Sale of the Century: The Inside Story of Ethereum’s 2014 Premine
The Infinite Machine: How an Army of Crypto-hackers Is Building the Next Internet With Ethereum Source: Cami Russo
While prices for the sale were fixed, the amount that would be issued was not, so purchasers could buy as much ether as they wanted to. The Ethereum team would create ether according to the amount raised in the sale when the first block in the Ethereum blockchain was mined.
The sale documents said that once the Ethereum blockchain launched and the premined ether was issued, miners would generate new ether initially at an annual rate of 26% of the amount of ether issued in the crowdsale – the issuance rate isn’t fixed and is capped at 18 million ETH minted per year. The cap was in place to prevent buyers from owning a disproportionately large stake of the total ether sold and the terms and conditions said “EthSuisse will restrict any single entity, person, corporation, or group from controlling more than 12.5% of the total ETH sold by the end of the Genesis Sale” – but it’s unclear from the documentation exactly how they’d be able to keep track, since all that was needed to buy ether was an email address.
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$ 3552.28
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