A Token Distribution to Empower the Unbanked Economy
Today, the Sentinel team is happy to announce the details of the SENC Token Sale Distribution Plan. We aim to design a token distribution that reflects our mission behind this project — the community. For the latest updates, please join us on Telegram.
What is Sentinel Chain?
Sentinel Chain is a blockchain-based international marketplace for cross-border financial inclusion services and the world’s first platform to accept the use of livestock as collateral. Taking a unique approach to the last mile problem of financial inclusion, the Sentinel Chain model establishes livestock provenance through the creation of livestock insurance on blockchain — the registration of livestock provenance on blockchain provides the unbanked with a new opportunity: the real possibility of accepting livestock as ‘collateral’ for loans.
So how does the Sentinel Chain work? Watch our video below:
Despite financial inclusion being a priority for developing countries, the unbanked has been suffering from benign neglect by policymakers and the international financial community.
Our goal is to empower the unbanked economy.
The Sentinel Chain project aims to accelerate financial inclusion through a new cryptocurrency — the Sentinel Chain Token, with a ticker symbol SENC. SENC is the economic driver of the Sentinel Chain. SENC will be the first cryptocurrency connecting the unbanked community to a global network of offshore financial providers via a B2B marketplace.
SENC will be the first cryptocurrency to connect the previously isolated unbanked to a global network of offshore financial providers.
When we started this journey, we could not imagine how our community would shape the Project and support us on this path to building a future of inclusive finance — a future where fintech will serve the unbanked and underbanked with better alternative financial and insurance services. More than a thousand supporters have joined our Telegram group, and this number is multiplying by the day. We try to do our best to answer your questions, engage in discussions and have a bit of a laugh :)
How can we participate in the Pre-Sale?
We have received a lot of questions regarding the details of our Token Sale and many of you have shown strong interest in participating in our Pre-Sale.
Our preparation for this ICO started in May last year. Since then, we have received strong support from our private investors who joined the early queue for our Pre-Sale. We would like to take this opportunity to thank them for their patience and understanding. Thank you for your support over these past 9 months.
We are proud to announce that we have surpassed our Pre-Sale goals of successfully raising US$6.4 million with the support of our whitelisted and accredited investors. As strong advocates of financial inclusion, our Pre-Sale target was reached because of the belief that through Sentinel Chain, we could unlock the enormous growth potential of the unbanked and move the emerging economies closer to the technological frontier.
…we have surpassed our Pre-Sale goals of successfully raising US$6.4 million
We would like to thank our supporters who have participated in our Pre-Sale. Welcome to our community.
Although we could have easily achieved our target goal during the Pre-Sale round, it was neither our intention nor our mission to do so. Sentinel Chain is more than just a product — it is a growing community of people who truly believe in the value of the fintech promise. The promise to create transformative opportunities for the millions who are unbanked. The promise that fintech innovations such as Sentinel Chain will one day make it possible for the underserved to safely leapfrog into a more inclusive financial economy.
With this promise, we now think it’s time for everyone to be offered a chance to participate in the Sentinel Chain Token Sale and buy our SENC tokens.
SENC ICO Tokens
Total Supply: 500 million SENC Tokens
Pre-Sale: 100 million SENC Tokens
Total Funds successfully raised from Pre-Sale: 6.4 million USD
SENC Token bonus: 25%
Release Date: First 25% will be released 3 days before they are listed on the exchanges. The remaining number of Tokens will be released in equal portions of 25% over the subsequent 3 months.
Public Sale*: 100 million SENC Tokens
Total Funds to be raised from Public Sale: 8 million USD
SENC Token bonus: 0%
Release Date: 3 days before they are listed on the exchanges
Hard Cap: 14.4 million USD
SENC:ETH peg for Hard Cap Valuation: 26th February at 00:00 GMT
KYC Registration Date: 5th February at 00:00 GMT
*We have designed a whitelisting process called “Proof-of-Support”. More details are shared below.
How can we participate in the Public Sale?
The crowdsale will start in the first week of March. We will begin our KYC registration on 5th February on sentinel-chain.org.
After multiple discussions, whiteboard sessions and lunch conversations, we have decided to adopt a rewards-based allocation method — which we will explain further.
To fund our project, we are conducting a fair and transparent Token Distribution which will give all our community members a chance to participate and be a part of our journey. The SENC Token Distribution is built on the 3 basic principles — support, community and most importantly, our mission towards financial inclusion.
a) Support: Rewarding the true supporters of the Project
b) Community: Engaging everyone’s involvement in the community
c) Financial inclusion: Driving our mission of rebuilding inclusive finance
Our token distribution gives everyone an equal and fair chance to buy our SENC tokens. To that effect, we have designed a “Proof-of-Support” campaign.
Proof-of-Support is our exclusive whitelisting campaign — which we believe may be the first of its kind in the ICO space. With Proof-of-Support, participants will be rewarded with token allocation upon proof-of-submission of your sharing efforts.
This is your chance to be Sentinel Chain’s ambassador for Inclusive Finance.
Simply poke, tweet or text your family and friends to promote the message of financial inclusion — the primary driver of Sentinel Chain. This is a valuable opportunity for you to spread the message, especially to the folks in the crypto space, that the Sentinel Chain Token Sale is not any ordinary ICO. You will bring a valuable opportunity for them to learn about us and our promise to bridge the gap between the unbanked and the banked through financial technology.
We believe in an inclusive community and fair token distribution. All 8 million USD worth of our crowdsale tokens will be distributed using our Proof-of-Support campaign.
Submissions will be selected in the following priority order:
- Early submission
We can hardly wait to receive your submissions and see how creatively you will share our Sentinel story.
Even a simple tweet to a friend qualifies as a submission! Please note that due to our limited token supply, allocation of the tokens will be at our sole discretion. We will be releasing more details and step-by-step instructions prior to the KYC submission process. Full details will be announced via our Sentinel Chain Announcement on Telegram. So stay tuned!
What is the price of the SENC token during the crowdsale?
We will be adopting a fair and transparent token distribution model for the 200 million SENC tokens which have been allocated for the token sale. We will not be pegging a fixed value to ETH. To ensure that the Hard Cap remains at 14.4 million USD, we will be using the price of ETH which will be taken on 26th February at 00:00 GMT for both the Pre-Sale and Public Sale— before we can decide on the final ETH to SENC purchase ratio.
Private pre-sale commitments will have to be submitted after the pegged rate has been established. Although we can’t predict the future, we hope that in the days leading up to March, ETH price fluctuations will have little or no impact on the crowdsale. However, in the event that the ETH fluctuations are significant, we are prepared to activate our contingency plan — which we will announce should this happen. Whichever the outcome may be, we are determined to preserve the fairness and transparency of our crowdsale process.
Why is the Hard Cap only US$14.4 million?
We have been told on more than one occasion, that 14.4 million USD is “too little” an amount for a project of this stature. We have made this decision based on thorough discussions with VCs, fund and wealth managers, crypto as well as traditional investors. A lower cap is better for the token holders, taking market opinion into account and given that the project has already been launched. Lower cap also imposes the necessary discipline and lean model that our team has always been strong advocates of. It was a mutual agreement that a lower cap is the best solution for future token holders and for the project’s long-term development.
How will the tokens be allocated?
We have designed the distribution of tokens to incentivize the Founding team, our early supporters and our community to build the Sentinel Chain marketplace and drive our mission to unlock the economic potential of the unbanked. We anticipate significant work in building the software and infrastructure to serve all stakeholders as the technology is continuously being developed.
30% — Treasury and Reserve Fund
20% — Early Supporters
20% — Pre-Sale
20% — Public Sale
10% — Founding Team
How will the funds be spent?
We have already started building the technology. Based on our industry experience, we know that building Sentinel Chain network will involve a substantial amount of resources. Thus, we want the Project to be properly financed once we are certain we have the resources to speed up the development of the Project.
We have designed the Token sale to give the team the resources to continue building the Sentinel Chain ecosystem —
- to maintain the pre-funding liquidity pool of CrossPay blockchains and Sentinel Chain;
- to continue our engagement in blockchain application and research;
- to strike strategic industry partnerships and market the Sentinel Chain model to unbanked economies;
- to continue our technological development of Sentinel Chain and CrossPay mobile app;
- and to navigate the legal and financial landscape during the project development and implementation.
Use of Funds
32% — Liquidity pool
29% — Research & Development
12% — Operations
10% — Contingency
7% — Marketing & Business Development
6% — Sentinel Chain Development
4% — Legal & Finance
Who can I speak to if I have questions?
During your token purchase process, it’s important that you have someone you can speak to just in case you need any assistance. Please join our Telegram group for live updates and chat support. Our friendly Community Managers will be with you every step of the way.
We believe that our token distribution is fair and transparent, and most importantly, reflects the ‘community’ mission behind the Sentinel Chain Project. We will share more specific details on the Proof-of-Support campaign in the coming weeks.
We can’t wait for you to join us.
Let’s revolutionize financial inclusion together.