Internxt conducted its Initial Coin Offering with a legally registered entity in Europe, Spain, as Internxt Universal Technologies SL (B98936354). All company’s legal concerns are taken care of by the respected law firm Granados Assessors Consultors SL.
Here at Internxt, we are building a service comparable to Dropbox. As beautiful, as attractive and as easy to use, but significantly more secure, private, reliable, and independent fundamentally because of the technology we are using. Internxt created its own cryptocurrency, INXT, which will facilitate the payments between consumers and hosts. We’ll not only accept payments in INXT but also in the main currencies out there so that INXT doesn’t end up being an obstacle in our goal to reach mass-market adoption. If our services are paid in a currency different to INXT, this will be converted into INXT (bought from the open market at market price) and then paid to hosts. INXT has real use in our platform, and we could verify that it is considered a utility and under no circumstance should be treated as a security.
We contacted Dekachain, one of the most relevant blockchain firms in Europe, and Spain’s first blockchain consulting firm, to run an audit that would confirm the following official information on Internxt’s token, INXT. INXT is ERC20 token (0xa8006c4ca56f24d6836727d106349320db7fef82). Dekachain could verify all the information described in this paper.
Internxt originally generated 1,119,294.54291701 INXT during its crowdsale, which took place between September 7th-28th. This can be seen in the token’s contract address in Etherscan.
Out of these 1,119,294.54291701 INXT, 489,685.00001514 INXT tokens remained undistributed after being generated for the crowdsale, and thus these were burned by sending them to the crowdsale smart-contract address, 0xeccc636a5f6aee792f509daae43ef68934b062a0, when the crowdsale finalized. This can be seen in this Etherscan transaction. Ethereum crowdsale addresses do not possess private keys in the same way that an Ether wallet does, thus the INXT tokens sent there cannot be moved. Dekachain could verify that there is no possible way in which the undistributed crowdsale tokens could be transferred out from Internxt’s crowdsale address, and thus these tokens are burned.
For that reason, Internxt’s total and circulating supply equals 629,609.543 INXT ≃ 629,610 INXT, as specified in CoinMarketCap. No more INXT can be generated. This can also be seen in the crowdsale contract address, where Dekachain could also verify this information after proving that INXTs mintingFinished = True.