FirstBlood Exceeds Crowdsale Goal within First Hour
FirstBlood is touted as the new Ethereum-based Dapp eSports game that rewards players automatically in a trustless system where users can play with confidence.
For the preceding few weeks, FirstBlood had announced their upcoming token crowdsale where they incentivized buyers with a “Power Hour.” During this hour, buyers would receive tokens at 70% off their token price. They mentioned that the “proceeds from this crowdsale will be used to cover costs involved in the development, release, and operation of FirstBlood.”
In order for the crowdsale to occur, a smart contract was written to execute the token sale efficiently, and automatically adjust token prices after the “Power Hour” was over. Just like a car needs gas to run, every function and smart contract deployment within the Ethereum network needs gas to move those functions along. Each function and smart contract, depending upon complication and size, needs a certain amount of fuel in order to be processed by the network. The more complicated a smart contract is, the more fuel it needs to run. Similar to driving long distances, a car requires more gas.
Within Ethereum, gas is a measure of computational effort. For each operation, a certain amount of gas is assigned. (Ex. calculating a hash costs 30 gas, sending a transaction costs 21000 gas.) However, it’s not always easy to foresee computational cost which is why many transactions have a gas limit field- if the gas used exceeds this limit during execution, the process of that function or smart contract is halted altogether. Typically, excessive gas consumption is discouraged because it’s costly. (Each unit of gas must be paid for with Ether.) Miners and developers are always able to check the gas limit through the stats page. Often a developer may run into the problem that their smart contract will require more gas to run due to its complexity. Miners are able to increase or decrease that gas limit, depending upon the need.
Initially, FirstBlood ran into this issue where the gas limit on the network was too low for them to deploy their smart contract. They looked to the miners and Foundation for aid in getting their crowdsale going.
Vitalik Buterin quickly responded to their plight:
“We have already told the miners to up the gas limit to 1.5m. We are actively working on mitigations in geth (eg. see PR here) and will recommend further raises based on progress.”
In a short time, they were then able to run their crowdsale with an impressive outcome. They sold out within the first ten minutes at their cap of $5.5 mill USD and over 79,103,203.391 tokens
More details about the FirstBlood Token crowdsale:
The FirstBlood Token (1SŦ) initial distribution is in the form of a pre-sale. Participants may acquire 1SŦ at a discounted rate by pledging Ether (ETH) into the token sale smart contract.
If you have other cryptocurrencies such as ETC, BTC or STEEM/SBD, you can convert into Ether via a third-party conversion service, and then use the Ether to acquire 1SŦ.
The first hour of the crowdsale will be a Power Hour. During the Power Hour, 1 Ether will buy 170 1SŦ. After that, the price will change to 150:1, and then decrease every week until it reaches 100:1 in the fourth week.
The crowdsale will be capped at $5.5 million USD, measured in Ether. As soon as this amount is reached, the smart contract will stop accepting new buy-ins. At the end of the four-week period, token transfers will be locked for two months.