Nervos CKB Official Public Sale Announcement
Since launching the Nervos project at the start of 2018, the team has worked tirelessly to build what we believe to be the leading blockchain solution for the foundation of the decentralized economy, achieved via the development of the Nervos Network and the Nervos CKB (Common Knowledge Base) — the layer 1, proof of work public blockchain protocol of the Nervos Network.
Today, we are excited to announce the details of the Nervos CKByte Public Token Sale. The Nervos team has worked diligently to structure our token sale to be as inclusive and fair as possible while doing our best to ensure compliance with existing regulations in different regions around the world.
Regulatory compliance is an important consideration and the reason why there was no “placeholder” or ERC20 token for the Nervos Network. The Nervos CKByte token is the utility token for the Nervos Network and will be used for resource management and miner incentivisation, and entitles the holder to an allocation of state storage space on the CKB blockchain.
For more info about the Nervos Network and Common Knowledge Base please visit our website.
Key details of the Nervos Public Sale
- The official Token Sale will be conducted on CoinList with registration and KYC starting on the 1st October and the sale starting on the 16th October.
- The Public Sale will close on 31 Oct, or 24 hours after the total sale allocation has been reached
- The initial total supply of tokens released in the Genesis block will be 33.6 Billion CKB, we will offer 20% of the initial total supply of tokens for purchase in the public sale.
- The public sale token price will be 1 CKB = 0.01 USD.
- All tokens purchased will be released in the Genesis block (the first block of the Nervos Common Knowledge Base) at Mainnet launch, currently scheduled for Q4 2019.
- The initial circulating supply upon mainnet launch is expected to be 12,375,988,800 CKB (details stated in the Token Distribution section).
Public Sale Platform
For the Nervos CKB public sale, we will be working with CoinList, a licensed token offering platform and it is the only official channel for the CKByte token sale. The Nervos Foundation does not endorse any other 3rd party platforms or resellers.
Token Distribution of Initial Supply at Mainnet Launch
*Updated: The Coinlist Public Sale was finished with a raise over 72M USD (21.5% of the total initial token supply) on Oct 24th, 2019, which surpassed the initial goal of 67.2M USD (20% of the total initial token supply).
To accommodate the excess amount raised during the token sale, 1.5% of the ecosystem portion will be used to accommodate the public sale overflow amount. To offset this, all of the Nervos Foundation’s tokens (2% of initial supply) will be locked until 07/2020.The overall issuance curve has remained unchanged. Please check here for the latest chart of token distribution.
Public Token Sale
- 20% circulating upon mainnet launch, no-lockup
- Available via a licensed token offering platform
Ecosystem fund
- 18.5% non-circulating upon mainnet launch
- The ecosystem fund will be reserved to build the Nervos ecosystem, and will be unlocked over 2 years.
Team
- 15% vested over 4 years, 1/3 circulating upon mainnet launch
Private Sale (2018)
- 14% vesting over 2 years, 2/3 circulating upon mainnet
- We sold 14% of the total tokens in genesis block for approximately 28M USD to certain institutional investors in early 2018. You can find more details here.
- The private sale token price was approximately 1 CKB = 0.006 USD
Strategic Founding Partners
- 5% non-circulating upon mainnet
- rewarded to Strategic Founding Partners who helped start the Nervos Network.
Foundation Reserve
- 2% circulating upon mainnet
- The Nervos Foundation reserves 2% of the Genesis tokens for “common good” use of the state storage capacity such as providing built-in libraries.
Testnet Incentives
- 0.5% circulating upon mainnet
- Rewards for testnet participants through the mining competitions and the bug bounty program.
Burn: 25%
- 25% of the Genesis tokens will be burned (non-circulating) in the Genesis block and never enter the circulating supply.
Circulating Supply
At 1 cent per token, initial circulating supply market cap will be around 36.8% of the initial total supply for around 123.76 million USD.
The economics model of the Nervos CKB allows token holders to lock tokens in the NervosDAO to mitigate the inflationary effect of the Secondary Issuance. The “Equivalent Circulating Supply for Long Term Token Holders” lines shows circulating supply without the secondary issuance, the effect felt by long term token holders that lock their tokens in the NervosDAO and receive part of the secondary issuance block reward. In this case the inflationary effect of secondary issuance is expected to be nominal, equivalent to holding tokens with a hard cap.
New Token Issuance Schedule
Initial supply
- 33.6B CKB in genesis block, with 8.4B CKBytes immediately burned
Base issuance
- 33.6B CKB in total will be issued. Annual base issuance halves every 4 years
Secondary issuance
- 1.344B CKB per annum
To understand more on how new tokens are issued, please read the crypto-economics RFC of the Nervos CKB.
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PLEASE BE AWARE: Nervos Foundation is not responsible for, has not approved, and has not been involved in any pre-trading, funding pools or reselling of Nervos CKByte tokens. Any and all the details of the Nervos public sale will be announced through our official website, official social channels and should be the sole source of information. PLEASE DO NOT RELY ON ANY OTHER SOURCES OF INFORMATION. Please ensure extreme care and due diligence in all matters regarding token purchasing and ownership. The Nervos Foundation is not responsible or liable for any loss of funds or other issues arising from actions taken by third parties, bad actors or your negligence.
