SilentNotary Unveils Tokenomics Ahead of DLT Launch
Following months of development, testing, and fine-tuning, SilentNotary is proud to unveil the Tokenomics of its legal DLT: CiL. Powered by its native cryptocurrency, LAW, CiL allows users to digitally replicate real-world, legal relationships and giving them complete control over the rules of their node cluster.
CiL platform is a backbone for SilentNotary interfaces. It is used for subject identification (including KYC), tokenization and distributed verification of factual evidence.
Most transactions in the Chain-in-Law system require a commission for validating nodes of different Consiliums (node clusters with their own consensus rules). This commission is paid in LAW coins. Participation in this Concilium provides income from mining the LAW coin transactions.
Each LAW owner can use their coins to support the network by staking them through a miner of their choice — the delegate. Delegates compete for funds on market terms, offering their services to LAW cryptocurrency owners.
LAW coin stats:
LAW total supply — 1,000,000,000,000 (1e12)
Exchange rate: 1x1, i.e. 1 SNTR = 1 LAW. This ratio is valid until the exchange of the total amount of 10 billion SNTR tokens.
Currently, the only way to acquire LAW is by swapping SNTR tokens for it. LAW is expected to hit exchanges before 24:00 03/31/2019. Exchanges will require a CiL wallet to support transactions on the ledger. Users can cancel their swap request before the exchange listing. In that case, SNTR tokens will be refunded within 6 months after the corresponding amount of LAW has been returned. The exchange will be available just after the launch of the CiL wallet.
Requirements for Master Nodes (Validators):
1. Lock at least 100 million LAW
2. Conduct KYC before 01.03.2019
3. Adoption of the Agreements included in the Rule of the Consilium before 01.03.2019
Find more information about CiL in our lightpaper below.