Listen Crowdloan Plan for Kusama Parachain Slot Auction

After repeated testing and update optimization, Listen already has a running environment for Kusama Parachain Slot Auction.

In order to bring better DAO community management and asset management tools to the Polkadot ecosystem and the Kusama ecosystem, and to achieve the goal of a group is a DAO, we decided to participate in the Kusama parachain slot auction.

Listen Network
Listen deploys Listen Network on the Kusama network and issues the initial token LT(Listen Token) as the bonus. Listen Network will join Kusama Parachain Slot Auctions and always carry the vision of Listen to provide Blockchain-based electronic agreement signing , DAO social networking, asset management, and other tools and services for Kusama’s Ecological with the goal of winning the slot in the auction.

Crowdloan
Kusama allows parachains to source tokens for their parachain bids in a decentralized crowdloan, which is in line with the features of the DAO: security and transparency. This mechanism allows users to voluntarily lock their DOT until the slot lease ends to support their teams to win parachain slots. Teams can reward supports in however they consider appropriate and can set their own crowdloan rules. Each auction winner will be assigned a parachain slot for up to 96 weeks.

In the Listen crowdloan, anyone can participate in Listen crowdloan for supporting Listen to bid a slot by pledging KSM tokens while getting the LT reward bonus at a certain rate in the process.

Listen Network will participate in the bidding with KSM contributed by community users and win slots in the auction. When the Crowdloan begins, participants simply lock their KSM in the Crowdloan vault. This is a “‘smart contract,” a virtual vault stored on the blockchain that is instructed by computer code to secure the loaned KSM for two years. It can never be touched by the team. In return for their loans, contributors will receive LT token as a reward. The specific rules of the reward will be as follows.

Basic Reward
Funds raised: 20, 000 KSM
Reward: 1 KSM : 5,000 LT
Reward pool: 100 million LT

● 30% of LT will be available when transfers are enabled.
● 70% rewards will be linearly released within 48 weeks.

Foundation: 840 million LT , which will be released linearly in 3 years after being locked for 3 years.
Early investors: Early investors will receive 60 million LT, locked for 1 year and released linearly.
Contributors:Contributors from Crowdloans will receive 100 million LT, 30% will unlock immediately, 70% will be linearly vesting for 48 weeks.
R&D team: 500 million LT, locked for 2 years and released linearly.
Founding team: 500 million LT, locked for 3 years and released linearly.
Initial circulation: 30 million, circulation after one month: 75.55 million.

Auction Access
At present, Listen Network crowdloan is available on the following platforms:

General: Enter Polkadot.js Crowdlaon page and vote for ID 2118.

Entry:https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fkusama.api.onfinality.io%2Fpublic-ws#/parachains/parathreads

To better meet the demand of the community, we are still working on more entries to the crowdloan, and more partners will announce soon, stay tuned.

About Listen
Listen is a voice social software based on data decentralized storage technology and blockchain technology. A group is a DAO is our slogan.

Listen as a voice of social software, it is different with other communication tools, and podcasting software is also different, social support acquaintances, including voice, images, text and video, such as social practices, and social group in a stranger, using a similar round table in the form of BBS, group manager invited several guests, they have speaking right, and join hands to Listen and speak to the rest of the room, at the same time also can use the LT token to buy the speaking time, almost purchases will accumulate in the room below. Listen creates a unique experience that is different from a Feed stream. In a community of strangers, celebrities engage in voice discussions and audience interactions around topics.

If the discussion in the room starts to decline and more and more LT COINS are accumulated, anyone can initiate a proposal to dissolve the room, and everyone in the room can vote on it. Once passed, the room can be dissolved, and the accumulated LT COINS will be divided equally among all the people in the room after deducting platform fees.

In order to motivate group manager to conduct community management and operation, LISTEN sets the rule of “getting salary”. Group owner can receive 1% of the group assets as its own salary every week. At the same time, in order to make the token distribution of LISTEN fairer, while group manager gets the salary, 1% of the distribution assets of the group are also mint to the group assets. Listen , which operates DAO around a group of assets, will show what it means to have a DAO for a group. The ratio of two 1% is a parameter that can be adjusted by on-chain governance.

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