Hey everyone,
The BNS token IEO is happening on KuCoin and post that trading would start on KuCoin and Bitbns at the same time. A lot of you have been waiting in anticipation this. Would love to give clarity to folks on what we are setting on. This is truly day 1 for where we start our journey towards.
We have some amazing announcements lined up for the next 100 days which would explain about how BNS envisions to engulf itself in the lifeblood of commerce and the ecosystem around trading and eventually to make crypto payments better than FIAT.
We want users to be a part of this as we go about changing things one step at a time and this can’t happen without a long term commitment and we actually utilising the usecases.
We had been thinking of the right away to nurture this ecosystem and scale it and after much deliberation have got to the best possible way to do it. We are here for the long term and we also want users associated with us to be there for long term. We have come with a fair way to ensure the project thrives and scales over a period of time.
People got an access to bns token through pre public sales. This we did in order to ensure users have an access to it without relying on the luck mechanism that IEOs need. And we gave the upper hand to users who trusted us first. Nowhere till now has it happened that IEO price has been higher than seed /private sale prices. We managed to do that. And ensure we give the best things to users who trusted us. And we want to ensure they are with us for the long term.
Total 60 million tokens got sold via bitbns in pre public sale and 40 million via Chainx and Exmarkets.
Release schedule for pre public sale investors of bitbns/ tokens purchased via bitdroplet is going to be this way.
- 20% on day 0 day of IEO
This is something directly accessible on the day the trading starts on Kucoin and bitbns. Trading starts at the same time on both bitbns and Kucoin.
2. 25% after day 90
3. 25% after day 180
Why this waiting period ? Because we have a lot of amazing announcements coming in the next few days and we would users to continue with us in that journey. Most projects typically have this for 24 months and more. We are keeping it for just 6 months.
4. 30% for utility unlock
We want users to utilise bns. Already many of you are using it for getting fees benefit by holding bns. Now your bns would start getting used from this to pay for fees discount on bitbns. This starts from July 25th. So your utilities part starts getting used right away. Users have already benefitted upwards of 100K USD in trading fee benefits via bns.
Other than that there are other utilities that are coming up.
We have started with the aim of making crypto payments more rewarding than fiat and already have products that do these things at scale in the fiat flow. We have been working hard on making the crypto integrations on these seamless. Not only this bns would be a utility across an entire ecosystem. The team behind bns has built multiple large products which have scaled to millions of users overtime. The products empower users to save money. You can find more about them here http://bit.ly/2nFdkjc
We already built utilities where bns is actively getting used and you can use these tokens there.
- For holding bns users were getting trade fee discounts and have saved upwards of 100k usd till now.
- Users doing SIP have exclusively participated for over 5400 goals for SIPs foe the 12th month offer.
- BNS use case on FIPs where additional discount with bns is going live next week
And there are many more use cases coming over the next 100 days including paying on top of amazon with your bns. Getting gift cards at discount for any website via crypto globally and embedding it in everyday use products like buyhatke, usemycards.
Bns is going to be the utility token that would be across different ecosystems that Buyhatke Bitbns and other entities have. We have 9 working products that operate which touch millions of users
BNS holders would get benefit on each one of them and also broadly it’s working towards making crypto payments more rewarding than fiat payments. Various products from the team behind bns. We started with a vision of empowering users to
- save money,
- make money or
- reduce their commerce friction.
Bitbns — India’s largest fiat to crypto exchange https://bitbns.com/
(Make money)
Usemycards — World’s first peer to peer cards sharing platform https://usemycards.com/ (Buyers save money and cardholders make money)
Buyhatke — A shopping research destination that helps users do smarter shopping and has saved over 300 million dollars for users till date https://compare.buyhatke.com/ (Save money)
Tatkalforsure — A tool that automates tatkal ticket booking for you. Does over 2% of all the tatkal tickets booked in India daily https://tatkalforsure.com/ (Reduce commerce friction)
Cricket Swag — Helps you get cricket scores 1 ball faster than TV https://play.google.com/store/apps/details?id=cricket.swag.live.line (Sports commerce)
Bitdroplet.com sip style Bitcoin investing (Make money)
Salesla.com marketplace tool for sellers ( Make money)
Spidy — Tool for making your unused mobile data pack into money (Make money)
Usemysubscription.com A marketplace for people to sell or buy subscriptions
Flightsforsure . Would automate flight ticket booking at best prices (Save money)
These are the products that the team has built. Bns would be the nucleus around this ecosystem. Where any commerce transaction you do it would help you save money or make money while doing it and bns would multiply the benefits of that. We already do things at scale in each one of these. We would be embedding bns in them 🙃 Not just this we aim to replicating this with other products and embed bns there by showcasing this as the live implementation. So a ubiquity of a payment network like paytm across the board with paymet via crypto and rewards.
And in order to attribute value to bns we need to ensure we cross pollinate users from crypto to these ecosystems.
We do not want users only to be speculatively interested in bns. But we want them to join us for the long term growth of the ecosystem. And we see this can only be achieved using when holders of bns are actively involved in utilising the tokens for the usecases.
Hence 30% of the tokens we are reserving for the utility use cases. This is the harder path but something we have to do.
In case you find no utility that you can use it for after 100 days from trading. They could be converted for trading.
We are also doing something pretty unique. When these tokens are locked you can in fact earn interest on them via FIP. Yes, you heard it right. There would be an FIP on bns and you would earn interest while the tokens are there for utilities and quarterly release. \m/
Users who do not wish to associate long term in this journey can ping us and we would return back USDT to them at the price they purchased it. :)
FAQs
What sort of announcements we might expect ?
Let me give a sneak peak
Bitbns cold wallet in a card form. Bns holders would be able to use their bns to get access to this.
What else ?
Partnerships
New exchange listings
Ways in which bns would be getting embedded into commerce
New ways in which bns attains value
New product launches
New features
New trading pairs and tokens getting listed
100 days 100 announcements starting from July 30.
Q. Why not release it on day 0?
That’s the easy way. This has taken the team days to understand comprehend and talk to many projects and finally arrive at what’s the best for the project to thrive. This is truly day 1 and we we are here for the long term. Hence we always built first and then got into building a token when we understood that this might be a way to grow the crypto ecosystem.
Those who don’t wish to associate themselves with this mission of changing the world of payments and making bns utilities everywhere we are giving an option to cash out. They can convert their bns tokens back to the USDT at the price they bought it. :)
IEO is step 1 on the long road to where we are looking to take this.
Below are complete details on how the IEO would be conducted over KuCoin and associated rules:
KuCoin will launch the next round of the Spotlight token sale with Bitbns (BNS) on July 23, 2020 (UTC+8). The new round of the BNS token sale will operate using Lottery Ticket Acquisition and Flash Sale Rules (see below).
Know more about Bitbns on Youtube:
BNS Token: Play Now
Learn Bracket Orders: Play Now
Bitbns Pay: Play Now
Spotlight Token Sale Details:
1. Token Name: Bitbns (BNS)
2. Token Type: ERC-20
3. Token Sale Participation Start Time: 19:00:00 on July 23, 2020 (UTC+8)
4. Token Sale Participation End Time: 23:59:59 on July 30, 2020 (UTC+8)
5. Spotlight Hard Cap: 1,000,000 USDT
6. Spotlight Allocation: 41,666,666 BNS
7. Spotlight Token Sale Price: 1 BNS = 0.024 USDT
8. Token Supported: KuCoin Shares (KCS) Only
9. Price Ratio: The actual price ratio of KCS will be announced on the day of the Token Sale
10. Token Sale Format: Lottery & Flash Sale
11. Allocation Per Winning Ticket: 200 USDT (8,333 BNS)
12. Allocation Per Flash Sale Share: 51 USDT (2,125 BNS)
13. Spotlight Token Distribution: The BNS will be distributed immediately after the successful deduction of KCS.
14. Total Token Supply: 2,500,000,000 BNS
15. Initial Circulating Supply: 56,841,667 BNS
16. Pre-Public Sale Allocation: 4% of Total Token Supply
17. Pre-Public Sale Vesting Period: Release 12% at listing date, 28% at month 3, 9% in month 4,
18. BitBNS Website: https://Bitbns.com/
19. BitBNS Whitepaper: https://Bitbns.com/bns/whitepaper.pdf
20. BitBNS Community: https://t.me/Bitbns
India Exclusive — Bitbns Flash Sale
Allocation: 20,250,000 BNS (51% of total allocation)
Flash Sale Period: From 20:00:00 on July 31, 2020 to 20:10:00 on July 31, 2020 (UTC+8)
To participate in the token sale, your KuCoin account needs to meet the following criteria:
1. Complete the KYC verification and verified as Indian identity before 23:59:59 on July 30, 2020. KYC verification review takes 1–3 working days, so please submit KYC certification in advance.
2. Users who pass the Advanced KYC and verified as Indian identity are supported for the purchase.
3. Purchase Agreement Signed
4. After completing the steps above, click the Participate Now button on the Flash Sale page to claim your share.
5. We use the “First Come, First Serve” mechanism, only the first 10,000 participants could get the BNS Flash Sale Shares.
6. Up to 1 winning share per user.
Lottery Format Summary:
1. Each successful participant can claim a different number of lottery tickets according to different conditions that are met.
2. Each winning ticket is eligible to purchase 200 USDT worth of the BNS tokens (fixed amount) using KCS.
3. Up to 2 winning tickets per user.
Lottery Ticket Acquisition (Part2: Total Fees Contribution) Conditions:
Allocation: 10,207,925 BNS (24.5% of total allocation)
Condition: Transaction Fees Contribution
Counting Period: From 00:00:00 on July 16, 2020 to 23:59:59 on July 30, 2020 (UTC+8)
Transaction Fees Contribution Rules: KuCoin will count the total transaction fees during a 7-day counting period starting at 00:00:00 on July 24, 2020 (UTC+8), and ending at 23:59:59 on July 30, 2020 (UTC+8). The total transaction fees generated from your Spot trading, Leverage trading and Future trading will be all included. The corresponding number of lottery tickets each user is entitled to is based solely on the total transaction fees contributed by the traders (hereinafter referred to as “X”) within the 7-day counting period.
*Sub-accounts can’t participate in the token sale as an independent account. However, the Total Transaction Fees Contribution of the Sub-accounts will be combined into the Master account for the calculation of Total Transaction Fees Contribution.
Lottery Ticket Acquisition (Part1: KCS Holdings) Conditions:
Allocation: 10,207,925 BNS (24.5% of total allocation)
Condition: KCS Holding Amount
Counting Period: From 00:00:00 on July 16, 2020 to 23:59:59 on July 30, 2020 (UTC+8)
KCS Holding Rules: KuCoin took daily snapshots of KCS holdings starting at 00:00:00 on July 16, 2020 (UTC+8), and ending at 23:59:59 on July 30, 2020 (UTC+8). From these daily snapshots, each user’s daily average of KCS holdings was determined. The corresponding number of lottery tickets each user is entitled to is based solely on the average daily KCS balance held by the user (hereinafter referred to as “X”) within the 15-day counting period.
*Sub-accounts can’t participate in the token sale as an independent account. However, the KCS holdings in the Sub-accounts will be combined into the Master account for the calculation of average daily KCS balance.
Daily KCS Holding Calculation Rules:
1. Main Account * 100%
2. Trading Account * 100%
3. Total Face Amount of KCS in Margin Account * 15%
4. Pool-X Account (including locked amount) * 100%
For example:
User A has a daily average of 600 KCS in the 15-day counting period, which matches the condition of Serial №2 and will receive 2 lottery tickets.
User B has a daily average of 3,000 KCS in the 15-day counting period, which matches the condition of Serial №4 and will receive 6 lottery tickets.
Lottery Ticket Acquisition (Part2: Total Fees Contribution) Conditions:
Allocation: 10,207,925 BNS (24.5% of total allocation)
Condition: Transaction Fees Contribution
Counting Period: From 00:00:00 on July 16, 2020 to 23:59:59 on July 30, 2020 (UTC+8)
Transaction Fees Contribution Rules: KuCoin will count the total transaction fees during a 7-day counting period starting at 00:00:00 on July 24, 2020 (UTC+8), and ending at 23:59:59 on July 30, 2020 (UTC+8). The total transaction fees generated from your Spot trading, Leverage trading and Future trading will be all included. The corresponding number of lottery tickets each user is entitled to is based solely on the total transaction fees contributed by the traders (hereinafter referred to as “X”) within the 7-day counting period.
*Sub-accounts can’t participate in the token sale as an independent account. However, the Total Transaction Fees Contribution of the Sub-accounts will be combined into the Master account for the calculation of Total Transaction Fees Contribution.
Spotlight Token Sale Timeline:
1. KuCoin will launch the Spotlight Token Sale (Lottery Ticket Acquisition） and open the activity registration for BitBNS.
2. At 23:59:59 on July 30, 2020 (UTC+8): KuCoin will end this round of token sale registrations, count the lottery tickets of all successfully registered users and randomly select the winning tickets.
3. At 17:00:00 on July 31, 2020 (UTC+8): KuCoin will announce all successfully registered users’ lottery tickets and winning tickets on the Spotlight page.
4. From 20:00:00 to 20:10:00 on July 31, 2020 (UTC+8): KuCoin will proceed Bitbns Flash Sale event.
4. From 21:30:00 to 22:30:00 on July 31, 2020 (UTC+8): KuCoin will deduct the corresponding KCS in the winning users’ trading account and distribute corresponding BNS. Please ensure you have sufficient KCS in your trading account on July 31, 2020. If the deduction is successful, the BNS will be distributed immediately, otherwise the purchase qualification will be lost.
6. At 23:00:00 on July 31, 2020 (UTC+8): KuCoin will list BNS and open the trading service for BNS.
To participate in the token sale, your KuCoin account needs to meet the following criteria:
7. Complete the KYC verification before 23:59:59 on July 30, 2020. KYC verification review takes 1–3 working days, so please submit KYC certification in advance.
8. The following countries/areas are not supported for the purchase: The United States, U.S. Outlying Islands, American Samoa, United States Virgin Islands, Guam, Northern Mariana Islands, Japan, Bahamas, Botswana, Ghana, Pakistan, Yemen, Zimbabwe, Cambodia, Iceland, Mongolia, Albania, Mauritius, Nicaragua, Uganda, Barbados, Myanmar, Syria, Iran, Korea, Sudan, Cuba, Iraq, Central African Republic, Bosnia and Herzegovina, Mainland China, Congo, Eritrea, Libya, Somalia, South Sudan, Lebanon；
9. Purchase Agreement Signed
10. After completing the steps above, please be sure to click the Participate Now button on the Spotlight page.
Note: The above steps can be completed on the Spotlight page before the start time of the Token Sale.
Risk Warning: Spotlight is a high-risk investment channel. Investors should be sensible in their participation and be aware of investment risks. KuCoin is not liable for users’ investment gains or losses. The information we provide is for users to conduct their own research. It is not investment advice. KuCoin reserves the right of final interpretation of the activity.
Trading on Bitbns and KuCoin will start at the same time.
Thanks for your support!
Bitbns Team
