If you want to know how PAR exists, who has what, and what we’re planning for the remaining PAR, this article is for you!
Parachute believes in Community as the core strength and the real rocket fuel that keeps the products alive. To that end, Parachute has allocated 53% of its total tokens to the community, distributing tokens via airdrops and through its social wallet ParJar. Tokens are given as tips, but also earned by community members for support, through prizes, games and fun community events.
Parachute has allocated 37% of the tokens to the company to be sold in open exchange to distribute large chunks of PAR to the community, and to convert some to ETH and other crypto currencies used by the company. Much of these converted currencies are used in ParJar and other products and given back out to the community, and will be used in additional product launches and rollouts. The company will use its discretion when offering PAR for sale on exchange, and take into account the necessity, market, liquidity, demand, and other factors before taking any action. There is no obligation to sell the tokens on a given date, but Parachute does want to enable users and investors access to large portions of PAR that are otherwise not available.
The company has allocated 10% available directly to the team, with a 4 year vesting period, and a 2 year lockup on sale of the tokens. The tokens will start vesting on the anniversary of the token creation date. 25% of the members allocation will be immediately on the anniversary, and then 2.08% monthly after that (25% annual rate). Tokens will not be distributed to any members of their vested quantities until the second anniversary of Feb 14, 2018, ie Feb 14 2020. After this date, vested tokens may be distributed to the members upon request and used or sold at their sole discretion.