0xNIL April informal updates
I know that you all are jazzed about the second round of the 0xNIL Initial Free Offering. Despite my good intentions, though, I couldn’t commit full time to the project, and this has delayed the development. Things are going to change, and the second amount of NIL tokens will be distributed relatively soon.
As you probably remember, during the first round, a few people took advantage of the absence of a KYC process. I allowed that on purpose because even spam attempts were interesting in the contest of the experiment. I just tried to minimize the phenomena, not promoting the first round.
During the second round, things will be different because I will promote the round and try to reach as many people as possible, with your help. In this case, someone could easily create a script which generates thousands of wallets to request NIL, frauding all the other participants. To avoid this, a KYC is necessary. Although, since the NIL is a token with a price set at zero and no value at all, at least for now, 0xNIL doesn’t need to know who you are, where are you from, whether you are an accredited investor. 0xNIL just need to know that you are not a bot.
The whitelisting process
Tweedentity is an identity protocol which associates univocally a Twitter userID to an Ethereum address. (You can read my introduction to the protocol here.)
Since we don’t need more than that, 0xNIL will use Tweedentity for the basic authentication.
When a user is logged in with her tweedentity, since an identity address should be used only for identity purposes, 0xNIL will ask which wallet the user will use to send the 0 ether and receive the to-be-defined amount of NIL. And that’s all.
In the following days, the tweedentity will be checked to verify that it’s not a bot or a Twitter account created just to spam. While it is reasonable that in the future someone will create an advanced KYC process based on tweedentities, maybe Tweedentity itself, for now, there will be a human checking the accounts one by one, requiring some time. How much depends on the number of participants, that could be anything between 1,000 and 100,000 😏
A first working version of the Tweedentity ÐApp is expected around the middle of May. If everything works, you can start creating your tweedentities to be ready for the whitelisting process, which reasonably could start at the end of May, and last a couple of weeks.
The second round
During the second round there will be a hard cap of 100,000,000 tokens, i.e., ~3x the tokens distributed in the first round. To allow any participant to request their fair amount of tokens without hideous gas wars, a per wallet cap will be applied during the first three days. After, if there are tokens left, anyone will be able to do how many requests they like, until the hard cap has been reached.
As soon as this happens, the distribution will end, and the tokens will be unlocked, allowing their transfer. The end of the second round will also be the beginning of the second phase of the 0xNIL experiment. Be patient, more details about it will come when it’s time.
For more info about the project check the 0xNIL website. The best way to stay in touch is to follow @0xNIL on Twitter or the 0xNIL News channel on Telegram.
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