NESC Token and ICO Update
Nebula Exchange Public Sale
Nebula Exchange’s initial plans involved a public sale for NESC tokens. This sale was delayed a couple of times because of existing market conditions and lack of enthusiasm from the retail investors. As expectations for a market revival towards the end of 2018 wane and market conditions at the time of making this announcement are at their worst in 2018 with no sign of improvement, Nebula Exchange is hereby cancelling its Public Sale. This means that no Public ICO will take place and no further public sale of NESC tokens will take place.
Nebula Exchange Private Sale
As you probably know, Nebula Exchange ran its Private Sale for the period running up to what would have been a Public sale of NESC tokens. In the Private Sale we raised close to $600,000 paid in multiple cryptocurrencies and it is because of these early backers that the team has been able to produce a fully functional crypto-to-crypto exchange over the last 12 months. We have over the last year grown to a team of 15 spread over three continents and while market conditions grew from bad to worse, we focused our energies on creating a product that would be able to withstand an extended crypto winter. At this stage, we do not think it is wise to use any of the funds raised in the Private Sale to push for a Public Sale and instead use whatever is left of it to further develop the product and on-board new partnerships.
Other Token Holders
If you are entitled to NESC tokens as a result of your participation in our bounty program, one of the contests, CTT conversion or as a team member, there is no reason to worry. We will honor all our existing commitments and NESC tokens will be issued to all individuals who are already entitled to receive them.
New Update (02/01/2018):
Dear Bounty Hunters,
As you all know, the bounty program is now complete and distribution will start very soon. You also know that due to market conditions, we decided not to proceed with a public sale and revised the token supply from 100mn tokens to 10mn tokens. As the bounty pool is fixed at 2.5% of the total supply, it would be capped at a total of 250k NESC and divided as per individual stakes.
We realize that in the medium post earlier about an update on our ICO and Token Distribution we did not mention this. In fact, around 24% of total tokens were mentioned to be outlines for Airdrop, Bounty and Contests. This was a mistake from our end as we failed to adjust the Bounty Pool with the new Total Token Supply before publishing that article. We understand that this might be disappointing for many of you, and we apologize for the oversight at our end.
Lastly, the additional tokens, which were earlier included in the Airdrop, Bounty and Contest pool, will now be allocated to the Misc and Reserve Pool, which would be used to future airdrops, contests, new teammate or freelance hiring etc.
For any questions or concerns, please write to email@example.com.
NESC Token Utility
This particular point is extremely important for the future of NESC and our team has decided to go the extra mile in ensuring utility for the NESC token.
Post-distribution of NESC, all further listings will be payable only with a pre-defined amount of NESC tokens. We will keep the starting amount at 15,000 NESC tokens for ERC20 tokens and might revise it over time. All NESC received as listing fee will be burned. Burning will stop when 50% of originally issued tokens have been burned.
Why is this important?
1. Listings is currently the only and biggest revenue source for Nebula Exchange. Passing this on to token holders completely was not an easy decision but was important to safeguard the utility of the token.
2. By fixing the listing fee in NESC token, we are passing on the pricing power completely to NESC token holders and listing buyers. NESC token holders are now the gatekeepers and also the beneficiaries of all further listings. An NESC token holder is now empowered to approach a project, fix a price for their listing and then get them listed by sending the requisite NESC.
What about other utility cases?
1. To open a new revenue source, Nebula Exchange will start charging a transaction fee in the near future (in 2018). Over time, as revenue from this source matures, we will pass on a portion of it to NESC token holders.
2. We plan on using NESC to represent votes, allowing token holders to vote for new listings and important company decisions (where necessary). We will develop a platform for the same though a clear timeline for the same is not ready.
With the Public Sale cancelled, we had to redo the Token Economics to balance the tokens given out via private placement, bounty program and those reserved for the team and advisers. The total number of NESC tokens issued will be 10 million. Token burning to stop with 5 million NESC remaining.
New Token Allocation:
Investors — 57%
Bounty, Airdrop and Contests — 4%
Team — 17%
Misc and Reserve* — 22%
*To be used towards future airdrops, contests, new teammate or freelance hiring etc.
All NESC tokens will be distributed in batches and the full process is expected to be completed by end-December 2018. Alongside, we will prepare the process to use NESC tokens for listing on Nebula Exchange as well as list NESC token on Nebula Exchange for holders to trade directly against ETH, BTC and USDT.
Thank you very much for your understanding and continued support. If you have any questions or concerns please engage us on our Telegram group or write to firstname.lastname@example.org.