savedroid creates a very unique system of crypto saving and investing. We not only offer the service of storing safely your assets but also, we issued a usability token, that is listed on many prestigious exchanges now.
At the beginning of the year we organized an ICO — Initial Coin Offering (please do not mistake it with an IPO — initial public offering), during which we have been selling our tokens. The SVD token works as a voucher that can be spend on savedroid services, hodl’ed or sold. The ICO took place between January and March 2018. To organize a successful and legitimate ICO we had to define our terms and conditions, that were publicly announced in the white paper, and are available online to this day.
https://ico.savedroid.com/savedroid-ico-whitepaper.pdf
In this article I’d like to explain to you how our token vesting has been implemented. Since we have already a significantly large community, it is of great value to us to reassure our community that the tokens are securely stored and will be unlocked at the indicated time.
In our white paper we declared our total supply of SVD tokens:
“A total of 10 billion SVDs will be issued on the Ethereum blockchain using a smart contract.”
The 10 billion SVDs, however, was the presumed amount because the total supply depends always on the number of tokens that have been sold. Therefore, the final token distribution looks like this:
Below are the three vesting contracts where we store the assets mentioned on the chart above:
Advisors & Legal:
https://etherscan.io/address/0x77Be140EA70FCd0532fd452dE5c29eC395a43FFa
Equity investors & team:
https://etherscan.io/address/0xa86B7F9f891E23fbE7938c8d96b9dB178D5512d9
Business Development:
https://etherscan.io/address/0x63693bFf068234f7751c8459F884066c3cFc31ED
The purpose of a vesting contract is to safely lock away the tokens for a certain period of time. Only a proportional amount can be unlocked every other time, which ensures that tokens are not spend all at once. The process of unlocking is coordinated according to our white paper assumptions:
“All reserved tokens (except bounty tokens) will be locked and vest 1/20 per quarter, i.e., linear vesting over a total period of 5 years. This means that, each quarter, the owners of reserved tokens can only sell up to an additional 1/20 of their effectively allocated SVD.
All lock-ups will be controlled by a dedicated smart contract (“Vesting Contract”) that will be publicly available.”
This logic of unlocking of tokens once a quarter is implemented in the above three vesting contracts and the corresponding source code is available on GitHub at https://github.com/savedroid/svd-vesting/blob/master/contracts/SvdVesting.sol
Here is a step by step explanation of how this contract is used to grant tokens for a vestee and then unlock the tokens. Let us use the example of the vesting contract for the Advisors & Legal:
- First, the contract is created by its owner which is essentially a wallet or an Ethereum address owned by savedroid AG. You can see the corresponding transaction on Etherscan.io at: https://etherscan.io/tx/0x44d22925c45814284e250dac8bc29e87c4b50cc454072012b5ee927292fe2220. In this transaction, savedroid owned address 0xcd09958f02ef83e82a528875dac91beddffe10b1 has created a contract.
2. Next, the contract owner used the granting() function of the newly created contract to grant a certain amount of tokens to the vestee. You can see two grants to the vestee with total amounting to 699,757,854 tokens at following two links:
https://etherscan.io/tx/0x29bec8e92d60d2b4f64970ace7f3003ea8daf21b2489ef5385143d1be19a182d
https://etherscan.io/tx/0xe168301919157f30a1869f5d1141185e85b48e15ded3c6639d57665b9cf3deeb
3. Now that the tokens are granted to the vestee (owner of address 0x7b2b59bc534ef08d3d3f9c8af1dc1a3bf5261c5d), the vestee is free to unlock the tokens once a quarter. Vestee can do so by invoking unlockVestedTokens() function on the vesting contract.
4. In our case, the vestee has indeed unlocked the tokens once and the corresponding transaction can be seen at https://etherscan.io/tx/0xaf68328eac471fa756cb713ddfe7b4a516c20879f7d523d4c18d364846c67195
5. By doing so i.e. by unlocking the tokens, the vestee received 34,489,708.028477546549835706 tokens in their wallet.
6. The three transactions (2 grants and 1 unlock) can be seen in below illustration which is available at https://etherscan.io/address/0x77be140ea70fcd0532fd452de5c29ec395a43ffa#tokentxns
7. Apparently, the vestee has not felt the need to unlock more tokens in last two quarters. This means that the unlocking is at the discretion of the vestee. The vestee can choose to unlock or retain the tokens safely within the contract.
8. However, if vestee opts in to unlock the tokens, only a proportionate token amount can be unlocked and the below diagram illustrates an example of the number of tokens that may be released over a time period:
9. Whenever a grant or unlock is done, the vesting contract emits an event. In our case of the vesting contract for Advisors & Legal, you can see these events in below illustration which can also be found at https://etherscan.io/address/0x77Be140EA70FCd0532fd452dE5c29eC395a43FFa#events
We aim to be very clear and transparent about our token allocation. We fully follow and respect the terms and conditions that we established before the ICO. If you have any questions concerning our token, please visit our web page: https://ico.savedroid.com/ and feel free to ask!
Every month there is also a possibility to be rewarded with SVD tokens within the Bounty Program. Soon we will release an article concerning only Bounty — stay tuned!
savedroid’s Team
