What is CFT
In our last medium we teased you with a token called CFT. That sparked off lots of speculation from you on our telegram on what CFT means, what it stood for, what does it do, etc.
Some of you got it correct, some of you came up with amusing theories. Anyway, here it is : CFT, short for COSS FEE TOKEN.
WHAT IS IT?
CFT is an exclusive token used on the COSS.IO platform.
USE CASE :
Users pay trading fees at a discounted rate with CFT as an alternative to paying in the native tokens from the trading pairs.
Paying the trading fees with CFT will earn you a 25% discount on the trading fees.
CFT used as fees will be included in the FSA on COSS.io
We will also offer both Dust conversion and FSA conversion to CFT.
Market makers/institutional accounts and frequent traders will greatly appreciate CFT’s use case, and we hope CFT will be the token of choice for such users.
20M CFT will be set aside for our affiliate program in addition to our previously allocated 20M COSS. These tokens will be added to the circulating supply next week.
There are other use cases for CFT, but we will announce them in the future once we are more settled with development. Small hints here can be such as ICO participating, community voting etc. The possibilities are endless, but there will be added use-cases for sure.
Maximum supply: 240,000,000 CFT
· Token function: UTILITY.
Utility functions:
25% discount on trading fee’s
Sales period: From December 3rd onwards
Usage: IMMEDIATELY
Trading start: Q1–2019
TOKEN DETAILS :
Issuance of tokens: EXCLUSIVE SALE ON COSS.IO and through private sale.
Token supply:
For sale: 120,000,000
For CAP (COSS Affiliate Program) = 20,000,000 CFT
For promo’s/airdrops/ = 10,000,000 CFT
For cross platform partnerships: 30,000,000 CFT
Reserve pool/burn/bonuses: 60,000,000 CFT
PRIVATE SALE: CONTACT US: info+CFT@coss.io
MINIMUM 100 ETH = 8 cent/CFT
250ETH+ = 8 cent/CFT + 10% bonus
Private sale pool: 20,000,000 CFT
On exchange sale:
10 CENT/CFT = 20,000,000 CFT
12 CENT/CFT = 15,000,000 CFT
14 CENT/CFT = 15,000,000 CFT
16 CENT/CFT = 10,000,000 CFT
18 CENT/CFT = 10,000,000 CFT
20 CENT/CFT = 10,000,000 CFT
22 CENT/CFT = 10,000,000 CFT
24 CENT/CFT = 10,000,000 CFT
Open trading will commence after the 24 CENT/CFT pool is sold.
Tokens will be issued instantly upon purchase and can be used for trading fee discount from day one.
Total CFT for SALE = 120,000,000 CFT
CFT will only be sold on the ETH base pair during the sale period but it will be listed on multiple pairs once trading starts on Q1 2019. During the sale period, the CFT/ETH price will be adjusted several times per week to mimic the USD value according to the sale stage.
Any unsold PRIVATE SALE tokens will be burned once the 24 CENT Pool has been sold.
Circulating supply (if sold out) = 120,000,000 CFT minus burn. + 20M CAP + CFT set aside for Dust and FSA conversion.
The burn function will be built into the token contract by using the Zeppelin’s burn function, and total supply will be adjusted automatically:
After the sale period is over, a monthly* burn of 1,000,000 CFT will happen until maximum supply is down to 120,000,000 (out of the original 240,000,000 CFT)
- Monthly Burn will start March 2019
We hope you like what has been revealed today. Another medium will be sent out later this week with more details regarding the transition/migration towards v1.2.
That’s all for this CFT medium!
We will follow up with yet another Medium later this week to walk you through next weeks process of migrating to 1.2 on our road towards COSS 2.0
Join in the community at our various channels :
- Telegram Announcement Channel : https://t.me/COSSchat
- Telegram General Discussion Channel : https://t.me/myCOSS
- Telegram API/Bot Discussion Channel : https://t.me/COSSAPI
- Chinese telegram: https://t.me/myCOSSchinese
- Facebook : https://www.facebook.com/cosscrypto/
- Twitter : https://twitter.com/cosscrypto?lang=en
- Reddit : https://www.reddit.com/r/CossIO/
- YouTube : https://goo.gl/hd6tBg
