ABCDEFGHIJKLMNOPQRSTUVWXYZAA
1
The collected data has been collected using the free cryptocompare API. A special thank you note goes to all the great people working there! Without you, collecting this data (and verifying it) would be a real pain.

The API documentation can be found here: https://www.cryptocompare.com/api/
2
3
Simulation details
4
5
Objectives:
The objective of the simulation is to gain a deeper understanding of the possible impact on financial outcomes that adopting the proposed multi-stage token crowd sale model may have had for past single-stage ICOs. Please bear in mind, that the available historical data is far too short to run a more reliable simulation. This is only a simplified model and no certainty that any of the provided outcomes would ever come true.

Assumptions:
To conduct the simulation, certain assumptions and considerations had to be made:

• 10% of the total token supply is distributed during each token sale round.
• token sale rounds should secure a 'sane' amount of funding needed to develop the startup further. Analogously to typical investment rounds in the USA, we set the following target amounts for token sale rounds:
â—Š token presale - 500,000 USD to 1,500,000 USD
â—Š Series A token sale - 1,500,000 USD and 15,000,000 USD
â—Š Series B token sale - 3,000,000 USD and 60,000,000 USD
â—Š Series C token sale - 4,500,000 USD and 120,000,000 USD
â—Š Future series token sale targets have not been defined

• for simulation purposes, the token sale rounds are set 6 months apart but could be anything from 3-18 months, depending on a startup's burn rate.
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100