During the constitution of a project within the context of an IEO / ICO there are several nomenclatures that can be used, but the phases involved are basically:

• Seed – Very early capture, usually “Family & Friends”, with discounted tokens value compared with the price of IEO sale;

• Private Round – Pre-IEO / ICO fundraising with a bit more capillarity and the discounted of tokens are smaller than the Seed Phase, and still attractive when compared to the IEO phase;

• IEO – Time of launch of the pulverized round. Price previously established and much more expressive spreading.

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