NAVI TOKEN FAQ
Hi community,
We’ve seen a few questions pop up over the last weeks regarding the NAVI tokens and want to take the opportunity to create a small FAQ that we will expand on in the future.
What is a Naviaddress? Naviaddress is a unified digital ID for any place and object. Each Naviaddress functions as “smart addresses”, allowing users to assign and store relevant information in the digital location ID. This includes details that aid last-mile navigation (embedded geographical coordinates, physical address, route description, photos, etc.), which aims to simplify. the process of finding remote locations or newly-built structures.
Every digital address will be placed on the blockchain allowing people to own and sell their location IDs. To allow this, Naviaddress is developing its own user incentive program based on NaviToken™ tokens (NAVI). NAVI token is an ERC-20 based utility token that provides its holder with the exclusive opportunity to buy premium naviaddresses (from one to 5 digits IDs selected by a user) from the NAVI Platform. These premium addresses can be rented out for fiat or applied for personal use.
What is a NAVI token? NAVI token is an ERC-20 based utility token that provides its holder with the exclusive opportunity to buy premium naviaddresses from the NAVI Platform. These premium addresses can be rented out for fiat or applied for personal use.
Premium naviaddresses will be available after the commercial launch of the Navi Blockchain Platform. Custom/Standard addresses (from 6 to 18 digits) are free on the platform.
What is the total supply of NAVI tokens? There are 1B NAVI tokens. The actual allocation of tokens: current circulation supply is 34 %, 36 % for building the platform and ecosystem, 20 % reserved by the company, 10 % retained for current and future management team.
What will happen to unsold NAVI tokens? All unsold tokens (6 %) were added to the ‘Platform Growth Fund’ in accordance with the Terms of the NAVI token Sale. The Platform Growth Fund will allow us to build new integrations and partnerships as well as attract “smart money” contributors that can boost our growth and the platform adoption in Middle East, Asia, North America, Africa and Europe.
Are the tokens locked? The total circulation supply is 342.55 million NAVi tokens sold, both unlocked and locked. The total unsold and retained NAVI tokens (the team, the company and the platform growth fund) is subject to the following lock-up restrictions during 36 months after the end of ICO (31.03.2018):
- All unsold NAVI tokens are locked for 6 months and will be gradually released for sale only upon expiration of 6 months following the end of lock-up expiration date (30.09.2018);
- 30 months lock-up graduate release: NAVI tokens are released for sale in 30 installments of 1/30th of the Pool on the 30th day following the last date of 6 months lock-up period and each of the releases thereafter.
There is no need to burn the unsold NAVI tokens as they are locked for 36 months.
How are NAVI tokens burnt?
Naviaddress country and regional containers with 1 to 5 digits naviaddresses are retained for premium naviaddresses that should be sold through auction by the platform. The difference between nominal premium naviaddress price (price-list) and auction price will be retained by the platform. BUT the nominal token price for premium naviaddresses will be BURNT by the platform. We intend to sell through auction country and regional containers of premium naviaddresses to country level subscription businesses willing to lend naviaddresses to local businesses for fiat. For example, the current nominal price for one country container is 5.000.000 NAVI tokens and a regional container — 500.000 NAVI tokens.
