A Tale of Two Bitcoin Presales: Swarm and Ethereum
One is done, and one has passed a major milestone. One has a lot of bitcoin, and one has a whole lot of bitcoin. But the more interesting differences are under the covers of these two presales. The two presales I am talking about are Swarm and Ethereum.
One notable fact is that the input address was not created specifically for the fundraiser, either that or other parties were allowed to donate to the fundraiser before it was made generally available. 17 Jun 2014 (UTC) corresponds roughly to block number 306221. This is where the large spike in donations occurred. Note that there was a relatively quiet period on the donation address just before. Donations ended on 20 Jul 2014 and no other donations have been seen.
Swarm coin appears to be either converting their BTC to fiat or storing their coin on an exchange of some sort. Here is a representative donation graph (the 12GZL7... address is the
Because the transactions are promptly gathered together into a transaction (usually with other than SwarmCoin addresses) and repackaged into other coins for other users, this indicates to me that some sort of
Ethereum Phase 1
Ethereum started their crowd sale on 22:00 22 Jul 2014 and will continue through 2 Sep 2014. The first two weeks were offered at a flat rate, and the remainder of the sale will see a gradual taper in the price. The taper began on 6 Aug 2014. This corresponds from blocks about 312027 to 314039.
Ethereum has quite a different shape than the swarm coin graph. First, the balances are stored on the blockchain and are not
We also see that there are two distinct interest waves instead of one. An initial wave over the first day or two spiked the sale up over 6000 coins. A second, more produced wave near the ending of the flat sale occurred
The transactions are all fairly boring.
The actual purchase transaction is in blue, with the two orange transactions belonging to the wallet the purchase came from. The yellow transaction is done by
Since the balance is stored on blockchain the Ethereum crew is using an underused security feature of bitcoin: Multisig addresses. The exodus address is 36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2, where the leading 3 means it is a pay to script hash address. Because it is pay to
So until we see a coin cashed out of the 36PrZ address we won't know what the script is. Fortunately for
I like the way the Ethereum pre-sale is going better than the Swarm pre-sale. My main reason is that they are keeping the balance on the blockchain where community members can audit it,
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