Here at ALAX, we are very busy preparing for our upcoming Token Generation Event (TGE) and the launch of our crypto-token ALX. We would like to use this time to explain, just how our TGE will work, the length, time it will last, how you can obtain ALX during our TGE, the breakdown of our token allocation, our intended use of the proceeds and the uses of ALX after our TGE.
There is a lot to cover so let’s jump right in. Our Token Generation Event is set to commence within a month and a half. The Token Generation Event (or TGE for short) itself is an opportunity during which participants and backers can show their interest in the project by taking part in it. During the TGE, ALAX will generate ALX tokens.
The TGE will allow the general public to obtain the ALX token before its release on any major exchanges and will provide the many supporters of the project with an opportunity to be directly involved. Funding generated will go directly to the development, marketing and ongoing management of the project and the overall platform, with 50% vested for one year after the initial generation.” said Kalvin Feng, Co-founder of ALAX.io.
The total number of tokens is set to 1,000,000,000 ALX (ALX is the token generated during the TGE). There is no soft cap, which means that our project will go ahead regardless of the amount raised. The hard cap of the TGE is set to 30,000 ETH which corresponds to 300,000,000 ALX. During our TGE we will accept a variety of coins and tokens for contributions — BTC, ETH, BCH, LTC, DCT, SPHTX with more set to be announced in the future.
The TGE is set to last for 6 days , commencing on Tuesday the 17th of April 2018 at 10:30AM UTC (Coordinated Universal Time) and will end on Monday the 23rd of April 2018 at 10:30AM UTC. It is made up of 2 rounds, the first round will last until the first 165,000,000 ALX are allocated with a special 10% bonus for the first 150,000,000 ALX. For The second round there are 135,000,000 ALX dedicated.
Token distribution will be done within 2 weeks after the TGE. Any unclaimed tokens which remain at the end of the TGE will be proportionally distributed to participants in line with their existing ALX stake. No tokens will be burned. Another important thing to note is that 50% of the ALX tokens that are not dedicated to the TGE will be locked in for 12 months.
In our whitepaper, we published the specific ways that the proceeds from the TGE will be used — 15% will be dedicated to the Legal Contingency fund, 10% for Partnerships and Integrations, 35% for marketing, user acquisition and community outreach, which leaves 40% for the development and growing of our ALAX platform.
This is just a short rundown of facts about our upcoming TGE. To find out all the details, check out our whitepaper on our website. Also, don’t forget to subscribe to our newsletter and join our Telegram channel to gain access to the latest ALAX news and updates!
