Announcement of conclusion of tokensale process and next development milestones of Xenchain

Xenchain has received sufficient funding from its seed, advisor and preico rounds to meet its next milestones.
 
 Thank you for your participation and support!

Our next immediate task is to have XENC token listed, and we will be announcing it when it is finalized. Stay up to date by joining our community on telegram.

Below is our token distribution report, read more to understand how Xenchain’s clients will acquire XENC from the markets, as well as other mechanisms.

Token distribution report for Xenchain.io

v1.0 dated 29th August 2018

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Important disclaimer: During the runup to our token generation & distribution, we had received applications from US persons and entities to participate and subscribe to XENC. However, as per our stated rules governing our tokensale, all such parties (and any parties from jurisdictions in which the laws did not permit their participation) had their subscriptions voided. XENC tokens should not be purchased by parties who do not understand or accept the potential risks and implications of purchasing XENC tokens, or where such purchases are prohibited by the jurisdictions in which these parties reside in.

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This is the token distribution report for Xenchain.io which issued XENC, a utility token as specified in the accompanying legal opinion.

The contract address for XENC is 0x4cFE597e2922790353a093A1de4F6B47a4bb3F44. The total no. of XENC at time of contract creation is 200,000,000 XENC. This is the maximum limit in terms of total XENC supply.

As at 26th August 2018, of these 200,000,000 XENC:

· 23,625,000.0 XENC were distributed and subject to vesting (see below).

· 51,930,452.150955 XENC were distributed and not subject to any vesting.

· 124,444,547.849045 XENC were not distributed.

XENC tokens subject to vesting

The vesting contract address is to be deployed and will be updated in this document at a later date. In the meantime, all vesting balances are held in a temporary ETH address 0xbfFD379c41289adBff977C9BB994c1F0236b72C3. There are 2 sets of tokens in the vesting contract address.

· 20,000,000.0 XENC vesting over a period of 36 months from 31st August 2018. This is the allocation for founders.

· 3,625,000.0 XENC vesting over a period of 36 months from 31st August 2018. This is the allocation for management.

XENC tokens not yet distributed

Of the 124,444,547.849045 XENC not yet distributed:

· 16,750,000.0 XENC are earmarked for partnerships and distributions made will be announced and recorded here. The ETH address earmarked for partnerships is 0x13DF6899C5e0B135205D229e9Dad60DD6aceEC7c.

· 8,697,750.0 XENC are earmarked for bounties. Bounty distributions to date total 177,250.0 XENC. This will be held in the main distribution ETH address 0x0a42409fa23217c019e5fe219cd93cc057b4d258.

· 2,560,189.849045 XENC are earmarked for future advisor allocations. Distributions made will be announced and recorded here. This will also be held in the main distribution ETH address 0x0a42409fa23217c019e5fe219cd93cc057b4d258.

· 96,436,608.0 XENC are company reserves to be sold at a later date.

XENC tokens representing company reserves to be sold at a later date

48.2% of the company’s tokens are in reserves and will be sold at a later date. Because of the company’s confidence in the business and project, these tokens will only be sold at a marked-up price starting with no less than US$1.60 (which represents a 10x markup of the US$0.16 ICO price). For full transparency and to eliminate any doubts or concerns that the tokens will be sold for less onto the market, and therefore to remove any supply overhang fears, we:

· Publish the ETH addresses holding these balances below, along with their targeted sale price in ETH terms.

· Will only transact using these ETH addresses via an order placed on a decentralized exchange (e.g. IDEX).

For purposes of computing the targeted sale price in ETH terms, we have used an ETH price of US$300 per ETH and a token price of US$0.16 per ETH.

Based on the above, all sell orders for the above will be transparently logged onto the decentralized exchange upon the announcement of such exchange listing. This will allow public visibility into the order placed. We may adjust the final sale price (in ETH terms) based on the closing price of ETH in the days leading up to the exchange listing. Unless otherwise notified, the sale prices will be above and be transparently available on the orderbook.

Milestones ahead and moving forward

We will deploy our blockchain-enabled KYC ecosystem by 31st October 2018.

To understand the potential price driving XENC going forward, prospective clients will contract with Xenchain for KYC services. For example, we expect prospective clients to pay ~US$50,000 per project. Of this fee, 50% will be used to buy XENC from the market based on best available sell orders on the marketplace (until all 50% of the fee is used for purchases). This should lead to continuous demand for XENC.

Note 1: Purchase transactions will take the best available sell orders on the marketplace up to a price of US$4.80. Purchase orders will take all orders up to the full fiat-equivalent value. For example, if US$25,000 is purchased, this may consist of 10,000 XENC at US$2.00 and 2,000 XENC at US$2.50 (assuming these are the 2 best available sell orders on the marketplace).

Note 2: We will undertake purchase transactions on behalf of clients, and all purchase transactions will be published for purpose of transparency.

We look forward to giving regular updates to XENC token holders as we move forward with the business and project and are confident of meeting our milestones and targets. Join us on telegram for more updates!