minimum requirement and divides up the received tokens after the sale.

I haven't given much thought to how a smart contract passes KYC or AML so would appreciate input on this, unless the PoolPal website takes all details and only allows investors who have passed all checks.

A selection of contracts with various structures and terms.....lock in periods, fund return if cap not met etc..

Why do we use it?

To counteract whales. To give smaller investor same opportunities. Bigger distribution of tokens. To allow new people into the space who may be blockchain and crypto savvy but not cash rich. Personally, participating in some pools last year allowed me to get into some projects early at a discounted rate that I couldn't afford to get into on my own. I don't have enough "crypto" friends in real life so I rely on the online community. Hence the need for a smart contract that eliminates the need for trust and knowing my fellow investors personally. I'm still holding those tokens so in my case it's not that I want to dump because I've made what ever X returns. I think many of the people in the pools are as well. I find it strange that for me, blockchain and crypto was about fairness, trust, transparency and consensus, and yet Pre Sales are EXCLUSIVE, they exclude people, they don't promote trust as you know some have bought in at way lower prices, and they price out the smaller investor. Pools promote mini communities. Which connect to other Pools.

Ashley Stuart
Ashley Stuart
Ashley Stuart


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    Marc Piano
    Marc Piano   1/13/2018 1:29:38 PM +00:00

    Hi, good idea - who would decide how the pooled funds are spent and how?

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      Eric Mundt
      Eric Mundt   1/14/2018 7:52:24 PM +00:00

      It sounds like the pooled funds would be used for purchase of a pre-defined project at pre-defined time. Can that be written into a contract or would it require some primary actor to manually complete? Additionally, I think we are seeing this minimum investment trend as more ICOs behave like IPOs or seed investments where it is legally desirable to minimize the number of investments. To that end a lot of projects are moving to pre-sale safts which in the US require being an 'accredited investor' (per wiki for the US - one must have a net worth of at least $1,000,000, excluding the value of one's primary residence, or have income at least $200,000 each year for the last two years (or $300,000 combined income if married). Doing so, enables them to meet a lower level of scrutiny compared to selling to the general public.

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    crypt0tr1gg3r   2/18/2018 2:06:04 AM +00:00

    This wouldn't be hard to do, and could be completed quickly to get some projects under DCorp's belt. I also participated in some of these pools this summer to get some great prices and early access to a few different tokens. To elaborate to those that aren't exactly familiar: ICOs have been doing "Pre-sales" for a while now. Usually the pre-sale investors get a 20% (or more, have seen up to 50%) discount in the pre-sale phase. The only stipulation is there is (almost) always a minimum buy-in, usually 1-10-100 ETH, depending on how ambitious they are. So what some user on reddit did for us this summer was help us get into pre-sales by making a smart contract that would pool our funds, then send them to the smart contract address for the ICO once we reached the minimum buy. When the pool contract received the tokens back, it would re-distribute to the users their tokens proportionally based on what percentage of the total they contributed. Imagine trusting your ETH to some random stranger on reddit. I know, I could have just read the contract to make sure it was ironclad, but I'm not too great with understanding computer code, and even an expert can miss things. This user turned out to be very trustworthy, he made contracts for some other pools, some with 100+ ETH that were executed successfully and with no complaints from any of the parties involved. But I was very close to not trusting him. It took a lot to make that final push and just do it. It would have been a much easier decision to make if there were a decentralized corporation that was loading up a smart contract pool daily. Anyway, this is a very good idea, and a great example of a service DCORP could provide that would add value to the ecosystem while not being that hard or expensive to do. Great suggestion!!!

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