In our previous post, we have described the thorough analysis of Dfinity’s “Genesis Event” initial token distribution failings, pointing out its lack of transparency, inaudibility, as well as blatant mistreatment and discrimination of seed investors and early contributors.
As a result, creating a precise ICPR initial token distribution reflecting the “Genesis Event”, has become extremely difficult. Therefore, we have worked hard to create a safer, streamlined token distribution process, which we will describe in more detail in this post.
TL;DR
The initial token distribution will begin on October 4th and focus on distributing ICPR tokens to Dfinity’s 375 seed investors and early contributors in the following phases:
- Phase #1 (October 4th — November 4th) — Claims and Disputes: pre-launch opt-in process to confirm and guarantee your grant
- Phase #2 (November 4th — December 24th) — Allocation to Verified Participants: simultaneous allocation to participants in phase #1 and continued post-launch claims and distributions
- Phase #3 (December 24th) — Allocation to Remaining Participants: allocation to remaining seed investors and early contributors who didn’t participate in the previous phases
These 375 participants represent all the identifiable participants that were forced into an unexpected vesting program by Dfinity. Additionally, as witnessed by Arkham Intelligence’s Report, there is strong evidence that unlocked allocations belong to Dfinity’s team members and insiders, thus they were explicitly excluded from initial ICPR allocations.
Distribution Plan
We carefully considered all the inconsistencies and mishandling of seed investors and early contributors during Dfinity’s infamous “Genesis Event”. We have also considered all the cases of lost/stolen keys due to the irresponsible and non-standard mandatory requirements to use Dfinity’s local key management CLI tools instead of the industry-standard cold wallet solutions and hardware wallets.
We have concluded that we can’t use its initial allocation as-is without risking further discrimination of seed investors and early contributors, or anyone else who may have been discriminated against by Dfinity’s “Genesis Event”. As a result, we decided to allow all participants to claim (or dispute) their allocations.
Phase #1: Claims and Disputes
In the first phase, from October 4th to November 4th, we invite all seed investors and early contributors to consult with our ICPR Token Distribution Snapshot. To claim and guarantee your allocation contact our dedicated compliance team here:
- claim@icpr.io
Please provide a digital signature confirming your ownership of the associated Ethereum address by signing the following message:
- “I’m [NAME/EMAIL/HANDLE] and this is the proof of ownership for my ICPR allocation as of the [TODAY’S DATE]”
For example:
- “I’m @icpReboot and this is the proof of ownership for ICPR allocation as of the 13th of September, 2021”
In the event that your seed was lost/stolen and you can’t complete the claim process for the allocation, please contact us with a reasonable proof that you were the original owner of the seed.
We want to emphasize that all information will be kept completely confidential and disposed of when the verification is complete.
Signing with your Genesis Seed
To sign with your genesis seed you should follow the following steps:
- Make sure that you have access to your 12 words genesis seed. Unlike Dfinity’s recommendations, we highly recommend performing these steps on an offline air-gapped machine since exposing your seed and private key otherwise is dangerous.
For this demonstration, we will use the following seed:
This seed corresponds to the 0xAfE04AFE0A90c3294645cd063D6A721c280DE85a genesis account. To find your genesis account address from your seed please reference the next step.
Please verify that your genesis address appears in ICPR Token Distribution Snapshot. If you don’t have access to your genesis seed, for any reason, or believe that you were wrongfully discriminated during Dfinity’s genesis event — please contact us.
- In the next step, you’ll need to input your seed to a BIP39 compliant standard tool. For example, using MyCrypto.
MyCrypto
- We recommend downloading a standalone version of the MyCrypto wallet from https://download.mycrypto.com/.
- Select the “Sign & Verify Message” and choose the “Mnemonic Passphrase” access option:
- Input your genesis seed:
- Choose a custom derivation path and input m/44'/223'/0'/0 and click on the green “v” button:
- As you can see, the first available account corresponds to your “genesis account,” and you can proceed to unlock it and sign the verification message, like so:
Phase #2: Allocation to Verified Participants
Starting from November 4th, we will distribute the allocations to all participants who could claim and verify their allocations. Therefore, we urge everyone who has a claim (or wants to dispute it) to contact us as soon as possible and ensure the fair and correct allocation in this phase.
We will publish the specific mechanics of the initial distribution, but we want to ensure that all the allocations will be distributed simultaneously and as fairly as possible to all ICPR token stakeholders.
Participants who were either unable or opted out from claiming their allocations during phase #1 are more than welcome to contact us during this phase. We will process their late claims as soon as possible and send them their allocation.
Phase #3: Allocation to Remaining Participants
Approximately two months after the beginning of phase #2, on December 24th, we will distribute (in accordance with the ICPR Token Distribution Snapshot) all the remaining allocations to participants who were either unable to claim or opted out from the claim process. We have determined that the first two phases totaling 3 months (1 month for pre-launch claims and additional two months for post-launch claims) are more than enough time to properly process everyone’s submissions and fix all the mistreatment and damages which Dfinity’s “Genesis Event” caused.
Mainnet Launch and Reboot DAO
After the initial allocation is concluded and the ICPR token is fully integrated on Ethereum and the DeFi ecosystem, the next phase will focus on the process of converting ICPR tokens to native tokens on the icpReboot mainnet when it is launched.
41.84% of the tokens will be locked in a community based DAO which will govern the long-term development and roadmap of the icpReboot Network and will be able to further distribute tokens to other individuals who were wronged by Dfinity’s “Genesis Event”.
Tokenomics
The initial total supply of ICPR tokens is 470 Million, which is based on closest estimate we have for how many tokens were created in Dfinity’s “Genesis Event”. After the distribution of all the initial allocations to participants, and as a preparation for mainnet launch, the ICPR token distribution will be:
- Initial Distribution: 160,561,922 ICPR (34.16%) — the initial distribution to ICP seed investors and early contributors, no lockups.
- ICP Settlement Fund: 47,000,000 ICPR (10%) — a fund to support additional discrimination claims and damages caused by Dfinity’s genesis event, no lockups.
- Strategic Partners, Advisors, and Community Managers: 28,200,000 (6%), subject to a lockup of 1 year, vested monthly.
- Research and Development: 37,600,000 ICPR (8%), subject to a lockup of 1 year, vested monthly.
- DAO Endowment: 196,638,078 ICPR (41.84%): a long-term fund governed by the DAO to be spent on various community-related activities, marketing efforts, business development, liquidity incentivizing and mining, staking rewards programs, airdrops, etc.
