A smart contract which can be used to mint a token which is convertible for ETH when milestones are reached.
Based on the conditional promissory note discussed in this talk, it is a means where anyone can issue tokens to help fund a project, business or even just for personal financial success. Once a threshold of value has been accumulated, the token holders can convert to ETH. Then token will have 0 ETH value until conditions are met.
- Fungibility Threshold: 500 ETH
- Mint quantity: 1,000,000
- Decimals: 0
- ETH Value before Fungibility threshold: 0
- ETH Value after Fungibility threshold: 0.001
Assumptions:
- Tokens will follow ERC-20 Ethereum Token Standard or similar allowing them to be interoperable with popular wallets and exchanges.
- All minted tokens will initially belong to the owner.
- The owner will periodically send tokens to new/existing recipients.
- Any token holder may convert some or all of her tokens for ETH (without any action from smart contract owner) if the following conditions are met:
- The owner's address exceeds the fungibility threshold plus the ETH Value of the tokens to be funged.
Out of scope: Website or app for selling/trading/claiming token.