Summary of QuarkChain Major Progress and Token Distribution Schedule Update

Dear QuarkChain Community Members,

Thank you very much for your support all the time. Over the past few months, we have made tremendous progress in all aspects. Especially, we have been following our technical roadmap by keeping delivering the core features of QuarkChain network proposed in the whitepaper. We would like to first summarize our major achievements over the past few months, and then announce an update on our token distribution schedule.

1. Team Organization

  • During the past three months, we have expanded our team tremendously. We opened offices in Beijing, Shanghai, and Korea.
  • We have hired 7 new people in the marketing and business development team (2 in the USA, 2 in Beijing, 1 in Shanghai, 2 in Korea). All of them have strong background and extensive experiences in marketing and business development.
  • We have also expanded our engineering team to 8 members. They are all senior engineers from top notch tech companies in the Silicon Valley and China such as Facebook, Instagram, Uber, and Camera 360. This strong team is expediting our development progress

2. Development Progress

3. BD, Partnership, and Ecosystem Progress

  • We have over 40 partners including SciDex, Loopring, Celer, Drep, Ankr, Oaths, Lendchain, etc.
  • QuarkChain Eco-Fund (QEF) is launched to empower the world’s top blockchain projects.

In the near future, we are going to open source, release testnet 2.0 and launch mainnet with game-changing features. We believe that we are creating one of the most powerful blockchain platforms by providing flexible infrastructure and building strong ecosystem.

In the following, we announce a new token release schedule: All the undistributed tokens of private sale purchasers, the foundation and QuarkChain core team will remain locked for 9 months (Early June 2019)*. The detailed schedule are as follows:

  1. Private sale purchasers (17.8% token): 20% are released. For the remaining 80%, release 30% tokens after 9 months (Early June 2019), 30% token after 12 months (Early Sep. 2019), 20% token after 15 months (Early Dec. 2019).
  2. Foundation (15% total): The foundation part has 2 year lock-up plan (linearly unlocked), and there are about 3.75% that are unlocked since the establishment of the foundation from February, 2018. The undistributed part of foundation tokens will be locked until June 2019. After that it will be linearly unlocked according to the original plan.
  3. Team (15% total): The team part has 2 year lock-up plan (linearly unlocked) and 6 month cliff, and there are about 3% that are unlocked since the establishment of the team from February, 2018.The undistributed part of team tokens will be locked until June 2019. After that it will be linearly unlocked according to the original plan.

We have been communicating the new token release schedule with our private sale purchasers and QuarkChain core team, who are largely affected by the new token release schedule. We are grateful to have the support from most of them.

We hope to have you for this long journey and make QuarkChain even better in the future! Thanks for your continuous support!

Sincerely,

QuarkChain Foundation

Note:

This is the smart contract we used before for locked tokens:

https://etherscan.io/find-similiar-contracts?a=0x14ab6549467377f997dfaa41c6a7260d0fa1b39f

We will public the addresses that will be held the locked tokens in the next 9 months within about one week.

* The distribution schedule is subject to acceleration upon the major events of QKC.