You already know that WHIRL is built on the blockchain and has its own cryptocurrency, the titular WRL token. But you might not know exactly what the WRL token does and how it fits into the platform. In this post, we’ll cover all that plus discuss our upcoming token sale.
Before we begin, a quick aside to answer a common question, namely the difference between WRL and our internal points system, karma. WRL is a cryptocurrency that you can buy, sell, or transfer to others. You use it to back campaigns. In contrast, karma isn’t a cryptocurrency: you can’t buy it, sell it, or transfer it. You earn it when you back a campaign and it’s tied inextricably to your account.
With that out of the way, let’s talk about WRL. WRL is a utility cryptocurrency that will launch as an ERC-20 token on the Ethereum blockchain. We went with Ethereum because it’s the most mature smart contract platform with the most established token infrastructure, but eventually we plan to migrate WRL to another blockchain, like EOS. (WRL token holders will retain their same holdings during the transition.)
Owning WRL doesn’t give you equity stake in the WHIRL platform, but it does give you special benefits. When you back a campaign, you earn karma in proportion to the amount of money you spend. The exact formula for earning karma is:
New Karma = Dollar Value of Contribution * Currency Multiplier * Campaign Multiplier
The Currency Multiplier is calculated based on the currency you use to back a campaign. We accept a dozen different cryptocurrencies. 10 of the dozen have a multiplier of 7. Another, KICK, has a multiplier of 8.5, because it’s a partner token. And backing a campaign with our own platform token, WRL, earns you a multiplier of 10.
All else being equal, using WRL to fund a campaign earns you 42.9% more karma than using most other cryptocurrencies ((10–7) / 7) * 100) and 17.7% more karma than using a partner cryptocurrency ((10–8.5) / 8.5) * 100). That’s a significant bonus and because of it we anticipate that WHIRL’s most active members will transact exclusively in WRL.
When you back a campaign, the dollar value of your contribution is calculated based on average exchange rates. Let’s say that you back a campaign with $100 worth of WRL and let’s say further that it’s a not a special campaign, meaning the Campaign Multiplier is 1. You’d earn:
New Karma = $100 * 10* 1 = 1,000 karma
In order to fund its expansion, WHIRL takes a 5% commission on all contributions. For contributions made in WRL, WHIRL does not retain those tokens; it burns them. Down the line, as the platform becomes more popular, we will only burn half of the tokens received in this way, but for the immediate future it will be 100%.
As with other utility tokens, we will introduce new benefits for WRL token holders over time. We want holding WRL to be like belonging to an exclusive club.
Token sale details
WHIRL’s public token sale will begin on November 26, 2018. It will take place on ico.whirl.com and kickico.com. There are ample opportunities to obtain volume and early-bird discounts. Details follow.
WRL’s initial exchange sale price will be set at $0.0013. The same price will be set at the start of the token sale, with bonuses listed below.
The following pools will be created during the sale:
Fundraising targets and limits are as follows:
The structure of selling tokens is as follows:
During the closed round, no more than 6% of all tokens will be sold. The discount will be 25%, for sums over $50,000. The closed round begins October 15, 2018 with a 6-month token freeze. To take part, participants must provide identification, email, a sender wallet address, and a receiver wallet address.
The ICO campaign begins on November 26, 2018 and ends February 27, 2018. The maximum discount for early participation will be 20% and for contribution will be 5%, for sums over $50,000. The bonus structure is as follows:
Once the campaign concludes, WRL tokens will be distributed within one calendar month. The amount of tokens distributed to each person will be made in accordance with the amount they purchased at the time of transaction with the exchange rate price of the purchase calculated by an average from Binance, Bitfinex, and Coinmarketcap.