Deployment of an Enhanced Smart Contract ‘SWACH’
Hello Community!
We are pleased to inform you that our KYC process is almost complete. Thanks to our active community, most of the Swachh Token Holders have completed their KYC process. We shall be sending out the reminder to people who have not yet completed their KYC and also extending the window to complete the same. Again, we regret the inconvenience caused due to the same.
Another Important announcement that we would like to make at this time is that we shall be shortly deploying our Enhanced Smart Contract on the Ethereum Mainnet in the presently ongoing Chinese New Year Holiday Period. We originally planned the deployment at a later stage, though migration, however, we have decided to deploy a completely New and Enhanced Smart Contract with a New Ticker Name ‘SWACH’ due to the following reasons:
1. The existence of a token named SCX on Etherdelta and Etherscan:
There exist tokens listed on EtherDelta with the ticker name SCX belonging to a different organization. This can result in someone from our community mistakenly purchasing SCX Tokens listed on EtherDelta, posing a significant financial risk to the community members.
2. Recovery of tokens lost:
There have been multiple events during our ICO where some impersonators, through highly sophisticated methods have been successful in obtaining fee in the form of SCX Tokens for services related but not limited to marketing. Those tokens have since been not recovered and pose a significant sell pressure risk amongst others.
3. A rescheduled and controlled vesting of management and promoters tokens:
Vesting is done so that the tokens released to promoters do not pose a sell pressure risk on the market. Due to our prolonged tokens sale in the bear market, some of the vested tokens have been released due to the passing of release date. However, as of now, with our imminent listing, it is only fair to the community that the management and the promoters comply to a rescheduled vesting which accounts for the updated listing date.
4. Induction of new featured in the smart contract:
The newly deployed smart contract is an enhanced version of the previously deployed smart contract. A detailed announcement outlining the featured will be published in a while separately.
All SCX holder are eligible for 1:1 Swap with ‘SWACH’ Tokens in compliance with the guidelines mentioned below.
All previous SCX Tokens will remain paused forever and will be void after the launch of this new contract.
The distribution of newly minted SWACH tokens to all eligible token holders will be done as follows:
- Distribution of Tokens to ICO Participants to be done instantly.
- Distribution of Tokens to Bounty Participants will be done through vesting as per schedule A given below.
- Distribution of Tokens to Airdrop Participants (Phase wise: 1, 2 and 3) will be done as per schedule B has given below.
- Distribution of Tokens to Advisors, Partners, and Promoters will be done through UPDATED vesting as per schedule C given below.
- Distribution of Tokens to Team will be done through UPDATED vesting as per schedule D given below.
*All schedules at the end of announcement
The above vesting has been introduced in some segments and updated in others because of our prolonged Token sale in the bear market. Since we originally planned our listing in the year 2018 and scheduled various vesting accordingly, the delay in the listing has resulted in some of the vested tokens being released before the tokens are traded, thus killing the purpose of vesting altogether. Also, the ongoing bear market calls for the highest standards of controlled vesting. Thus previously unvested tokens have been vested in the interest of all token holders.
Our vesting has been planned in such a way that it does not create a significant release and sell pressure at any point in time. The controlled release has been evenly spread throughout the year with the release for different category of token holders happening in different months. We would also like to announce that this controlled release will be followed by our periodic token BuyBack (more about this will be announced in a while).
Note: All the vesting can be verified in our smart contract which will be shortly deployed on the main net. We will share the link to the same. We have given least preference to core team in the vesting schedule.
In today’s market, where some of the newly listed ICO’s have fallen to 1/100th of their value after their listing, owing to the disproportionate release of tokens, we feel it is very important to follow a precautionary pathway. We would like to mention that we acknowledge that the vested release of tokens for some of the promoters has made them unhappy, however, we have enforced it in the interest of our’s as well as their’s community as a whole. We are certain that their continued belief and patience shall turn to be fruitful for all in the long run.
All the changes have been done after thorough analysis and compliance check.
We hope this delights all our ICO Participants, some of whom have expressed their concerns about the vested tokens that had been released earlier, which we have analyzed and felt the need to take appropriate actions as mentioned in the announcement above.
If you have any more concerns, feel free to drop a mail to info@swachhcoin.com.
Looking forward to your continued support.
Best Wishes
Team Swachhcoin
Schedule A (Bounty)
10% 1st Mar 2019
10% 1st May 2019
10% 1st July 2019
10% 1st Sep 2019
10% 1st Nov 2019
10% 1st Jan 2020
10% 1st Mar 2020
10% 1st May 2020
10% 1st July 2020
10% 1st Sep 2020
Schedule B (Airdrop)
Phase A 15th Feb 2019
Phase B 15th Mar 2019
Phase C 15th Apr 2019
Schedule C (Advisors, Promoters and Partners)
10% 1st Apr 2019
10% 1st June 2019
10% 1st Aug 2019
10% 1st Oct 2019
10% 1st Dec 2019
10% 1st Feb 2020
10% 1st Apr 2020
10% 1st June 2020
10% 1st Aug 2020
10% 1st Oct 2020
Schedule D (Team)
10% 1st Mar 2020
10% 1st May 2020
10% 1st July 2020
10% 1st Sep 2020
10% 1st Nov 2020
10% 1st Jan 2021
10% 1st Mar 2021
10% 1st May 2021
10% 1st July 2021
10% 1st Sep 2021
To know more about Swachhcoin, visit: https://swachhcoin.com/
Link to Swachhcoin Reserve Sale: https://swachhcoin.com/sale/
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