Ready for Liftoff: Token Sale Summary and Mainnet “Lina” Launch
We are delighted to announce that our CKByte token sale surpassed the initial goal. The sale opened on October 16 on CoinList, with the objective of raising 67.2M USD. We exceeded this goal, successfully raising over 72M USD, selling 21.5% of the total initial token supply, and closed the sale earlier than anticipated.
The Launch of our Mainnet “Lina”
For the Nervos Network, the token sale was just the beginning. On November 16 we will reach a significant technical and cultural milestone — the launch of our Mainnet “Lina.”
In the spirit of decentralisation, transparency and verifiability — and similar to Bitcoin and Ethereum Mainnet launches — the generation of our Genesis block, and launch of CKB Mainnet, will happen in a completely decentralized and community-driven way. The Nervos Foundation will provide an open-source Genesis Block Generator (GBG) on November 9th, which will allow anyone to launch (and verify) Mainnet Lina independently.
During our run up to Mainnet, we began a number of initiatives to strengthen the security and stability of our network ahead of launch. Mainnet preparation included a series of five testnet mining competitions, intended to stress test the network (with hashrate exceeding 20 TH/s), two independent security audits from Peckshield and Least Authority, and a $1,000,000 USD bug bounty program, currently in progress.
For the full details of our Mainnet launch, please see our recent announcement.
Token Distribution
The CKByte token distribution is hard coded into the genesis block. Once this first block of Mainnet has been mined (at Mainnet launch), tokens will be automatically distributed to wallet addresses.
In order to receive tokens from the CoinList sale at Mainnet launch, you MUST create your Nervos CKB wallet address and submit it to CoinList by November 8th (5pm US Pacific Time).
To generate your Nervos CKB wallet address, download and setup our Neuron Key Manager desktop application; available for MacOS, Windows and Linux,: https://docs.nervos.org/references/neuron-key-manager
- Generate your wallet address
- Backup the mnemonic words and keystore file
Once you have generated your Nervos CKB wallet address, the next step is to add your address to your CoinList account.
- Log into your CoinList account (https://coinlist.co/nervos/distribution_addresses/new)
- Copy your Nervos CKB wallet address and paste it in the text field on the page
- Check your email and confirm your wallet address within 24 hours.
If you do not confirm your wallet address within 24 hours it will not be saved
NOTE:
The Key Manager is not a wallet. The Neuron Key Manager is a solution for generating Mainnet addresses before Mainnet launch; the Neuron Wallet is currently on Testnet, until Mainnet launch on Nov 16. The private keys generated by the Key Manager can be imported into the Neuron wallet after Mainnet launch.
If you have any questions please reach out to team@coinlist.co. If you are not able to supply the addresses to CoinList by November 8th, the Nervos Foundation will hold your tokens until you are ready to receive them. You can reach out directly to the Nervos Foundation at investors@nervos.org
Important: Please keep your Private Key (generated by the Neuron Key Manager) safe, as it is needed to access your tokens. Make sure no one gets a copy of your private key and that you do not lose it. Nervos will never ask for your Private Key, and accepts no liability for the loss or mismanagement of your Private Key or tokens.
Mainnet Wallets
Before mainnet launch, the Neuron wallet is running on the current testnet and will not be usable for mainnet purposes until after mainnet launch on November 16th.
To use the Neuron wallet, a local CKB node is required to sync with the CKB blockchain and get data. Following the launch, to use the Neuron wallet please follow these instructions:
- Follow the Nervos CKB node guide to get a CKB node up and running.
- Download and run the Neuron Wallet App
- Import your keystore file from Key Manager or generate a new private key and wallet
- You will now be able to generate a wallet address, send, receive and manage your tokens
We expect several of our wallet partners to have completed integration of CKB tokens into their wallets These will not require running a full node and will be available at or shortly after mainnet launch (TBA).
The Nervos DAO
The economic model of the Nervos CKB is designed to allow token holders to lock tokens in the Nervos DAO to mitigate the inflationary effect of the Secondary Issuance. In this case the inflationary effect of secondary issuance is expected to be nominal, equivalent to holding tokens with a hard cap.
The Nervos DAO will be available from Mainnet launch. However, for non-technical users we hope to have wallet integration for easy Nervos DAO deposit and withdrawal as soon as possible.
Updated Token Allocation Schedule
To accommodate the excess amount raised during the token sale, the revision to the token allocation schedule is as follows:
- A small percent of 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.
Overview of Token Allocation
Public Token Sale
- 21.5% of initial token supply
- Circulating upon Mainnet launch with no-lockup
Ecosystem
- 17% of initial token supply
- 3% of amount circulating upon Mainnet launch
- The ecosystem tokens will be unlocked over 3 years and reserved to build the Nervos ecosystem
Team
- 15% of initial token supply
- Vested over 4 years
- 1/3 of amount circulating upon Mainnet launch
Private Sale (2018)
- 14% of initial token supply
- Unlocked over 2 years
- 2/3 of private sale tokens circulating upon Mainnet
14% of the total tokens in genesis block were sold for approximately 28M USD to certain institutional investors in early 2018 with a token price approximately 1 CKB = 0.006 USD. You can find more details here.
Founding Partners
- 5% of initial token supply
- Unlocked over 3 years
- Non-circulating upon Mainnet
The Founding Partners who helped start the Nervos Network
Foundation Reserve
- 2% of initial token supply
- 100% unlocked on 2020–07–01
- Non-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.
New Token Issuance Schedule
Initial supply
33.6 billion CKB in genesis block, with 8.4B CKBytes immediately burned
Base issuance
33.6 billion CKB in total will be issued. Annual base issuance halves every 4 years
Secondary issuance
1.344 billion CKB per annum
Next Steps
Following Mainnet launch, we will share our roadmap and announce key initiatives for 2020, including the expansion of our current bounty program, our grants system, ecosystem development initiatives, and our Core Community program.
On behalf of the entire Nervos team, we’d like to send a heartfelt thank you to our incredible global community of developers, enthusiasts, and tech visionaries, for showing your support during our token sale and Mainnet launch.
Reference Links:
The key manager tool and guide are available here: https://docs.nervos.org/references/neuron-key-manager
The full Neuron wallet is available here: https://github.com/nervosnetwork/neuron, and the full guide is available here: https://docs.nervos.org/getting-started/introduction
Community driven decentralised Mainnet launch announcement here:
https://medium.com/nervosnetwork/a-decentralized-mainnet-launch-for-nervos-ckb-9cb119d15540
The Nervos ecosystem has grown exponentially since its inception in 2018. See our complete list of ecosystem partners, including mining pools, mining OS, Layer 2 partners and more.
To help ensure the long-term security of Nervos CKB, we invite our community to participate in our bug bounty program.
